AgMaster Report – 08/24/2026

SEPT CORN

The annual Pro Farmer Tour concludes today in Rochester, Minn & has indicated 5-8% lower yields in Indiana, Nebraska & Illinois – confirming recent yield estimates of 178mmt – below the Aug USDA of 180.6! Two wars still rage adding premium to prices! The US $$ is on a 3-month low due to inflation fears & super El Nino has 90% chance of impacting world crops by Jan 2027! Exports are running 30% over 2025! The path of least resistance is up!

 

SEPT BEANS

Pod counts as well as corn yields were also predicted lower in the Pro Farmer Tour leading to a 40 cent rally in Sept Beans this week! China is back in our mkt – buying piecemeal every week thru flash sales – promising to buy 25mmt by year’s end! Presidents Xi & Trump will meet in DC on Sept 24 to further solidify their grain deal! The EU drought continues to reduce production of several European countries! Bean export sales the past 2 weeks have exceeded 1.8mmt! Trumps approval rating has dipped to 33% – & he desperately needs the farm vote in the Nov mid-terms! Beans are undervalued basis D & tighter stocks!

 

SEPT WHEAT

Sept Wht has been the upside beneficiary this week of both increased tensions in the Russ/Ukraine War limiting exports out of the Black Sea & spillover support from the Corn/Beans Pro Farmer Tour induced rally! Russian Wht Exports are the lowest since 2010! The plummeting US Dollar has also helped to augment exports!  A rising tide floats all boat – as an environment featuring lower production globally, better exports, a lower US $ & premiums from 2 wars have lifted all CBOT commodities!

 

OCT CAT

After breaking nearly $25 since Mid-June, the mkt can’t seem to get off the schneid as it hovers just off lows made in late July! There are several culprits including waning demand as the Summer Barbecue season winds down, high gas prices squeezing consumers & a re-opening of the US-Mexican Border next week! Friday’s Cattle-On-Feed Report may shake the mkt out of its doldrums – COF 102.55   PLMT – 93.5%   MKT – 92.6%! The sharp summer break should in & of itself create some additional demand!

 

OCT HOGS

Much like its sister mkt Oct Cat, Oct Hogs are hugging their June lows – unable to gain much traction on any rallies – as the cash, cutout & lean hog index are all lower! The Iran War induced $4.00 plus gas has certainly put a crimp in the consumers spending habits & this seems to be spilling over to their meat consumption!

 

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