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Soy's Been Up
The Pro Farmer Crop Tour for August has soybean pod counts averaging 1,362.93 in a 3'x3' square. The number is down 1.6% from 2025 but 5.25% above the three-year average. November soybeans, also helped by Chinese flash sales, are around $12.40 per bushel, near a three-week high.
Rains Slow Farmers
Recent severe storms across the Midwest have left some fields with standing water and farmers with concerns about yield losses. Farmers in four of the top corn-growing states had less than a half week of suitable fieldwork for the week ending on Aug. 16. Indiana came in at 1.9 days of suitable fieldwork for that week. A fast-moving derecho storm moved through Northwest Indiana leaving over 300,000 customers without power.
Europe: A Hot Spot
Europe is in the midst of a fifth major heat wave of the summer. More than 135 million people are facing temperatures in the 95 to 104 degree range in Central and Western areas. Nearly half the continent faces drought conditions with fires spreading in Croatia, France, Greece and Britain. The heat has caused strains on local power generation with partial power shutdowns in place. The conditions have heavily degraded crop conditions with grain harvests expected to be lower by 286.6 million tons and corn maize facing the most severe loss.
Where's the Beef
On Friday morning, President Trump announced a "deal" that can import up to 300,000 metric tons of product for ground beef over the next three months without being subject to out-of-quota tariffs. Trump noted that importers agreed the beef would be 25% below market prices. The move, criticized by The National Cattlemen's Beef Association, is intended to increase the size of the US beef herd; however, the Beef Association says the move would not increase the herd. Friday afternoon's cattle on feed report could add even more volatility to Monday's opening.
CME midday prices - November Soybeans, $12.40; September Corn, $4.83; September Wheat, $6.83. Livestock per 100 pounds: October Cattle, $217.90; October Hogs, $80.67. Metals per troy ounce: December Gold, $4,681; September Silver, $69.65, September Copper per pound: $6.59. October Crude oil per barrel: (WTI) $87. September S&P futures traded at 7690.
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Walt Breitinger is a commodity futures broker in Indiana. He can be reached at 800-411-FUTURES (3888) or www.indianafutures.com.
Pinion Futures, LLC, a CFTC registered Introducing Broker and NFA Member (NFA #0284447,) is a fully owned subsidiary of Pinion Risk Management LLC. Information contained herein is believed to be reliable but cannot be guaranteed as to its accuracy or completeness. Futures and options trading involve substantial risk of loss and is not suitable for all investors.