Corn
December corn futures rose 3/4 cent to $4.04 and near mid-range. Bulls are having a decent week and appear to be building a price base under the market. Pro Farmer crop scouts on Tuesday measured the Indiana average corn yield potential at 193.82 bu. per acre. In Nebraska, scouts measured average corn yield potential of 179.50 bu. per acre. The Nebraska and Indiana corn crops this year were more than 10 bu. above the three-year Tour averages, and both are more than 3% higher than last year’s Tour numbers. The western leg this year continues to show more consistency in yield potential than the eastern leg. It appears more than adequate moisture is pulling up dryland yields in Nebraska, while wet spots caused unevenness in Indiana. USDA today reported daily sales of 100,000 MT of U.S. corn to Colombia and 125,741 MT to Mexico during the 2025-26 marketing year. World Weather Inc. today said below normal rainfall is expected in the U.S. Midwest over the next week to 10 days. However, temperatures will trend cooler than usual during that time, “which should conserve subsoil moisture and protect late-season crop development in the majority of crop areas,” said World Weather. Corn traders will focus on Thursday morning’s weekly USDA export sales data.
Today, scouts on the western leg of the Crop Tour will sample fields in western Iowa, while scouts on the eastern leg will sample western Illinois and eastern Iowa. You can follow along with updates on our website and by searching #pftour25 on X (formerly Twitter).
Soybeans
November soybean futures rose 2 1/4 cents to $10.36 and near mid-range. September soybean meal rose $4.60 to $292.00, near mid-range and hit a two-month high. September soybean oil futures lost 48 points to 51.20 cents, near the session low and hit a nine-week low. The meal market was the better performer again today, as spreaders continued unwinding long bean oil, short soybean meal spreads. Pro Farmer crop scouts on Tuesday measured the Indiana soybean pod counts in a 3' x 3' square and the average was 1376.59. In Nebraska, scouts measured pod counts at 1348.31. The western leg of the Tour this year continues to show more consistency in yield potential than the eastern leg. China’s soybean imports from Brazil jumped 13.9% in July from a year earlier, according to customs data reported today. Meanwhile, supplies from the U.S. fell 11.5%. World Weather Inc. today said another round of beneficial rain occurred in some of the drier Midwest areas Tuesday, with central and interior southwestern to eastern Michigan seeing welcome rain, while parts of the region from southeastern Missouri to western Kentucky also received rain with hot, dry, and stressful conditions for crops into east-central Missouri. “Areas from southeastern Missouri to southern Illinois and western Kentucky will be dry through much of the next week and stress to crops and declines in soybean yields are likely to increase as the already-short soil moisture dries down further,” said the forecaster. Soybean traders will focus on Thursday morning’s weekly USDA export sales data.
Wheat
December SRW wheat futures closed up 7 cents to $5.28 1/4, nearer the daily high after hitting a contract low early on. December HRW wheat gained 1 1/2 cents to $5.23 1/4, near mid-range and also hit a contract low early on. Today’s price action in December winter wheat futures produced technically bullish “key reversals” up on the daily bar charts, albeit just barely for HRW. Those are early chart clues that price bottoms are in place. Good follow-through buying interest on Thursday or Friday, especially in HRW, would better suggest market lows are indeed in place. Russian grain exports via the Black Sea port of Kavkaz, which accounted for almost a quarter of all exports last season, have slowed significantly amid new ship entry and inspection requirements, according to Reuters. Foreign vessels require permission from port authorities and approval of Russia’s FSB security service to enter the country’s ports, according to a decree last month by Russian President Vladimir Putin. World Weather Inc. today said favorable crop maturation and harvest weather is expected from central through southwestern parts of Canada’s Prairies and in the northern U.S. Plains for the next 10 days. Ontario and Quebec production has been good this year and recent drying has been good for crop maturation and harvesting, said the forecaster.Wheat traders will focus on Thursday morning’s weekly USDA export sales data.
Cotton
December cotton futures rose 4 points to 67.60 cents, near mid-range. A sell off in the U.S. stock market today helped to limit buying interest in the cotton market. The cotton market continues to languish in sideways and choppy trading, with prices trapped right in the middle of the range that is bound by resistance at the June high of 69.52 cents and support at the August low of 65.88, basis December futures. World Weather Inc. today said dryland cotton in southwestern parts of west Texas needs significant rain. Some showers are possible next week, but no general soaking rain is predicted. Rain in the Panhandle and eastern New Lands should be abundant along with that in southwestern Oklahoma. Other areas in Texas are seeing highly varying weather and soil conditions. “Timely rain will become increasingly more important as the next two weeks move along to ensure the best crop development and yield potential in the Blacklands and upper coast.” South Texas crops are maturing and beginning to be harvested. U.S. Delta crops are drying down and timely rain is needed. The Delta will see some rain later this week into next week, although it will be a bit sporadic. The southeastern U.S. cotton areas in the nation have received significant rain recently and more will fall to support long-term crop development, said the forecaster. Cotton traders will focus on Thursday morning’s weekly USDA export sales data.
Cattle
October live cattle futures rose $3.50 to $234.85, nearer the daily high and set a contract high. September feeder cattle futures gained $5.675 to $358.10, near the daily high and set another contract/record high. The cattle futures bulls are forging full speed ahead amid solid cash and beef market fundamentals. Also, there are no early, strong technical clues that market tops are close at hand. USDA today reported light cash cattle trade has occurred so far this week. Steers are fetching an average price of $245.00 and heifers $244.59. USDA Monday reported the average cash cattle trading price last week was $242.01, the same as the week prior. The latest CME feeder cattle index price is $342.17 as of Aug.15. Boxed beef prices have also been strong recently but were mixed at noon today.Choice-grade cutout value was down $1.77 to $405.43, while Select rose $1.99 to $381.75. Movement at midday was decent at 75 loads. The Choice-Select spread is presently $23.68.
Hogs
October lean hog futures fell 20 cents to $89.95 today and nearer the daily high. The lean hog futures market is consolidating this week. While buying interest has been limited by a mild deterioration in cash hog and pork market fundamentals, selling pressure has been limited amid record gains in the cattle futures markets this week. The noon report today showed pork cutout value rose $1.49 to $113.90, on gains in all cuts. Movement at midday was decent at 157.43 loads. The latest CME lean hog index is down another 52 cents to $109.06 as of Aug. 16. Thursday’s projected cash index price is down 49 cents at $108.57. The national direct five-day rolling average cash hog price quote today is $110.23.