Note: 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.
Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer in narrow trade amid support from the soy complex and a weaker U.S. dollar.
- USDA reported daily sales of 100,000 MT of corn to Colombia and 125,741 MT to Mexico during 2025-26.
- Scouts on the second day of the Pro Farmer Crop Tour found an average corn yield of 193.82 bu. per acre in Indiana, up from 187.54 bu. last year and from the three-year average of 182.09 bu. per acre. In Nebraska, samples yielded an average corn yield of 179.50 bu. per acre, up from 173.25 bu. in 2024 and up from the three-year average of 166.33 bu. per acre.
- September corn futures are trading narrowly between the 20-day moving average of $4.07 and psychological support at $4.00.
Soybeans are mostly 4 to 5 cents higher, while soymeal is around $4.00 higher. Soyoil is mostly 20 points lower.
- Soybeans are being led higher by soymeal, while soyoil futures stabilize in the wake of recent selling.
- Scouts on the second day of the Pro Farmer Crop Tour found Soybean pod counts in a 3’ x 3’ square averaged 1,376.59 in Indiana, up from 1,409.02 last year and the three-year average of 1,294.98. In Nebraska, Soybeans in a 3’ x 3’ square averaged 1,348.31, up from 1,172.48 in 2024 and the three-year average of 1,132.07.
- The American Soybean Association is urging President Trump to prioritize soybeans in U.S.-China trade talks, warning that retaliatory tariffs “are shutting American farmers out of their largest export market going into the 2025 soybean harvest.” In a letter sent Tuesday to the White House, the ASA called for the removal of Chinese tariffs on U.S. soybeans and commitments for future purchases. See our Policy Update for more details.
- U.S. Treasury Secretary Scott Bessent said in a television interview Tuesday the U.S. is satisfied with the current tariff set up with China. Bessent said “we’re very happy” with the situation with China and “the status quo is working pretty well.”
- China’s soybean imports from Brazil jumped 13.9% in July from a year earlier, according to customs data reported earlier today. Meanwhile, supplies from the U.S. fell 11.5%.
- Bunge Global SA diverted a cargo ship of Argentine soybean meal bound for China to Southeast Asia due to concerns it might fail to meet Chinese quality specifications, people with knowledge of the matter told Bloomberg.
- The U.S. government proposed a major increase in biofuels mandates earlier this year. Now the Trump administration is set to issue a second policy decision that could again shake up the renewable fuels market, according to a Bloomberg report.
- November soybean futures are consolidating between resistance at $10.43 and the 100-, 200- and 40-day moving averages, trading from $10.26 1/4 to $10.17 1/2.
Wheat futures are a penny to 7 cents higher.
- SRW wheat futures are posting corrective gains after reaching fresh contract lows overnight.
- 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.
- Sovecon raised its forecast for Russia’s 2025 wheat crop to 85.4 MMT from it’s previous estimate of 85.2 MMT, noting improved prospects in Siberia and Urals.
- December SRW futures have tested resistance at the 10-day moving average of $5.28 1/2, while support lies at $5.18 3/4 and the overnight and new contract low of $5.17 1/4.
Live cattle and feeders are posting strong gains at midsession.
- Nearby live cattle have edged to fresh record highs amid strong technical and fundamental support.
- Cattle and feeders futures have scored new all-time highs.
- Wholesale beef values continue to lend strong support, with Choice up $2.96 to $407.20, while Select rose $2.62 to $379.76.
- October live cattle have surged to score fresh all-time highs, though resistance stands at $235.07. Initial support remains at the 10- and 20-day moving averages.
Hog futures are lower at midmorning.
- Nearby lean hogs are weaker amid fading cash and wholesale fundamentals.
- The CME lean hog index is down 22 cents to $109.58 as of Aug. 15.
- The pork cutout value slid $3.95 on Tuesday to $112.41.
- August lean hogs continue to trade within the Aug. 14 range, with initial support at $88.85, which is backed by last week’s low of $88.53 and the 100-day moving average. Resistance stems from the 10-, 20- and 40-day moving averages, layered from $90.45 to $91.14.