Note: Our annual Pro Farmer Crop Tour is next week, Aug. 18-21. Look for daily updates from crop scouts and state results each evening at 8:00 p.m. CT. Our final yields will be released on Friday, Aug. 21 at 1:30 p.m. CDT. We will produce our daily newsletters, though our “Crops Analysis” and “Livestock Analysis” will be replaced with an extended version of “After the Bell” next week.
Corn is mostly 5 cents higher at midmorning.
- Corn futures are firmer amid short-covering, with support from soybean strength and a weaker U.S. dollar.
- World Weather Inc. reports flooding rain and some risk of severe thunderstorms is expected from Minnesota into Wisconsin this week as thunderstorms occur repetitively across the region, meanwhile, northern U.S. Delta and western Tennessee River Basin crop areas are too dry and rain is needed.
- Iowa State University’s Alison Roberstson indicates she believes Southern Rust is present in every one of the state’s 99 counties. Roberston states the disease moved into Iowa early, right at the beginning of grain fill.
- December corn futures have moved back above psychological resistance at $4.00, though the 10-day moving average of $4.02 1/4 continues to curb momentum. Support lies at $3.96 1/4, then at this week’s low of $3.92.
Soybeans are mostly 12 cents higher, while soymeal is around 30 cents lower. Soyoil is around 80 points higher.
- Soybean futures are recouping most of Thursday’s losses, with weekend heat stoking production concerns.
- The National Weather Service reports hot temperatures are forecast over the Plains and into the lower Mississippi River Valley today, where heat advisories have been issued. The highest temperatures are forecast to spread from the central Plains to the Midwest this weekend, with high temperatures in the mid-to-upper 90s and low 100s and heat index values in the low-to-mid 100s.
- China’s economy broadly slowed in July, with factory activity, investment and retail sales disappointing, according to data released by the China’s National Bureau of Statistics on Friday.
- November soybeans are up against resistance at $10.42 1/2, while support lies at the 100- and 200-day moving averages, each trading around $10.25 1/2.
Winter wheat futures are mostly 2 to 3 cents higher, while HRS are a penny to 2 cents lower.
- SRW wheat futures are firmer amid short-covering and support from a weaker dollar.
- Widespread rains the past month in Western Australia have put that region on track for a near-record grain crop this season, according to an industry group, which raised its estimates for wheat production by more than 20%, according to a Bloomberg report.
- Ukrainian farmers had harvested a total of 24.8 MMT from various grains from the 2025 harvest as of Aug. 14, according to the Economy Ministry earlier today.
- December SRW futures are trading within Thursday’s range, limited by resistance at the 10-day moving average of $5.30 3/4, while support lies at this week’s contract low of $5.21 1/2.
Live cattle and feeders are mixed at midsession.
- Nearby live cattle are firmer in narrow trade as traders await an announcement from Secretary Rollins regarding new world screwworm.
- Choice boxed beef rose $3.30 to $393.79, while Select fell $1.08 to $366.88. Movement was light at 89 loads.
- Cash cattle trade so far is averaging $243.46, which would be a record if sustained through the end of the week.
- Secretary of Agriculture Brooke Rollins is expected to announce plans to combat the northward spread of New World Screwworm in a press conference slated for this morning.
- October live cattle are trading mostly between the 10- and 20-day moving averages of $220.51 and $216.20, with broader resistance/ support at $232.75 and the 40-day moving average of $219.50.
Hog futures are mixed at midmorning.
- August lean hogs are firmer in corrective trade, though technical resistance and wholesale weakness continues to pressure gains.
- The CME lean hog index is up 5 cents to $109.83.
- The pork cutout value fell $1.32 to $115.18, amid losses in bellies and picnics. Movement totaled 257.2 loads.
- October lean hogs are trading within Thursday’s lower range, with resistance stemming from the 20-, 10- and 40-day moving averages, layered from $90.64 to $91.60. Initial support lies at this week’s low of $88.525 and is backed by the 100-day moving average of $87.69.