My youngest turn 3 this week. While he getting to the ornerier stage of childhood, he’d been getting goofier as he goes. His latest thing is to stand in front of me and say “dad, look at my muscles!” and flex as though the is The Rock from WWE. As is relates to the ag markets, the more ornery market we have, wheat, has been doing something similar as of late rallying nearly a dollar this week to the highs. The other grains, have been trying to mimic their motion, while the cattle bulls are over in the corner.
Corn extended the movement to the upside this week rising 5 ¼ cents in the September contract, with the help from wheat. December was up 6 ½ cents. This last week’s Crop Progress report showed 34% of the US corn crop as silking by July 12, with 6% in the dough stage. Condition ratings were up 1% at 68% good/excellent, with the Brugler500 index 2 points higher to 373. EIA showed ethanol production fell 53,000 barrels per day to 1.04 million bpd in the week of 7/10. Stocks rose 463,000 barrels in that week 24.391 million barrels. USDA Export Sales data indicated old crop corn business at 314,962 MT in the week of July 9, with new crop sales at 311,222 MT in that week. Commitment of Traders data as of 7/14 showed managed money adding another 30,732 contracts of futures and options to their fresh net long to 43,391 contracts
The wheat complex was in rally mode to lead the grains. SRW futures rallied another 42 ½ cents this week for September, with KC wheat 56 cents higher. MPLS spring wheat up 39 1/4 cents in the September contract. Futures gained traction from limited Russian exports through the Sea of Azov following Ukrainian attacks on Russian vessels and subsequent Russian strikes on a Ukrainian port in the major export hub of Odesa. Crop Progress data from NASS showed 67% of the US winter wheat crop harvested by last Sunday. Spring wheat was 72% headed, with ratings back up 1% to 57% of the crop in gd/ex condition, a 351 rating on the Brugler500 index, down 3 point from the week prior. Weekly Export Sales data from the week of July 9 showed sales for 2026/27 at 235,102 MT. Commitments of Traders showed managed money slashing their net short by 25,527 contracts of futures and options in CBT wheat as of July 14 to 36,798 contracts. Spec traders in KC wheat increased their new net long by 5,730 contracts to 17,494 contracts as of Tuesday.
Soybeans were firm this week, as August was up 12 3/4 cents on the week, with November up 12 1/4. August soybean meal was just 20 cents lower on the week, with August bean oil posting a 435 point gain. Buyers were active again this week, buying 842,000 MT, with China buying 476,000 MT of that. Crop Progress data this week showed the US soybean crop at 50% blooming by July 12, with 19% setting pods. Crop ratings were back up 1% with 65% of the US soybean crop in good or excellent condition, with the Brugler500 index improving 2 points to 367. NOPA data was tallied at 214.34 mbu of soybeans crushed during June. That was up 15.69% from a year ago and 2.66% larger than in May. Bean oil stocks were tallied at 1.5 billion lbs, down 13.51% from the end of May but up 8.42% from a year ago. Export Sales data showed soybean bookings at 188,274 MT in the week ending on 7/9. New crop business was reported just 1.77 MMT. The weekly Commitment of Traders report indicated spec funds adding 4,009 contracts from their net long as of July 14, taking it to a new long of just 72,688 contracts of futures and options.
Cattle was the weak spot again this week, as August live cattle futures fell $10.775 on the week. Cash trade continued to pullback to the $237/238 area. August feeder cattle were down $8.65 this week. The CME Feeder Cattle Index was back down $6.39 week/week to $364.03. Wholesale boxed beef prices fell apart this week, as the Chc/Sel spread narrowed to $11.52. Choice boxes fell $15.87/cwt on the week to $366.81, as Select was $13.04 lower at $355.29. Weekly beef production was down 1% from the week prior and 5% below same week last year at 464.5 million lbs. Year to date production is down 5.9% on an 8.4% drop in slaughter. The weekly Commitment of Traders report indicated spec funds slashing 16,997 contracts from their net long as of July 14, taking it to 96,324 contracts of futures and options in live cattle futures and options. In feeder cattle futures and options, managed money was cutting back another 3,810 contracts to a net long of just 9,880 contracts.
Hogs closed the week on a higher note, with August up $2.65. The CME Lean Hog Index was up $2.75 this week at $95.10 as of July 15. USDA’s Pork Carcass Cutout was stronger again this week, with a gain of $3.07 since last Friday to $104.41/cwt. The belly led the way, up $10, with the rib and butt reported lower. Weekly pork production was down 2.7% from the week prior but and 0.9% above the same week last year at 496.7 million lbs. Production so far this year is up 0.7% above last year on a 0.3% drop in slaughter. CFTC data showed managed money adding another 1,436 contracts to their net short position in lean hog futures and options in the week of 7/14, taking the net short to 30,438 contracts.
Cotton futures were in retreat mode this week with December down 291 points. Crop Progress data from Monday showed 60% of the US cotton crop squared last Sunday, with 22% setting bolls. Condition ratings dropped another 2 percentage points at 44% gd/ex, with the Brugler500 index down 1 point to 331. Export Sales from the week of 7/9 were tallied at 34,360 RB for old crop, with 4,,971 RB for new crop. Shipments were reported at 214,893 RB. The Adjusted World Price was up 352 points to 65.37 cents/lb on Thursday. Spec traders added another 10,578 contracts to their net long in the week of July 14, taking the position to 49,684 contracts net long.
Market Watch
Next week starts with the Export Inspections report on Monday morning, as the weekly NASS Crop Progress report will be out that afternoon. Weekly EIA data will be out on Wednesday morning. Thursday will see the weekly Export Sales report. Friday will round things out with the monthly Cattle on Feed report, with August grain options expiring on Friday.
Tech Talk: December Corn
December corn saw a solid start to the week, gapping higher on Sunday night. That quickly faded, with some reversion on Tuesday. Still the follow through to the downside was negated, and new highs were posted. The major test at the moment is the 200-day moving average at $4.67, with a 50% Fib retracement at $4.66. We’ve spiked both a couple times this week, the confirmation of a break was lacking. There is also a 2/3 speedline at $4.69. The 100-day moving average is at$4.73 ¼, with the 61.8% at $4.75 ½. This next 7-8 cents is important if bulls want to go back to $5. Failure to break above it would indicate a correction. Stochastics say sell, but lack the turn to be convincing. ADX is still high at 28, with MACD having a solid buy signal. That says to stick with the momentum.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.
Look at My Muscles. Ag Marketing Report 07/20/2026
My youngest turn 3 this week. While he getting to the ornerier stage of childhood, he’d been getting goofier as he goes. His latest thing is to stand in front of me and say “dad, look at my muscles!” and flex as though the is The Rock from WWE. As is relates to the ag markets, the more ornery market we have, wheat, has been doing something similar as of late rallying nearly a dollar this week to the highs. The other grains, have been trying to mimic their motion, while the cattle bulls are over in the corner.
Corn extended the movement to the upside this week rising 5 ¼ cents in the September contract, with the help from wheat. December was up 6 ½ cents. This last week’s Crop Progress report showed 34% of the US corn crop as silking by July 12, with 6% in the dough stage. Condition ratings were up 1% at 68% good/excellent, with the Brugler500 index 2 points higher to 373. EIA showed ethanol production fell 53,000 barrels per day to 1.04 million bpd in the week of 7/10. Stocks rose 463,000 barrels in that week 24.391 million barrels. USDA Export Sales data indicated old crop corn business at 314,962 MT in the week of July 9, with new crop sales at 311,222 MT in that week. Commitment of Traders data as of 7/14 showed managed money adding another 30,732 contracts of futures and options to their fresh net long to 43,391 contracts
The wheat complex was in rally mode to lead the grains. SRW futures rallied another 42 ½ cents this week for September, with KC wheat 56 cents higher. MPLS spring wheat up 39 1/4 cents in the September contract. Futures gained traction from limited Russian exports through the Sea of Azov following Ukrainian attacks on Russian vessels and subsequent Russian strikes on a Ukrainian port in the major export hub of Odesa. Crop Progress data from NASS showed 67% of the US winter wheat crop harvested by last Sunday. Spring wheat was 72% headed, with ratings back up 1% to 57% of the crop in gd/ex condition, a 351 rating on the Brugler500 index, down 3 point from the week prior. Weekly Export Sales data from the week of July 9 showed sales for 2026/27 at 235,102 MT. Commitments of Traders showed managed money slashing their net short by 25,527 contracts of futures and options in CBT wheat as of July 14 to 36,798 contracts. Spec traders in KC wheat increased their new net long by 5,730 contracts to 17,494 contracts as of Tuesday.
Soybeans were firm this week, as August was up 12 3/4 cents on the week, with November up 12 1/4. August soybean meal was just 20 cents lower on the week, with August bean oil posting a 435 point gain. Buyers were active again this week, buying 842,000 MT, with China buying 476,000 MT of that. Crop Progress data this week showed the US soybean crop at 50% blooming by July 12, with 19% setting pods. Crop ratings were back up 1% with 65% of the US soybean crop in good or excellent condition, with the Brugler500 index improving 2 points to 367. NOPA data was tallied at 214.34 mbu of soybeans crushed during June. That was up 15.69% from a year ago and 2.66% larger than in May. Bean oil stocks were tallied at 1.5 billion lbs, down 13.51% from the end of May but up 8.42% from a year ago. Export Sales data showed soybean bookings at 188,274 MT in the week ending on 7/9. New crop business was reported just 1.77 MMT. The weekly Commitment of Traders report indicated spec funds adding 4,009 contracts from their net long as of July 14, taking it to a new long of just 72,688 contracts of futures and options.
Cattle was the weak spot again this week, as August live cattle futures fell $10.775 on the week. Cash trade continued to pullback to the $237/238 area. August feeder cattle were down $8.65 this week. The CME Feeder Cattle Index was back down $6.39 week/week to $364.03. Wholesale boxed beef prices fell apart this week, as the Chc/Sel spread narrowed to $11.52. Choice boxes fell $15.87/cwt on the week to $366.81, as Select was $13.04 lower at $355.29. Weekly beef production was down 1% from the week prior and 5% below same week last year at 464.5 million lbs. Year to date production is down 5.9% on an 8.4% drop in slaughter. The weekly Commitment of Traders report indicated spec funds slashing 16,997 contracts from their net long as of July 14, taking it to 96,324 contracts of futures and options in live cattle futures and options. In feeder cattle futures and options, managed money was cutting back another 3,810 contracts to a net long of just 9,880 contracts.
Hogs closed the week on a higher note, with August up $2.65. The CME Lean Hog Index was up $2.75 this week at $95.10 as of July 15. USDA’s Pork Carcass Cutout was stronger again this week, with a gain of $3.07 since last Friday to $104.41/cwt. The belly led the way, up $10, with the rib and butt reported lower. Weekly pork production was down 2.7% from the week prior but and 0.9% above the same week last year at 496.7 million lbs. Production so far this year is up 0.7% above last year on a 0.3% drop in slaughter. CFTC data showed managed money adding another 1,436 contracts to their net short position in lean hog futures and options in the week of 7/14, taking the net short to 30,438 contracts.
Cotton futures were in retreat mode this week with December down 291 points. Crop Progress data from Monday showed 60% of the US cotton crop squared last Sunday, with 22% setting bolls. Condition ratings dropped another 2 percentage points at 44% gd/ex, with the Brugler500 index down 1 point to 331. Export Sales from the week of 7/9 were tallied at 34,360 RB for old crop, with 4,,971 RB for new crop. Shipments were reported at 214,893 RB. The Adjusted World Price was up 352 points to 65.37 cents/lb on Thursday. Spec traders added another 10,578 contracts to their net long in the week of July 14, taking the position to 49,684 contracts net long.
Market Watch
Next week starts with the Export Inspections report on Monday morning, as the weekly NASS Crop Progress report will be out that afternoon. Weekly EIA data will be out on Wednesday morning. Thursday will see the weekly Export Sales report. Friday will round things out with the monthly Cattle on Feed report, with August grain options expiring on Friday.
Tech Talk: December Corn
December corn saw a solid start to the week, gapping higher on Sunday night. That quickly faded, with some reversion on Tuesday. Still the follow through to the downside was negated, and new highs were posted. The major test at the moment is the 200-day moving average at $4.67, with a 50% Fib retracement at $4.66. We’ve spiked both a couple times this week, the confirmation of a break was lacking. There is also a 2/3 speedline at $4.69. The 100-day moving average is at$4.73 ¼, with the 61.8% at $4.75 ½. This next 7-8 cents is important if bulls want to go back to $5. Failure to break above it would indicate a correction. Stochastics say sell, but lack the turn to be convincing. ADX is still high at 28, with MACD having a solid buy signal. That says to stick with the momentum.
There is a risk of loss in futures and options trading. Similar risks exist for cash commodity producers. Past performance is not necessarily indicative of future results.
Copyright 2026 Brugler Marketing & Management. All rights reserved.