GRAIN CALLS
Corn: 1 to 2 cents lower.
Soybeans: 2 to 3 cents lower.
Wheat: Unchanged to a penny lower.
GENERAL COMMENTS: The overnight session consisted of narrow weakness across the grain and soy complexes, though each are trading off lows. Corn and wheat will likely continue to face technical resistance, while soybeans are seemingly poised for continued sideways trade amid a push into technically overbought territory. The marketplace will keep a keen eye on Crop Tour samples as they scouts showcase their samples throughout the day.
Scouts will be sampling corn and soybean fields across the seven Crop Tour states over the next four days. Follow along with updates on our website and by searching #pftour25 on X (formerly Twitter). Scouts on the eastern leg of the tour are making their way today from Dublin, Ohio to Noblesville, Indiana. Those on the western leg are scouting fields between Sioux Falls, South Dakota, and Grand Island, Nebraska. Look for preliminary route reports from Tour leaders in “Evening Report” and on our website. We’ll release the Tour results for Ohio and South Dakota and stream the nightly results on our site tonight. The Pro Farmer corn and soybean crop estimates will be released Friday at 1:30 p.m. CT. Our “Crops Analysis” and “Livestock Analysis” reports will be replaced with “After the Bell” this week.
USDA reported daily export sales of 124,000 MT of corn to unknown destinations during 2025-26.
The National Weather Service reports conditions will remain very hot and muggy over portions of the Midwest, southern Plains, and mid/lower Mississippi Valley through the early part of this week. Heat advisories cover much of the region as heat indices top out in the 105-110 degree range in some areas. In addition, lows in the mid-to-upper 70s will bring little relief from the heat overnight. There are also rounds of thunderstorms with a flash flood threat for portions of the Midwest and a severe weather threat for the central/northern Plains today. Another round of storms in the Midwest is expected later in the afternoon/evening hours today. Meantime, World Weather Inc. reports the eastern U.S. Midwest will dry out over the next 10 days, with limited rainfall likely. Michigan, Ohio, Indiana and northern Kentucky will be in the driest region.
Ukrainian President Volodymyr Zelenskiy and his European allies are set to meet with President Trump in Washington, D.C. today. They are anxious to find out what Trump committed to at his summit with Russian President Vladimir Putin last Friday “and are apprehensive that he’ll force Kyiv into making unpalatable concessions,” reported Bloomberg. Trump will host Zelenskiy and several European leaders to set out terms for a potential peace deal, with the U.S. expected to focus on territorial concessions demanded by Russia, and Kyiv seeking to pin down possible security guarantees. Trump told leaders he’s open to U.S. involvement in guarantees for Ukraine’s security and wants to reach a deal quickly, with the goal of holding a Putin-Zelenskiy meeting within a week, a timeline that many Europeans regard as too aggressive.
The Kansas City Federal Reserve’s annual Economic Policy Symposium begins Thursday evening in Jackson Hole, Wyoming, where Fed Chairman Jerome Powell is expected to unveil the Fed’s new policy framework. Powell’s speech could give the marketplace a new update on how much support there is to lower U.S. interest rates in September. Fed officials have become divided on when to resume rate cuts.
Discussions on a proposed U.S.-India trade deal have been delayed after a planned visit by U.S. negotiators to New Delhi on August 25–29 was called off, according to Reuters. The move dashed hopes of easing new U.S. tariffs on Indian goods set to take effect August 27. The U.S. embassy reportedly said it had no further details, noting that talks are led by the U.S. Trade Representative. Earlier this month, President Trump imposed an extra 25% tariff on Indian goods over New Delhi’s continued imports of Russian crude oil, pushing some duties to as high as 50%—among the steepest on any U.S. partner.
CORN: December corn futures are trading off the overnight low, supported by the 10-day moving average of $4.02, which is backed by psychological support at $4.00 and last week’s low of $3.92. However, the 20- and and 40-day moving averages, trading at $4.08 1/4 and $4.15 1/2 will serve up solid resistance, though bulls continue to eye the early July high of $4.42 1/4.
SOYBEANS: November soybean futures held a narrow, inside range in overnight trade, with resistance at Friday’s high of $10.43 3/4, then at $10.48 1/2 and $10.50. However, initial support lies at $10.31 1/2 and is backed by the 100-, 200-, 40-, 10- and 20-day moving averages, layered from $10.25 3/4 to $10.11 3/4.
WHEAT: December SRW futures continue to be limited by the 10-day moving average of $5.29 ¾, which is backed by resistance at $5.32 1/4 and the 20-day moving average of $5.40 3/4. Initial support lies at $5.23 1/2, which is backed by last week’s low of $5.21 1/2.
LIVESTOCK CALLS
CATTLE: Firmer/sideways.
HOGS: Weaker/sideways.
CATTLE: Live cattle and feeders are expected to open firmer in the wake of Friday’s strong close. However, we expect recent volatility to continue, though fundamentals continue to prove fully bullish amid tight beef supplies. Traders will look to last week’s cash trade for direction, while wholesale values will likely remain steady to firmer as retailers lock in purchases for Labor Day features. On Friday, Choice beef surged $6.78 to $400.57, while Select rose $3.88 to $370.76. Movement totaled 104 loads.
HOGS: Lean hog futures are expected to open with a slightly weaker tone in consolidative trade as technical resistance is expected to hem buyer interest. However, fundamentals continue to prove supportive, with Friday’s cutout quote showing firmness in all cuts aside from picnics and bellies. Movement was also strong at 403 loads as grocers ramp up purchases ahead of Labor Day. The CME lean hog index continues to show choppiness, up a modest 5 cents to $109.83 as of Aug. 15.