NOTE: Find live coverage of Day 2 of the Pro Farmer Crop Tour here.
Corn futures are mostly a penny lower at midmorning.
- Corn futures are modestly weaker after marking a fresh for-the-move high in overnight trade.
- On Day one of the Pro Farmer Crop Tour, scouts on the eastern leg measured average corn yield potential of 180.18 bu. per acre in Ohio, down from 185.69 bpa (3%) in 2025 and the 3-year average of 184.31 bpa (2.2%). In South Dakota, Scouts on the western leg measured average corn yield potential of 149.09 bu. per acre, down from 174.18 bpa (14.4%) in 2025 and the three-year average of 162.7 bpa (8.4%).
- USDA rated the corn crop as 60% good to excellent as of Sunday, down a percentage point from the previous week. The Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect) declined 2.67 points and currently sits 26.64 points behind year-ago.
- September corn futures are facing resistance at $4.68 ½, while support lies at $4.59 3/4 and is backed by the 200-, 100-, 20- and 10-day moving averages.
Soybeans are 6 to 8 cents higher, while meal is around 20 cents higher. Soyoil is around 100 points lower.
- Soybeans are firmer but have backed off earlier highs, with pressure from profit-taking in soyoil.
- USDA reported daily sales of 136,000 MT of soybeans to China during 2026-27.
- On Day one of the Pro Farmer Crop Tour, scouts on the eastern leg measured pod counts in a 3’x3’ square averaged 1,186.3 in Ohio, down from 1,287.28 (7%) in 2025 and the three-year average of 1,256.71 (4.7%). Scouts on the western leg measured pod counts in a 3’x3’ square averaged 945.98 in South Dakota, down from 1,188.45 (20.4%) in 2025 and the three-year average of 1,075.78 (12.07%).
- USDA rated the soybean crop as 61% good to excellent as of Sunday, down a percentage point from the previous week. On our CCI, conditions declined 1.89 points to 361.95, which is 13.5 points behind year-ago.
- September soybeans are up against resistance at $12.26 ½, which is backed by the July 24 high of $12.56 1/2. Support lies at $12.07 ½, which is backed by the 20-, 40-, 10- and 100-day moving averages.
Winter wheat futures are mostly 4 to 7 cents lower, while HRS futures are mostly 4 cents higher.
- SRW wheat futures are lower in consolidative trade.
- USDA rated the spring wheat crop as 52% good to excellent as of Sunday, up one percentage point from the previous week. As a result, the CCI improved 3.35 points on the week.
- World Weather Inc. reports too much rain has been falling in parts of Russia’s New Lands, possibly raising the potential for wet weather disease. The wet bias is expected to prevail for the next ten days.
- September SRW futures continue to face resistance at $6.81 ½, which is backed by the July 24 high of $7.11 ¼. Initial support is at $6.66 ½, which is backed by the 20-, 10-, 40- and 100-day moving averages.
Live cattle are mixed and feeders are weaker at midsession.
- October live cattle are weaker as technical resistance continues to curb near-term buyer interest.
- Cargill employees have voted to end a labor dispute that had halted cattle slaughter at a beef plant in Fort Morgan, Colorado, since April and left about 1,700 workers without pay, Reuters reported. Workers will return to the plant around August 24 and slaughtering is expected to restart the week of September 7, Cargill said.
- Cash cattle trade averaged $228.52 last week, down $6.69 from the previous week.
- Boxed beef improved on Monday, with Choice up $4.27 to $379.57 and Select up $13.02 to $364.26. Movement was light, however, at only 81 loads.
- October live cattle continue to face initial resistance at $221.18, which is backed by the 10- and 20-day moving averages, while support lies at $217.21 and at last week’s low of $215.225.
Hog futures are lower at midday.
- October lean hogs are notably weaker as wholesale fundamentals remain under pressure.
- The CME lean hog index is down 21 cents to $95.47 as of Aug. 14.
- The pork cutout value fell $1.15 to $98.75 on Monday, led by declines in all cuts aside from primal picnics. Movement totaled 309.9 loads.
- October lean hogs are facing support around $80.425, which is backed by the June 17 low of $79.775. Resistance stems from the 10-day moving average, trading at $82.36.