Weekly Ag Markets Update – 08/31/2026

Wheat: Wheat was sharply higher in both markets last week and made new highs for the move as the Ukraine-Russia war continues and threatens any  exports from the region.  The president of Ukraine has said that his country and Russia would sit down soon to try to find a way for grains exports to resume from both countries, but Russia has so far rejected the idea   Ukraine has hit infrastructure in Russia again by hitting a space facility and Russia will hit back.  The Winter Wheat harvest is almost over.  Spring Wheat is being harvested and is rated 51% good to excellent in reports released a week ago excellent.  Conditions are mixed in the US Midwest, but Europe has been too hot.  The weather is now featuring scattered showers for parts of the Midwest along with moderate  temperatures after a got week last week.  The Great Plains should stay hot and dry.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was higher last week after a strong rally seen in response to the results of the Pro Farmer tour and ideas of more potential losses from stressful weather around the world but especially in Europe and Asia.  Pro Farmer estimated the US yield at 173.2 bu/acre and total production at 15.344 billion bushels.  The estimate is the lowest heard by us so far this year and well below the August estimates from USDA.  There is still too much hot and dry weather in the western and southern Midwest but moderating conditions in Europe.  Ukraine and Russia are back at war again and shipping is very limited in both countries.  It should be cooler with drier weather in the Midwest this week.  The crop conditions are lower than last week and below aa year ago.  Maturity is starting and progress is ahead of normal with maturity under way.  Temperatures in the Midwest should be cooler this week.  Oats were higher.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and the products were higher last week in part on the Pro Farmer estimates and in part on renewed buying from China and other countries and a decision by Trump to keep the worst of the tariffs from China ahead of the summit.  Pro Farmer estimated the US yield at 53.3 bu/acre and the total US production at 4.572 billion bushels.  Both estimate are above the USDA August estimates.  It is still mostly hot and dry in the southern and western Midwest.  Leaves are starting to drop according to USDA this week and reports of good conditions continue.  Condition is below a year ago and unchanged from last week.  Cooler temperatures and drier weather in northern areas are expected for the next week in the Midwest.  Southern areas should stay hot and dry

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice: Rice closed higher last week and near the highs for the move on reports of a very weak Indian monsoon that is threatening ag production including Rice.  Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop.  Condition in the US was little changed from the previous week.  Harvest is active in most states and is 27% complete.  Demand remains moderate to poor for US Rice and was moderate last week.  El Nino is threatening production in Asia and Indian prices remain high and are going higher, Trends are up on the daily charts and are up on the weekly charts,

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil was lower last week.  Canola was higher last week.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was higher last week and made new highs for the move as stressful weather conditions continue but as the uS Dollar rallied.  USDA last week showed that conditions are still well behind year ago levels with the crop opening bolls.  Progress is slipping behind average.  Forecasts and reports of scattered to isolated showers in Cotton areas continue for the Delts, and the Southeast.  Temperatures will be warm to hot in all areas.  Trends are up on the daily and the weekly charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus: Futures were lower last week and trends are down on the daily charts.  It is still dry in Florida but showers are showing up.  The weather for the next crop is dry but seasonal and some rains are now being reported.  The weather is considered good for production in Mexico but it is dry in Brazil.  Scattered showers are still reported in southern Brazil but many areas are drying out seasonally.

Weekly FCOJ Futures

 

Coffee:  New York closed lower and London was lower last week after a choppy week of trading  Trends are turning down in both markets.  Brazil coffee is not being offered now as production is less and harvest conditions are more difficult due to increased rains.  Lower quality coffee is available but higher quality is hard to find due to weather problems.  The next crop is developing in South America amid scattered to isolated showers.  Brazil has been hot.  Indonesia is now about done with its harvest.  Asian conditions are called good.  Other world production conditions are generally good.  Mexico is in good condition, but Central America is dry.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York and London were lower last week and trends are mixed on the daily charts in New York but down in London.  Drought in Europe and Brail are a major concern but seems to be easing now with the crop mostly made in Europe.  The hot and dry weather was causing losses in Sugar beets production.  There have been some rains in center-south Brazil causing some harvest delas.  Indian production is less after hot and dry conditions and production in the rest of Asia could be hurt by El Nino weather.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:   New York and London were higher last week as reports that farmers are waiting so see the crop sizes before selling continue.  Daily chart trends are mixed and weekly trends are mixed.  A big main crop harvest has arrived in West Africa and rains have been positive for the next crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year but demand has started to increase.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

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