December corn rallied after USDA’s August reports, with smaller-than-expected ending stocks setting a friendly tone. The data was more neutral for soybeans, while wheat took its cue to rally from intensifying fighting in the Black Sea that did dam age to both Russian and Ukrainian grain facilities and further elevated concerns about exports from the region. Soybeans were underpinned by demand strength. USDA bumped up crush expectations and China remains a buyer. Heavy and widespread storms brought high winds and excessive precipitation to a wide swath of the Corn Belt. Cattle futures remained under pressure heading into the weekend after Tyson announced it would close its Joslin, Ill., plant. Lean hog futures also saw continued pressure on weakening cash hot fundamentals. We cover all of this and more in this week’s newsletter.
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(ProFarmer)