Weekly Ag Markets Update – 08/03/2026

Wheat: Wheat was lower last week.  The price action was tied to hopes for increased exports despite increased tensions in the Black Sea with Ukrainian bombing keeping  Russia unable to ship anything through the Azov Sea and to the USDA export sales reports and world weather.  The export sales report showed demand was at the higher end of expectations.  The harvest has been interrupted by too much rain in Texas and harvest yield reports remain low  The crop harvest us now about three quarters complete.  Spring Wheat has been heading and is rated 53% good to excellent.  The  harvest has started.  Conditions are good in the US Midwest, but Europe has been too hot.  The weather is now featuring scattered showers for parts of the Midwest along with moderate  temperatures after a got week last week.  The Great Plains should stay hot and dry.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was lower last week on forecasts for rain in the northern half of the Midwest this weekend and this week.  Northwest areas could especially benefit.  There is still too much hot and dry weather in the western Midwest and in Europe   The export sales report showed that demand was at the higher end of expectations.  Ukraine and Russia are back at war again and shipping is very limited in both countries.  It should be warm with showers in the northern Midwest this week but other areas should stay mostly dry.  The crop conditions are lower than last week and below aa year ago.  Dough is starting and progress is ahead of normal.  Temperatures in the Midwest should be cooler this week.  Oats were higher yesterday in recovery trading.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and the products were lower last week despite reports of more Chinese demand and on forecasts for rain in the northern half of the Midwest this weekend and this week.  Northwest areas could especially benefit.   It is still mostly hot and dry in the southern Midwest.  Rapid blooming and setting pods progress was shown by USDA this week and reports of good conditions continue.  Condition is less than last week and below a year ago.  Cooler temperatures and wet weather in northern areas are expected for the next week in the Midwest.  Southern areas should stay hot and dry

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

 

Rice: Rice closed little changed last week after wire reports of stronger prices in India surfaced and offset harvest pressure.  USDA said that Rice planted and harvested area is estimated to be sharply lower this year, leading to much lower production and tighter ending stocks estimates.  Emergence is about average, and condition has improved slightly from last week  Harvest has started in Texas..  Demand remains moderate to poor for US Rice and was moderate to poor last week.

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil closed higher last week on demand from India and tight supplies.  Canola was a little lower last week.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher last week on IS production concerns.  New crop export sales were strong.   USDA showed that conditions are still well behind year ago levels and showed deterioration with the crop in the squaring and setting bolls phase.  Progress is about average, with bolls being set and squaring proceeding at a normal pace.  Forecasts and reports of scattered to isolated showers in Cotton areas continue for the Delts, and the Southeast.  Temperatures will be warm to hot.  Trends are mixed on the daily and are up the weekly charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus: Futures were higher last week and trends are ip on the daily charts but could be topping out for the short term.  It is still dry in Florida.  The weather for the next crop is dry but seasonal and some rains are now being reported.  The weather is considered good for production in Mexico but it is dry in Brazil.  Scattered showers are still reported in eastern Brazil but many areas are drying out seasonally.

Weekly FCOJ Futures

 

Coffee:  New York was higher and London was lower last week and trends are mixed on the daily charts.  The harvest delays in Brazil continue but coffee is more and more available.  The next crop is developing well in South America amid scattered to isolated showers.  Brazil has been hot and dry  Indonesia is now about 80% harvested.  Asian conditions are called good.  Other world production conditions are generally good.  Mexico is in good condition, but Central America is dry.  Cooxupe showed increased sales in Brazil last week at 58.3% of the crop.  Deliverable stocks are below 300,000 bags and are well below Lat year.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were lower last week, with London the weaker market.  The Iran war made bio fuels more valuable again, but Sugar has been slow to respond to rallies in petroleum products.  Drought in Europe and Brail are a major concern.  The hot and dry weather is threatening Sugarbeets production.  There have been some rains in center-south Brazil causing some harvest delas, but generally dry weather is now forecast.  The Iran war has been paused as both sides signing a memorandum of understanding and continuing negotiations in Geneva.  Trends are mixed on the daily charts in both markets.  There are good supplies for the market from good growing conditions for cane and beets around the world.  Drier weather in parts of Brazil and India has been good for the harvest.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:   New York and London were near unchanged last week.  Daily chart trends are mixed but turning up and weekly trends are mixed.  A big main crop harvest has arrived in West Africa and rains have been positive for the next crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year but demand has started to increase.  Ghana’s cocoa production is expected to fall by at Ghana’s cocoa production is expected to fall by at least 16% in the 2026 to 2027 season, market regulator COCOBOD said, citing weather effects, the crop’s natural fruit-bearing cycle and disease,

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

 

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