Note: Today, scouts on the eastern leg of the Crop Tour will sample routes from Noblesville, Indiana to Bloomington, Illinois, and scouts on the western leg will sample central and southern Nebraska. Find Crop Tour updates on our website and by searching #pftour25 on X (formerly Twitter).
Corn is mostly 2 to 3 cents lower.
- Corn futures are weaker, with pressure stemming from soybeans and stable condition ratings.
- Scouts on the first day of the Pro Farmer Crop Tour found an average corn yield of 174.18 bu. per acre in South Dakota, up from 156.51 bu. last year and from the three-year average of 144.13 bu. per acre. In Ohio, samples yielded an average corn yield of 185.69 bu. per acre, up from 183.29 bu. in 2024 and up from the three-year average of 180.47 bu. per acre.
- USDA reported the corn crop was 71% “good” to “excellent” as of Aug. 17, down one percentage point from last week, but up 4 points from year-ago during the same period. On the Pro Farmer Crop Condition Index (0 to 500-point range, with 500 representing perfect), the corn crop declined 0.5 points from last week but is still 10.3 points ahead of year-ago.
- September corn futures are trading within Monday’s lower range, with support at the 10-day moving average of $4.02 1/2, while the 20-day moving average of $40.7 1/2 continues to serve as resistance.
Soybeans are mostly 8 to 9 cents lower, while soymeal is around $1.40 higher. Soyoil is mostly 160 points lower.
- Soybeans are weaker as soyoil extends lower amid technical selling.
- USDA reported daily sales of 228,606 MT of soybeans to Mexico to 2025-26.
- Soybean pod counts in a 3’ x 3’ square averaged 1,188.45, up from 1,025.89 last year and the three-year average of 970.10.
- Soybeans in a 3’ x 3’ square averaged 1,287.28, up from 1,229.93 in 2024 and the three-year average of 1,204.83.
- USDA rated the soybean crop was 68% “good” to “excellent” as of Aug. 17, unchanged from the previous week, while the “poor” to “very poor” rating increased a point to 8%. On our CCI, the soybean crop improved 1.1 points to 375.2 from last week and is 2.4 points above year-ago.
- Brazil’s antitrust regulator will investigate 30 soybean traders and two industry associations, citing the possibility of a purchasing cartel in the grain-export market, according to Bloomberg. The investigation stems from a moratorium signed by the group that publicly commits them to avoiding soybeans from land deforested after 2008.
- November soybean futures are consolidating in sideways trade, with resistance at $10.47 3/4, which is backed by last week’s high of $10.49 1/4. Support lies at the 100-, 200-, 10-, 40- and 20-day moving averages.
Wheat futures are a penny to 3 cents lower.
- SRW wheat futures have carved new contract lows, driven by limited buyer interest amid technical headwinds.
- USDA rated the spring wheat crop as 50% “good” to “excellent” as of Aug. 17, up one point from last week, while the “poor” to “very poor” rating was unchanged. Harvest was estimated to be 36% complete, in-line with the five-year average. On our CCI, the HRS crop increased 1.2 points from last week, but is still 33.7 points behind year-ago.
- Egypt’s state grains buyer Future of Egypt has agreed to buy at least 200,000 MT of French wheat in recent private deals with exporters, along with several 30,000 MT cargoes of wheat from Ukraine and Romania, according to Reuters.
- Black Sea crop areas will continue to be dry and warm for the next ten days, keeping unirrigated crops stressed, according to World Weather Inc.
- December SRW futures have edged to a fresh contract low of $5.19 1/2, though support remains at $5.21 1/4, then at $5.17 1/4. The 10-day moving average of $5.29 continues to serve as initial resistance.
Live cattle are firmer while feeders are posting stronger gains at midsession.
- Nearby live cattle are narrowly weaker in consolidative trade, though futures’ discount to cash and strong technical and fundamental support continue to limit seller interest.
- Cash cattle averaged $242.01 last week, unchanged from the previous week.
- Wholesale beef continued to firm on Monday, with Choice up $3.67 to $404.24, while Select surged $6.38 to $377.14. Movement was light, however at only 80 loads.
- October live cattle are trading within Monday’s range, with support at the 10-day moving average of $229.17, while resistance stems from the Aug. 7 high of $232.75.
Hog futures are lower at midmorning.
- Nearby lean hogs are weaker in sideways trade amid technical pressure.
- The CME lean hog index is down 3 cents to $109.80.
- The pork cutout value is down 4 cents to $116.36. Movement totaled 288.7 loads.
- August lean hogs continue to face resistance at the 20-day moving average of $90.63, while support lies at $90.06, $89.54 and $88.96.