AgMaster Report – 07/24/2026

SEPT CORN

Due to a plethora of fundamentals, Sept Corn has gained 50 cents since early July – hot & dry weather in both the US & Europe, 2 regional wars (US-IRAN) & (RUSSIA-IRAQ), China’s re-entry into the US export mkt, strong domestic  demand from positive crush & biodiesel margins & Trumps support of the farm vote in advance of the Nov Mid-terms! Also, keep in mind US production is pegged to be a billion bushel under last year!

 

SEPT BEANS            

For the same reasons, Sept Beans have advanced over $1.00 in July – as China importantly re-entered the US Export Mkt with frequent flash sales 2-3 times a week! Their original agreement called for 25mmt of beans & 15-18mmt of corn & wht! President Xi will be coming to the US late September to further discuss the trade deal with President Trump! The wildcard is US weather – further “hot & dry” during the critical reproductive period will lower yields & stocks as well!

 

SEPT WHT

Sept Wht has had the most dramatic upsurge at the CBOT -rallying $1.25 this month – setting new contract highs today! Ditto for Sept KC Wht! The primary – catalyst is geopolitical – with the ramping-up of the Russ-Iraq war threatening wht flow out of the Black Sea – transferring demand to the US! And the ongoing European drought continues to diminish their yields – lessening global stocks!

 

AUG CAT 

$26 down since mid-June speaks volumes about the May 1 top which has been confirmed since the June lows were breached in early June! The consumer finally said “enough is enough” for paying record high prices for beef products when pork was so much cheaper! However, the mkt is extremely oversold now after a promising rally early week failed! The discount to cash by Aug Cat is huge & a correction is certainly in the offing! Maybe it will come when the July Cattle-on-Feed Report is issued Friday at 2pm – plcmts are exp at 98%!

 

AUG HOGS

Finally the long awaited shift in Meat Leadership has occurred as the cost-conscious consumer – pressured by elevated gas costs – has opted for the much cheaper pork over record-high beef in the supermarket! While cattle has had a $26 freefall, hogs have ground out a $8 gain since mid-June! Slaughter rates haven’t changed much – it’s simply the consumer always shopping for the bargain in his local grocery store & pork definitely fills the bill! Local grocery store – pork definitely fills the bill!

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