Friday is the end of the month, as we move to August on Saturday. For those that get paid at on the last day of the month, it was also payday. As it turns out, the whole week was pay for the grain longs. To close Friday, Dec corn was up 28 cents in July, with November beans up 43 ¾ cents and the wheats 50 cents higher in Chicago and 82 cents in KC wheat. That was even after the sharp losses on the week. After rallying on increasing war tension in both the Black Sea and Persian Gulf and a dryer latter July, the longs that were buying decided to take some money out toward the end of the month to make their payday realized.
Corn turned to a weaker tone this week, as September and December were both down 23 ½ cents. Monday’s Crop Progress report showed 78% of the US corn crop as silking by July 26, with 25% in the dough stage. Condition ratings fell 4% at 63% good/excellent, with the Brugler500 index down 11 points 361. EIA showed ethanol production at the second largest weekly total on record, up 39,000 barrels per day to 1.133 million bpd in the week of 7/24. Stocks rose 245,000 barrels in that week 24.726 million barrels. USDA Export Sales data indicated old crop corn business at 362,916 MT in the week of July 23, with new crop sales at 1.062 MMT in that week. Commitment of Traders data as of 7/28 showed managed money adding another 75,490 contracts of futures and options to their net long to 168,399 contracts
The wheat complex fell apart this week to close out July. SRW futures were down 38 ¾ cents this week for the September contract, with KC wheat falling 37 ¾ cents. MPLS spring wheat was 24 1/2 cents in the September contract. Futures faded the Russia/Ukraine conflict this week, as Russian ports in the Black Sea were struck. Crop Progress data from NASS showed 81% of the US winter wheat crop harvested by last Sunday. Spring wheat was 92% headed and 2% harvested with ratings steady at 53% in gd/ex condition, a 352 rating on the Brugler500 index, down 3 points from the week prior. Weekly Export Sales data from the week of July 23 showed wheat sales for 2026/27 at 285,165 MT. Commitments of Traders showed managed money trimming their net short by another 12,469 contracts of futures and options in CBT wheat as of July 21 to 6,880 contracts. Spec traders in KC wheat increased their new net long by 3,289 contracts to 33,233 contracts as of Tuesday.
Soybeans fell apart on the wetter forecasts, with August down 76 cents and November falling back 66 cents. August soybean meal was $19.10 lower this week, with August bean oil posting a sharp 721 point loss. Buyers continued to be active this week, with another 642,000 MT sold via daily announcement from USDA to both China and unknown buyers. Crop Progress data showed the US soybean crop at 80% blooming by July 26, with 47% setting pods. Crop ratings were down 3% with 63% of the US soybean crop in good or excellent condition, with the Brugler500 index dropping 6 points to 363. Export Sales data showed soybean bookings at 302,260 MT in the week ending on 7/23. New crop business was reported at 1.333 MMT. The weekly Commitment of Traders report indicated spec funds adding another 30,101 contracts to their net long as of July 28, taking it to a new long of 155,001 contracts of futures and options.
Cattle fell out of the gates on Monday, but cash strength firmed things up, with August up $4.67 on the week. Cash trade found some footing, firming up to $232-235. August feeder cattle were up $2.70 on the week despite falling out of the gates on the import news from last weekend. The CME Feeder Cattle Index was back down $3.82 week/week to $349.65. Wholesale boxed beef prices were on the steadier side this week, as the Chc/Sel spread was at $15.15. Choice boxes were up 14 cents/cwt on the week to $361.38, as Select was 48 cents lower at $346.23. Weekly beef production was down 3% from the week prior and 2.5% below same week last year at 464.7 million lbs. Year to date production is down 5.7% on an 8.2% drop in slaughter. The weekly Commitment of Traders report indicated spec funds slashing another 8,840 contracts from their net long as of July 28, taking it to 66,523 contracts of futures and options in live cattle futures and options. In feeder cattle futures and options, managed money was trimming back 482 contracts to a net long of just 7,423 contracts.
Hogs saw a midweek collapse, with August down $4 on the week. The CME Lean Hog Index was up 96 cents this week at $98.44 as of July 29. USDA’s Pork Carcass Cutout was back to a weaker trend this week, with a loss of $4.62 to $100.01/cwt. The picnic and rib primals were lower, with the ham falling $22.07. Weekly pork production was up 0.7% from the week prior but 0.1% below the same week last year at 489.2 million lbs. Production so far this year is up 0.6% above last year on a 0.5% drop in slaughter. CFTC data showed managed money trimming back another 7,273 contracts to their net short position in lean hog futures and options in the week of 7/28, taking the net short to 10,884 contracts.
Cotton futures continued to climb higher this week, with December up 181 points. Crop Progress data from Monday showed 81% of the US cotton crop squared last Sunday, with 45% setting bolls. Condition ratings were up another 1 percentage point at 46% gd/ex, with the Brugler500 index back up 4 points to 336. Weekly Export Sales data from the week of 7/23 were tallied at just 29,719 RB for old crop as we round out the marketing year, with 352,447 RB for new crop. Shipments were reported at 245,500 RB. The Adjusted World Price was back up 84 points to 64.66 cents/lb on Thursday. Spec traders added another 3,525 contracts to their net long in the week of July 28, taking the position to 52,410 contracts net long.
Market Watch
We start August with the Monday morning Export Inspections report, as the weekly NASS Crop Progress report will be out in the afternoon. The monthly Grain Crushing and Fats & Oils reports will be out on Monday afternoon. Monthly trade data will be out on Tuesday morning from Census. Weekly EIA data will be released on Wednesday morning. Thursday will see the weekly Export Sales report. Friday will round things out with the expiration of August live cattle options.
Tech Talk: December Corn
December corn failed the uptrend this week, as the rising regression channel out of the June 30 low failed to hold this week after an attempt to climb back into it. MACD was triggered bearish on Friday, with the stochastics already running with the bears. That is not bullish! The 1/3 speedline off the rally was broken with the 2/3 speedline at $4.54. There is a 38.2% Fibonacci retracement support off that same move that failed with the 50% at 4.58 3/4. That is the next target after failing to get the bulls to react after filling the July 20 gap.
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.
Pay Day. Ag Marketing Report 08/03/2026
Friday is the end of the month, as we move to August on Saturday. For those that get paid at on the last day of the month, it was also payday. As it turns out, the whole week was pay for the grain longs. To close Friday, Dec corn was up 28 cents in July, with November beans up 43 ¾ cents and the wheats 50 cents higher in Chicago and 82 cents in KC wheat. That was even after the sharp losses on the week. After rallying on increasing war tension in both the Black Sea and Persian Gulf and a dryer latter July, the longs that were buying decided to take some money out toward the end of the month to make their payday realized.
Corn turned to a weaker tone this week, as September and December were both down 23 ½ cents. Monday’s Crop Progress report showed 78% of the US corn crop as silking by July 26, with 25% in the dough stage. Condition ratings fell 4% at 63% good/excellent, with the Brugler500 index down 11 points 361. EIA showed ethanol production at the second largest weekly total on record, up 39,000 barrels per day to 1.133 million bpd in the week of 7/24. Stocks rose 245,000 barrels in that week 24.726 million barrels. USDA Export Sales data indicated old crop corn business at 362,916 MT in the week of July 23, with new crop sales at 1.062 MMT in that week. Commitment of Traders data as of 7/28 showed managed money adding another 75,490 contracts of futures and options to their net long to 168,399 contracts
The wheat complex fell apart this week to close out July. SRW futures were down 38 ¾ cents this week for the September contract, with KC wheat falling 37 ¾ cents. MPLS spring wheat was 24 1/2 cents in the September contract. Futures faded the Russia/Ukraine conflict this week, as Russian ports in the Black Sea were struck. Crop Progress data from NASS showed 81% of the US winter wheat crop harvested by last Sunday. Spring wheat was 92% headed and 2% harvested with ratings steady at 53% in gd/ex condition, a 352 rating on the Brugler500 index, down 3 points from the week prior. Weekly Export Sales data from the week of July 23 showed wheat sales for 2026/27 at 285,165 MT. Commitments of Traders showed managed money trimming their net short by another 12,469 contracts of futures and options in CBT wheat as of July 21 to 6,880 contracts. Spec traders in KC wheat increased their new net long by 3,289 contracts to 33,233 contracts as of Tuesday.
Soybeans fell apart on the wetter forecasts, with August down 76 cents and November falling back 66 cents. August soybean meal was $19.10 lower this week, with August bean oil posting a sharp 721 point loss. Buyers continued to be active this week, with another 642,000 MT sold via daily announcement from USDA to both China and unknown buyers. Crop Progress data showed the US soybean crop at 80% blooming by July 26, with 47% setting pods. Crop ratings were down 3% with 63% of the US soybean crop in good or excellent condition, with the Brugler500 index dropping 6 points to 363. Export Sales data showed soybean bookings at 302,260 MT in the week ending on 7/23. New crop business was reported at 1.333 MMT. The weekly Commitment of Traders report indicated spec funds adding another 30,101 contracts to their net long as of July 28, taking it to a new long of 155,001 contracts of futures and options.
Cattle fell out of the gates on Monday, but cash strength firmed things up, with August up $4.67 on the week. Cash trade found some footing, firming up to $232-235. August feeder cattle were up $2.70 on the week despite falling out of the gates on the import news from last weekend. The CME Feeder Cattle Index was back down $3.82 week/week to $349.65. Wholesale boxed beef prices were on the steadier side this week, as the Chc/Sel spread was at $15.15. Choice boxes were up 14 cents/cwt on the week to $361.38, as Select was 48 cents lower at $346.23. Weekly beef production was down 3% from the week prior and 2.5% below same week last year at 464.7 million lbs. Year to date production is down 5.7% on an 8.2% drop in slaughter. The weekly Commitment of Traders report indicated spec funds slashing another 8,840 contracts from their net long as of July 28, taking it to 66,523 contracts of futures and options in live cattle futures and options. In feeder cattle futures and options, managed money was trimming back 482 contracts to a net long of just 7,423 contracts.
Hogs saw a midweek collapse, with August down $4 on the week. The CME Lean Hog Index was up 96 cents this week at $98.44 as of July 29. USDA’s Pork Carcass Cutout was back to a weaker trend this week, with a loss of $4.62 to $100.01/cwt. The picnic and rib primals were lower, with the ham falling $22.07. Weekly pork production was up 0.7% from the week prior but 0.1% below the same week last year at 489.2 million lbs. Production so far this year is up 0.6% above last year on a 0.5% drop in slaughter. CFTC data showed managed money trimming back another 7,273 contracts to their net short position in lean hog futures and options in the week of 7/28, taking the net short to 10,884 contracts.
Cotton futures continued to climb higher this week, with December up 181 points. Crop Progress data from Monday showed 81% of the US cotton crop squared last Sunday, with 45% setting bolls. Condition ratings were up another 1 percentage point at 46% gd/ex, with the Brugler500 index back up 4 points to 336. Weekly Export Sales data from the week of 7/23 were tallied at just 29,719 RB for old crop as we round out the marketing year, with 352,447 RB for new crop. Shipments were reported at 245,500 RB. The Adjusted World Price was back up 84 points to 64.66 cents/lb on Thursday. Spec traders added another 3,525 contracts to their net long in the week of July 28, taking the position to 52,410 contracts net long.
Market Watch
We start August with the Monday morning Export Inspections report, as the weekly NASS Crop Progress report will be out in the afternoon. The monthly Grain Crushing and Fats & Oils reports will be out on Monday afternoon. Monthly trade data will be out on Tuesday morning from Census. Weekly EIA data will be released on Wednesday morning. Thursday will see the weekly Export Sales report. Friday will round things out with the expiration of August live cattle options.
Tech Talk: December Corn
December corn failed the uptrend this week, as the rising regression channel out of the June 30 low failed to hold this week after an attempt to climb back into it. MACD was triggered bearish on Friday, with the stochastics already running with the bears. That is not bullish! The 1/3 speedline off the rally was broken with the 2/3 speedline at $4.54. There is a 38.2% Fibonacci retracement support off that same move that failed with the 50% at 4.58 3/4. That is the next target after failing to get the bulls to react after filling the July 20 gap.
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.