Note: Today, scouts will sample fields in eastern Iowa and southern Minnesota. The Tour will conclude tonight in Rochester, Minnesota. Find Crop Tour updates on our website and by searching #pftour24 on X (formerly Twitter).
Corn is mostly 4 to 5 cents higher.
- Corn futures are being lifted by continued evidence of strong new-crop export sales.
- Scouts on the third day of the Pro Farmer Crop Tour found an average corn yield of 199.57, bu. per acre in Illinois, down from 204.14 bu. last year but up from the three-year average of 196.19 bu. Results were released for districts 1, 4 & 7 in western Iowa, with full results for Iowa set for release tonight at 8 p.m. CT, along with Minnesota.
- For the week ended Aug. 14, USDA reported net reductions of 27,100 MT for 2024-25, which were within the pre-report expected range of off net reductions of 100,000 MT to 300,000 MT. New-crop sales totaled 2.86 MMT, which topped the pre-report range of 900,000 MT to 2.0 MMT. See full details here.
- Argentina’s corn plantings are expected to grow to 7.8 million hectares, up 9.6% in 2025-26, according to the Buenos Aires Grains Exchange. Corn planting is set to begin in September.
- September corn futures have edged above the 20-day moving average and are now facing resistance at $4.11, with greater resistance stemming from the July 18 high of $4.30 1/4. The 10-day moving average of $4.03 is initial support, and is backed by the psychological $4.00 level, and the August low of $3.92.
Soybeans are mostly 11 cents higher, while December soymeal is around $4.00 lower. Soyoil is around 200 points higher.
- Soybeans have broken out of the recent range, driven by a notable rebound in soyoil futures and solid new-crop export sales.
- Scouts on the third day of the Pro Farmer Crop Tour found the soybean pod counts in a 3’ x 3’ square averaged 1,479.22, up from 1,419.11 last year and the three-year average of 1,313.14.
- For the week ended Aug. 14, USDA reported net reductions of 5,700 MT for 2024-25, which were within the pre-report range of net reductions of 300,000 MT to 300,000 MT. Meanwhile, new crop sales totaled 1.14 MMT, which topped the pre-report range of 400,000 MT to 1.0 MMT.
- The U.S. Drought Monitor showed 51% of the U.S. is experiencing abnormal dryness or drought, up 2% from the previous week. U.S. soybean acres D1-D4 are estimated at 9% (up 6%).
- Indian importers purchased palm oil from Colombia and Guatemala for the first time as plentiful supplies pushed producers to offer cargoes at steep discounts, according to Reuters.
- November soybean futures have tested resistance $10.49 3/4 for the first time since July 3, with additional resistance stemming from the June high of $10.74 1/4. Initial support lies at the 10-, 100-, 200-, 40- and 20-day moving averages, layered from $10.30 1/2 to $10.14 1/4.
SRW wheat is mostly a penny to 2 cents lower, while HRW futures are modestly favoring the upside. HRS futures are unchanged to a penny weaker.
- SRW wheat futures have backed off earlier highs amid pressure from a firmer U.S. dollar.
- USDA reported weekly wheat sales of 519,800 MT for the week ended Aug. 14, down 28% from the previous week and 25% from the four-week average. Net sales were just within the pre-report range of 500,000 to 800,000 MT.
- Rain will fall significantly in U.S. HRW wheat areas next week and into the following weekend, bolstering soil moisture for early season wheat planting in September, according to World Weather Inc.
- December SRW futures have backed off overnight highs amid pressure from the 20-day moving average of $5.35 1/4, while initial support lies at $5.25 1/2, then at this week’s low of $5.17 1/4.
Live cattle and feeders are lower at midsession.
- Nearby live cattle are posting a modest corrective pullback in the wake of a push to new record highs on Wednesday.
- Cash cattle trade is light so far, which is commonplace ahead of USDA’s Cattle on Feed Report.
- Choice boxed beef dipped $1.35 to $405.85, while Select rose $3.40 to $383.16. Movement totaled 102 loads.
- USDA reported net beef sales of 10,100 MT for 2025, up noticeably from the previous week but down 11% from the four-week average.
- October live cattle are trading within Wednesday’s range, limited by resistance at this week’s high of $235.625, while initial support lies at $232.23.
Hog futures are mixed at midmorning.
- Nearby lean hogs are narrowly weaker amid fading cash fundamentals and technical resistance.
- The CME lean hog index is down another 49 cents to $108.57.
- Pork cutout rose 60 cents to $113.01, with gains in all cuts aside from primal bellies.
- USDA reported net pork sales of 19,200 MT for 2025, down 9% f from the previous week and 29% from the four-week average.
- August lean hogs are trading inside Wednesday’s upper range, limited by the 10-, 20- and 40-day moving averages, trading from $90.40 to $91.01.