NOTE: Find live coverage of Day 3 of the Pro Farmer Crop Tour here.
Corn futures are mostly 8 cents higher at midmorning.
- Corn futures have marked a fresh-for-the move high amid technical buying as traders weigh U.S. production prospects and demand.
- Scouts on the eastern leg of the Pro Farmer Crop Tour measured average yield potential of 183.54 bu. per acre in Indiana, down from 193.82 last year and the three-year average of 187.42. On the western leg of the Tour, scouts measured an average yield of 163.61 bu. per acre in Nebraska, down from 179.5 bu. Per acre in 2025 and the three-year average of 173.32.
- The Trump administration delayed 50% tariffs on Canadian products for three days, citing a tentative agreement to resolve a trade dispute. The White House said the duties were halted after Canada expressed a commitment to remove discrimination on U.S. autos, dairy, and alcohol.
- September corn futures are now facing resistance at $4.70 ½, which is backed by the May 5 high of $4.92. Initial support lies at $4.60 3/4.
Soybeans are mostly 21 cents higher, while meal is around $4.00 higher. Soyoil is around 80 points lower.
- Soybeans have resumed Monday’s strength, in tandem with meal and soyoil.
- Scouts on the eastern leg of the Crop Tour measured pod counts in a 3’x3’ square averaged 1318.64 in Indiana, down from 1,376.59 in 2025 and the three-year average of 1,365.19. On the western leg, scouts measured Pod counts in a 3’x3’ square averaged 1219.62 in Nebraska. That’s down from 1,348.31 in 2025 and the three-year average of 1,226.94.
- The pump price of diesel in the U.S. hit $5.47 a gallon on Tuesday, the Financial Times reported, near its all-time high of $5.82 as wars in the Middle East and Europe undercut production and continue to tighten global supplies. The report noted an 8% jump in prices in the past month, with the “crack spread” – the difference between the cost of diesel and crude – hitting a record.
- September soybeans’ next area of resistance is at the July 24 high of $12.43, while support lies at $11.94 1/4 , which is backed by the 20-, 40-, 10-, 100-day moving averages.
Wheat futures are mostly 16 to 17 cents higher at midday.
- SRW wheat futures are posting solid gains at midweek, with support from a strong technical posture.
- World Weather Inc. reports some relief has impacted a part of both Canada’s late spring wheat and barley crop as well as in a few northern U.S. Plains locations, though the rain has not restored soil moisture to normal, but enough may have occurred to help late filling crops and grain quality.
- Ukraine wheat exports could decline to between 5 and 10 MMT in the 2026-27 marketing year if its Black Sea ports remain blocked by Russian attacks, reports ASAP Agri consultancy. ASAP Agri said Russian wheat exports could also potentially drop this season if its deep sea exports become severely constrained.
- September SRW futures have notable support from the 20-, 10-, 40- and 100-day moving averages, layered from $6.56 1/2 to $6.35, while resistance stems from the July 24 high of $7.11 1/4.
Live cattle are firmer and feeders are weaker at midsession.
- October live cattle are firmer with support from wholesale strength.
- Boxed beef edged notably higher on Tuesday, with Choice up $11.58 to $391.15 and Select up $2.03 to $66.29. Movement totaled 118 loads.
- October live cattle are up against resistance at $220.80, which is backed by the 10- and 20-day moving averages, while support is layered at $219.40, $217.53 and last week’s low of $215.23.
Hog futures are lower at midday.
- October lean hogs are moderately firmer in corrective trade, though technical resistance continues to limit near-term buyer interest.
- The CME lean hog index is down 69 cents to $94.78 as of Aug. 17.
- The pork cutout value rose 37 cents on Tuesday, amid gains in all cuts except primal picnics. Movement totaled 264.2 loads.
- October lean hogs are facing initial resistance at the 10-day moving average of $82.26, which is backed by the 20- and 40-day moving averages. Initial support lies at $79.88, which is backed by the June low.