AgMaster Report – 07/08/2026

SEPT CORN

After a 2-month, 80 cent break due to benign growing conditions & a war-premium extraction, Sept Corn has cratered out on 6-30-26 – after the issuance of the USDA ACRES/STKS report! The report itself was neutral but hit the mkt in a very oversold position! Then following the 3-day 4^th of July W/E, the mkt erupted due to a plethora of factors – a hot-dry 7-10 day forecast for the Midwest, a continuing drought in Europe – shrinking their crops, continuing rumors China was going to commence buying US corn & beans & Corn’s torrid export pace in 2026 – up 30% from 2025! Technicals seem to confirm the mkt basing out!

 

SEPT BEANS

Beans have soared 75 cents since the June 30 USDA Report – mostly off a hot/dry weather forecast & confirmed rumors that China had begun buying US beans! The rally has been confirmed by a sizeable increase in long funds OI & a large trading volume! As well, after a 45 cent upsurge yesterday, the mkt hardly backed off overnite! Also, President Trump announced China President XI would be visiting the US in Sept – further enhancing the trade potential! And the long fund OI is still small! Supportive weather & export potential have made the upside the path of least resistance!

 

SEPT WHT

Sept Wht remains the “weak sister” to July Corn & Beans as we head into Fridays July USDA Report at 11am – widely expected  to lower wht stocks! But wht has additional positives with lower global production due to the European drought & a reduced WW crop – currently 59% in but still showing a record low 26% good-to-excellent crop rating! Plus the technicals look friendly with wkly upside reversals in 2 of the last 3 weeks! Wht should coat-tail corn & beans higher off the hot/dry weather forecast ahead!

 

AUG CAT

Aug Cat has appeared to top out back on May 1 – just over $250 – as repeated attempts in early May & mid June to take out the contract highs have failed! Apparently, the cost-conscious consumer has said “enough is enough” at the highs – especially with the much cheaper pork alternative in the supermarket! The impact of Walmart’s recent decision to lower ground beef by 15% has yet to be felt by the mkt! Whereas a top may be in, the mkt isn’t falling apart either – maintaining a congestion trading range within $10 of the highs – as seasonal demand & still tight supplies support the mkt underneath!

 

AUG HOGS

2  day ago, Aug Hogs posted their best close in a month – only to retreat back into the trading range that has confined them for the past 5 weeks! Frustrating for the “wannabe Bulls” – as the mkt can’t move off the schneid! So as the Aug Hogs consolidate just off its contract lows – so do the Aug Cat do the same off it contract highs! Demand has been the issue for hogs – regardless of the large price disparity between beef & pork – consumers continue to prefer their burgers & steaks – regardless of the cost!

Questions? Ask Bill Moore today at 312-264-4337