We are nearing the latter half of August. Pretty soon Saturdays and Sundays will be filled with football games and Combines will be rolling in the fields. Cool fall air will fill the mornings and crisp cool nights. In case you haven’t caught on, my favorite time of year. As we near fall though, things are heating up. By that I don’t mean temps. A quick look at the grains, showed wheat nearing in the $6/7 range, corn now over $5 in December, beans 3 quarters away from the teens, and cotton nearing 90 cents. While summer may be nearing an end, things are heating up!
Corn futures polished off the week with a 24 ¾ cent gains this week with September rallying 45 (10.19%) cents in two weeks. December was 25 ¼ ents higher, with the two week gain up to 10.09%. The Pro Farmer Crop Tour was held this week, with all states coming in below last year. Pro Farmer estimates the US yield at 173.2 pba, with production at 15.344 bbu. Monday’s Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% mature. Condition ratings slipped 1% this week to 60% good/excellent, with the Brugler500 index down 3 at 353. EIA showed ethanol production falling back 28,000 barrels per day in the week of 8/14 to 1.089 million bpd. Stocks were up 323,000 barrels in that week 25.121 million barrels. USDA Export Sales data indicated old crop corn business at just 232,892 MT in the week of August 13, with new crop sales dropping back to 816,097 MT in that week. CFTC’s Commitment of Traders data as of 8/18 showed managed money adding back 83,735 contracts to their net long in corn futures and options to a net long of 250,505 contracts.
The wheat complex held up this week but bulls were slowed to round things out. HRS futures led the charge this week, with the September contract 20 cents higher. CBT wheat was next in line, with a weekly gain of 6 ¾ cents, as September KC wheat was just 2 cents higher. News on the Black Sea front was a little quieter this week. Weekly Crop Progress data from NASS showed 96% of the US winter wheat crop harvested by last Sunday. Spring wheat was 41% harvested, with ratings rising 1 percentage point to 55% in gd/ex condition, a 344 rating on the Brugler500 index, up 5 points from the week prior. Weekly Export Sales data from the week of August 13 showed wheat sales for 2026/27 at the third highest for the marketing year at 393,655 MT. Commitments of Traders data showed managed money cutting back their net short by 4,916 contracts of futures and options in CBT wheat as of August 18 to 26,485 contracts. Spec traders in KC wheat added to their net long by 7,173 contracts, at 34,835 contracts as of Tuesday.
Soybeans saw continued strength this week, with September up 47 1/4 cents and November 47 cents higher. September soybean meal was $7.50 higher on the week, with September bean oil posting a 9 point loss. Buyers continued to be active this week, with another 1.718 MMT sold via daily announcements from USDA to China (998,000 MT) and unknown (720,000MT). Pro Farmer released their projection for this year’s crop on Friday follow this week’s tour, with yield estimated at 53.3 bpa and production at 4.572 bbu. The weekly Crop Progress data showed the US soybean crop at 96% blooming by August 16, with 85% setting pods. Crop ratings were down another 1% at 61% of the US soybean crop in good or excellent condition, with the Brugler500 index holding steady at 361. NOPA data showed 216.65 million bushels crushed during July, a record for the month, 10.7% above last year and 1.08% larger than in June. Soybean oil stocks were tallied at 1.36 million lbs, a 9.39% decline from June and 1.35% below last year. Export Sales data showed 2025/26 soybean bookings at 85,016 MT in the week ending on August 13. New crop business was reported at 1.723 MMT. Friday’s Commitment of Traders report indicated spec funds adding back 50,300 contracts to their net long as of August 18, taking it to a new long of 151,662 contracts of futures and options.
Cattle were a weak spot this week, with October down 95 cents. Cash trade was more on the steady side, at $223-227. September feeder cattle were down $5.52 on the week. The CME Feeder Cattle Index was down another $7.50 week/week to $341.00. Wholesale boxed beef prices were higher this week, as the Chc/Sel spread widened to $24.37. Choice boxes were firmed up another $10.39/cwt on the week to $385.69, as Select was $10.08 higher at $361.32. News was mixed this week, as workers at the Fort Morgan, CO plant voted to end the labor dispute, with operations expected to resume on September 7. Late in the week President Trump announced the US “will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariffs” for 90 days. Weekly beef production was up 1.1% from the week prior at 461.8 million lbs, which was 4.5% below same week last year. Year to date production was down 5.5% on an 8% drop in slaughter. USDA’s Cattle on Feed report showed July placement dropping 11.01% from a year ago at 1.422 million head, with marketings down 7.38% to 1.62 million head. August 1 on feed inventory was up 1.79% to 11.117 million head. Weekly Commitment of Traders data indicated spec funds trimming another 3,148 contracts from their net long as of August 18, taking it to 61,514 contracts of futures and options in live cattle. In feeder cattle futures and options, managed money was cutting back 1,240 contracts to a net long of just 7,498 contracts.
Hogs faded lower on the week despite the bulls effort on Friday, with October down 87 cents from the Friday prior. The CME Lean Hog Index was down $2.17 this week at $93.72 as of August 19. USDA’s Pork Carcass Cutout slipped lower this week with a $1.94 loss for the week at $97.96/cwt. The rib and butt primals were the only reported higher. Weekly pork production was up 1.1% from the week prior but 0.6% below the same week last year at 502.2 million lbs. Production year to date is up 0.4% above last year on a 0.7% drop in slaughter. CFTC data showed managed money increasing their net short position in lean hog futures and options in the week of 8/18 by 8,365 contracts, taking the net short to 23,486 contracts.
Cotton futures were in rally mode this week as December closes in on 90 cents, up 355 points on the week. Crop Progress data from Monday showed 74% of the US cotton crop setting bolls as of Sunday, with 14% bolls opening. Condition ratings were down 2 percentage points at 38% gd/ex, with the Brugler500 index back down 9 points to 310. Weekly Export Sales data from the week of 8/13 saw 209,360 RB for 2026/27 sales, with 2027/28 sales at 64,856 RB. Shipments were reported at 222,046 RB. The Adjusted World Price was up 143 points to 69.62 cents/lb on Thursday. Spec traders added another 5,798 contracts to their net long in the week of August 18, taking the position to 78,668 contracts net long.
Market Watch
Next week begins with the weekly Export Inspections report on Monday morning and NASS Crop Progress report in the afternoon per the normal schedule. Cold Storage data will be out in the afternoon. Weekly EIA data will be out on Wednesday with monthly PCE data released that morning. Export Sales data will be released on Thursday morning, with August Feeder cattle futures and options expiring that day.
Tech Talk: November Soybeans
November soybeans shot off like a cannon out of since the August 12 crop report. The rally has been nearly 80 cents after a Stochastics buy signal. They are now approaching overbought. Resistance is at the 78.6% Fib retracement of $12.36 ¾, which held on Thursday’s shooting star doji, with Friday a hanging man. Closing near the high does negate some of the bearishness, coupled with the break if the 78.6%. The July high is resistance at $12.56 ½. We’ll see if we have enough ammo to take that out. There is an Elliot 5-wave pattern forming that does look like it’s on wave 5, which would imply taking out Juyl high.
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.
Heating Up! Ag Marketing Report 08/24/2026
We are nearing the latter half of August. Pretty soon Saturdays and Sundays will be filled with football games and Combines will be rolling in the fields. Cool fall air will fill the mornings and crisp cool nights. In case you haven’t caught on, my favorite time of year. As we near fall though, things are heating up. By that I don’t mean temps. A quick look at the grains, showed wheat nearing in the $6/7 range, corn now over $5 in December, beans 3 quarters away from the teens, and cotton nearing 90 cents. While summer may be nearing an end, things are heating up!
Corn futures polished off the week with a 24 ¾ cent gains this week with September rallying 45 (10.19%) cents in two weeks. December was 25 ¼ ents higher, with the two week gain up to 10.09%. The Pro Farmer Crop Tour was held this week, with all states coming in below last year. Pro Farmer estimates the US yield at 173.2 pba, with production at 15.344 bbu. Monday’s Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% mature. Condition ratings slipped 1% this week to 60% good/excellent, with the Brugler500 index down 3 at 353. EIA showed ethanol production falling back 28,000 barrels per day in the week of 8/14 to 1.089 million bpd. Stocks were up 323,000 barrels in that week 25.121 million barrels. USDA Export Sales data indicated old crop corn business at just 232,892 MT in the week of August 13, with new crop sales dropping back to 816,097 MT in that week. CFTC’s Commitment of Traders data as of 8/18 showed managed money adding back 83,735 contracts to their net long in corn futures and options to a net long of 250,505 contracts.
The wheat complex held up this week but bulls were slowed to round things out. HRS futures led the charge this week, with the September contract 20 cents higher. CBT wheat was next in line, with a weekly gain of 6 ¾ cents, as September KC wheat was just 2 cents higher. News on the Black Sea front was a little quieter this week. Weekly Crop Progress data from NASS showed 96% of the US winter wheat crop harvested by last Sunday. Spring wheat was 41% harvested, with ratings rising 1 percentage point to 55% in gd/ex condition, a 344 rating on the Brugler500 index, up 5 points from the week prior. Weekly Export Sales data from the week of August 13 showed wheat sales for 2026/27 at the third highest for the marketing year at 393,655 MT. Commitments of Traders data showed managed money cutting back their net short by 4,916 contracts of futures and options in CBT wheat as of August 18 to 26,485 contracts. Spec traders in KC wheat added to their net long by 7,173 contracts, at 34,835 contracts as of Tuesday.
Soybeans saw continued strength this week, with September up 47 1/4 cents and November 47 cents higher. September soybean meal was $7.50 higher on the week, with September bean oil posting a 9 point loss. Buyers continued to be active this week, with another 1.718 MMT sold via daily announcements from USDA to China (998,000 MT) and unknown (720,000MT). Pro Farmer released their projection for this year’s crop on Friday follow this week’s tour, with yield estimated at 53.3 bpa and production at 4.572 bbu. The weekly Crop Progress data showed the US soybean crop at 96% blooming by August 16, with 85% setting pods. Crop ratings were down another 1% at 61% of the US soybean crop in good or excellent condition, with the Brugler500 index holding steady at 361. NOPA data showed 216.65 million bushels crushed during July, a record for the month, 10.7% above last year and 1.08% larger than in June. Soybean oil stocks were tallied at 1.36 million lbs, a 9.39% decline from June and 1.35% below last year. Export Sales data showed 2025/26 soybean bookings at 85,016 MT in the week ending on August 13. New crop business was reported at 1.723 MMT. Friday’s Commitment of Traders report indicated spec funds adding back 50,300 contracts to their net long as of August 18, taking it to a new long of 151,662 contracts of futures and options.
Cattle were a weak spot this week, with October down 95 cents. Cash trade was more on the steady side, at $223-227. September feeder cattle were down $5.52 on the week. The CME Feeder Cattle Index was down another $7.50 week/week to $341.00. Wholesale boxed beef prices were higher this week, as the Chc/Sel spread widened to $24.37. Choice boxes were firmed up another $10.39/cwt on the week to $385.69, as Select was $10.08 higher at $361.32. News was mixed this week, as workers at the Fort Morgan, CO plant voted to end the labor dispute, with operations expected to resume on September 7. Late in the week President Trump announced the US “will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariffs” for 90 days. Weekly beef production was up 1.1% from the week prior at 461.8 million lbs, which was 4.5% below same week last year. Year to date production was down 5.5% on an 8% drop in slaughter. USDA’s Cattle on Feed report showed July placement dropping 11.01% from a year ago at 1.422 million head, with marketings down 7.38% to 1.62 million head. August 1 on feed inventory was up 1.79% to 11.117 million head. Weekly Commitment of Traders data indicated spec funds trimming another 3,148 contracts from their net long as of August 18, taking it to 61,514 contracts of futures and options in live cattle. In feeder cattle futures and options, managed money was cutting back 1,240 contracts to a net long of just 7,498 contracts.
Hogs faded lower on the week despite the bulls effort on Friday, with October down 87 cents from the Friday prior. The CME Lean Hog Index was down $2.17 this week at $93.72 as of August 19. USDA’s Pork Carcass Cutout slipped lower this week with a $1.94 loss for the week at $97.96/cwt. The rib and butt primals were the only reported higher. Weekly pork production was up 1.1% from the week prior but 0.6% below the same week last year at 502.2 million lbs. Production year to date is up 0.4% above last year on a 0.7% drop in slaughter. CFTC data showed managed money increasing their net short position in lean hog futures and options in the week of 8/18 by 8,365 contracts, taking the net short to 23,486 contracts.
Cotton futures were in rally mode this week as December closes in on 90 cents, up 355 points on the week. Crop Progress data from Monday showed 74% of the US cotton crop setting bolls as of Sunday, with 14% bolls opening. Condition ratings were down 2 percentage points at 38% gd/ex, with the Brugler500 index back down 9 points to 310. Weekly Export Sales data from the week of 8/13 saw 209,360 RB for 2026/27 sales, with 2027/28 sales at 64,856 RB. Shipments were reported at 222,046 RB. The Adjusted World Price was up 143 points to 69.62 cents/lb on Thursday. Spec traders added another 5,798 contracts to their net long in the week of August 18, taking the position to 78,668 contracts net long.
Market Watch
Next week begins with the weekly Export Inspections report on Monday morning and NASS Crop Progress report in the afternoon per the normal schedule. Cold Storage data will be out in the afternoon. Weekly EIA data will be out on Wednesday with monthly PCE data released that morning. Export Sales data will be released on Thursday morning, with August Feeder cattle futures and options expiring that day.
Tech Talk: November Soybeans
November soybeans shot off like a cannon out of since the August 12 crop report. The rally has been nearly 80 cents after a Stochastics buy signal. They are now approaching overbought. Resistance is at the 78.6% Fib retracement of $12.36 ¾, which held on Thursday’s shooting star doji, with Friday a hanging man. Closing near the high does negate some of the bearishness, coupled with the break if the 78.6%. The July high is resistance at $12.56 ½. We’ll see if we have enough ammo to take that out. There is an Elliot 5-wave pattern forming that does look like it’s on wave 5, which would imply taking out Juyl high.
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.