AgMaster Report – 08/28/2026

DEC CORN

Ever since the 8-12-26 USDA CROP REPORT, the mkt has maintained an upward trajectory – due to plethora of fundamental factors – the Pro Farmer tour 173 BPA estimate (USDA – 180), strong Mon & Thur Export #’s, escalation of the Russ/Ukr War – reducing exports by 50% from the Black Sea, the current & future impact of SUPER EL NINO – which has already reduced the EU Crop due to drought & threatens to do the same to South American crops later on & strong ethanol demand domestically!

 

NOV BEANS

Since early August, Nov Beans have rallied an impressive $1.20 – mostly off solid domestic & export demand! The biofuel needs have increased as gas has soared 40% over the pre-war levels & exports have also jumped as China has continued to buy – as indicated by frequent flash sales & stout exports sales (Thur – 2.55mmt)! All of this despite an estimated record US bean crop this Fall! As well, SUPER EL NINO is a huge factor – already ravaging the EU crops with drought & threatening to do the same to Brazil & Argentina in a few months time! Many thought China wouldn’t follow thru with S/A prices cheaper but they have! Trump needs the Farm Vote in Nov & will help the farmer as much as possible!

 

DEC WHT

The Russ/Ukr War has escalated – stifling export flow out of the Black Sea to about ½ of normal – thereby transferring business to the US! As well, drought in the US S Plains has reduced potential production in Kansas, Oklahoma & Texas! And the drought in Europe has whittled their stocks lower! Finally, spill-over upside support from corn/beans has supported – as all 3 mkts have registered new contract highs this week! Indeed, a rising tide floats all boats!

 

OCT CAT

Headwinds from 3 different fundamentals – have ratcheted down Oct Cat over $30 since mid-June – the re-opening of the Mexican Border, a sharp reduction in beef exports & the feed-grain rally in corn & beans! However, the bearish factors seem to be dialed in & the 15% break itself should augment beef demand! We look for consolidation & recovery next week!

 

OCT HOGS

While Oct Cat have plummeted, Oct Hogs have consolidated – while today closing on a 2-wk high! That’s a solid indication of “bullish divergence” on the part of Oct Hogs – as they slowly assume upside leadership in the meats! The expiration of seasonal pressure, impressive wkly exports & positive technical action – all point to higher prices into September!

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