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. CDT. 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” all next week.
Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are narrowly weaker despite strong new-crop export sales, with fresh Brazilian crop estimates weighing on prices.
- USDA reported daily sales of 136,000 MT to South Korea and 132,000 MT to Spain during 2025-26.
- USDA reported weekly old crop reductions of 88,700 MT for the week ended Aug. 7, which were a marketing-year low and well below the pre-report range of estimates from 150,000 to 600,000 MT. New crop sales were a notable 2.05 MMT, landing near the upper-end of the pre-report range of 900,000 MT to 2.4 MMT. Click here for full details.
- Conab reported Brazilian farmers are expected to harvest 137 MMT of corn during the 2024-25 crop year after raising its safrinha corn production estimate by 5 MMT to 109.6 MMT. The agency also raised its corn export forecast to 40 MMT, up from its previous estimate of 36 MMT.
- December corn futures continue to hover within Tuesday’s lower range, pressured by the 10-, 20- and 40-day moving averages, layered from $4.02 1/2 to $4.17 1/4. Tuesday’s low of $3.92 continues to serve as support.
Soybeans are 8 to 10 cents lower, while soymeal is around $1.40 lower. Soyoil is around 90 points lower.
- Soybean futures are holding an inside range, with buyers pausing amid technically overbought conditions and notable selling in soyoil.
- USDA reported net weekly sales reductions of 377,600 MT for the week ended Aug. 7, which was a marketing-year low and well below the pre-report range of 200,000 to 700,000 MT. However, new crop sales totaled 1.133 MMT, topping the expected range of 400,000 to 900,000 MT.
- The U.S. Drought Monitor showed rainfall shortages led to expanding intensifying dryness and drought over much of the lower Mississippi Valley, Ohio Valley, Tennessee Valley, Northeast and parts of the Deep South, southern Plains. Meanwhile, a second straight week of moderate to heavy precip led to improvements in the South Atlantic states from the Carolinas to Florida, across the northern reaches of the Rockies and Plains and over parts of the central Great Plains.
- November soybeans are trading within Wednesday’s range, limited by the previous session high of $10.49 1/2 and the psychological $10.50 level. However, initial support lies at Tuesday’s low of $10.28, which is backed by the 200-, 10-, 40-, 20- and 10-day moving averages.
Wheat futures are mostly 2 to 5 cents lower.
- SRW wheat futures remain technically strapped, with a firmer U.S. dollar overshadowing solid export sales data.
- USDA reported weekly wheat sales of 722,800 MT for the week ended Aug. 7, which were down 2% from the previous week but up 14% from the four-week average. Net sales were near the upper-end of the pre-report range of 400,000 to 850,000 MT.
- World Weather Inc. Wednesday afternoon reported a developing heat wave has combined with minimal rain to promote aggressive drying in a large section of Europe this week. “Abundant rain and favorable soil moisture earlier this month have crops from Germany through Poland to the Baltic States and western Ukraine in great shape, with plant development going well. However, France, southern parts of the U.K. and much of the lower Danube River Basin continue to deal with some crop-moisture stress.
- December SRW futures have edged to a fresh contract low, driven by resistance at the 10-day moving average of $5.61 1/4, while initial support now lies at today’s low of $5.23 1/4, then $5.19 3/4.
Live cattle are narrowly mixed, while feeders are modestly weaker at midsession.
- Nearby live cattle are posting modest gains as technical support limits seller interest.
- Choice boxed beef fell 9 cents on Wednesday to $390.49, while Select rose $2.32 to $367.96. Movement totaled 104 loads.
- USDA reported net beef sales of 4,300 MT for 2025, a marketing-year low and down 73% from the previous week and 66% from the four-week average.
- August live cattle continue to trade mostly between the 10-day moving average of $236.26 and last week’s record high of $239.475.
Hog futures are mostly weaker at midmorning.
- August lean hogs expire at noon today, and are modestly firmer, while October and winter deferred contracts face hefty pressure.
- The CME lean hog index is down 6 cents to $109.78 as of Aug. 12.
- The Pork cutout value rose $1.80 to $116.50 on Wednesday, led by gains in primal picnics and bellies. Movement totaled 276.8 loads for the day.
- USDA reported net pork sales of 21,200 MT for 2025, down 32% from the previous week and 19% from the four-week average.
- October lean hogs are being pressured by the 20-, 10- and 40-day moving averages, layered from $90.68 to $91.74, while support lies at $88.49.