TFM Daily Market Summary 08-24-2026

CORN HIGHLIGHTS:

  • Corn futures started the week higher but faded from session highs, as weakness across the broader grain and energy markets limited the rally. Sharp losses in soybeans, choppy wheat trade, and weaker energy prices added pressure throughout the session. September corn gained 7 ¾ cents to 491 ½, while December corn added 7 cents to 515 ½.
  • Corn futures opened higher in Sunday’s overnight session following Pro Farmer’s 173.2-bushel-per-acre national yield estimate released Friday afternoon. The estimate marked Pro Farmer’s lowest U.S. corn yield projection in six years.
  • Corn futures faded from session highs, with December corn pulling back roughly 9 cents, potentially pressured by increased farmer selling and the approaching first notice day for September futures. The first notice day window can add selling pressure as basis contracts and remaining old-crop bushels are priced.
  • USDA announced weekly export inspections on Monday morning. For the week ending Aug 20, the inspection total was below trade estimates at 1.296 MMt (51.1 MB). Despite the softer number, this week’s total was still one of the strongest mid-August totals on record. Total exports total 3.293 BB for the marketing year, with the USDA target at 3.400 BB.

SOYBEAN HIGHLIGHTS:

  • Soybeans ended the day sharply lower following the Pro Farmer crop tour results that estimated yields above the USDA’s last guess. Lower crude oil also pressured the market. September soybeans lost 9 cents to $12.16 and November soybean lost 15-1/4 cents to $12.24-1/4. September soybean meal gained $2.60 to $320.30 while September soybean oil lost 2.22 cents to 67.13 cents. Crude oil is down $1.88 to $85.17.
  • The Pro Farmer crop tour wrapped up on Friday and the average national yield for the 2026 soybean crop was estimated at 53.3 bushels per acre with production estimated at 4.519 billion bushels. This yield number is above the USDA’s most recent estimate of 52.7 bpa. This brings the possibility that the USDA will raise the yield in next month’s report.
  • Today’s export inspections were within analyst trade ranges for soybeans. Inspections totaled 15.5 million bushels for the week ending August 20 and this put total inspections for 25/26 at 1.487 bb which is down 18% from the previous year.
  • Friday’s CFTC report saw funds as buyers of soybeans as of August 18. They bought 50,300 contracts of soybeans increasing their net long position to 151,662 contracts. They purchased 17,315 contracts of soybean oil increasing their long position to 98,237 contracts and bought 11,448 contracts of bean meal leaving them long 83,024 contracts.

WHEAT HIGHLIGHTS:

  • Wheat fell from overnight highs to a mixed close. With the complex having recently become overbought, the drop in energy prices and rally in the US Dollar today likely both pressured wheat. In the September contract, Chicago gained 1/4 cent to 681-3/4, Kansas City dropped 5-3/4 cents to 750-1/2, and MIAX lost 4-1/2 cents to 693-3/4.
  • Weekly wheat export inspections were pegged at 15.6 mb. This brings total 26/27 inspections at 159 mb, down 26% from last year. Wheat inspections are currently running below the USDA’s estimated pace; exports in 26/27 are expected to reach 775 mb, down 15% from last year.
  • Russia’s President Putin reportedly rejected Ukrainian President Zelensky’s truce agreement on Black Sea shipping. This put some early premium into the marketplace. However, the fact that they are talking at all likely triggered the selloff, with thought that a diplomatic resolution may be within reach.
  • According to IKAR, Russian wheat export values finished last week at $210/mt. That represents at $5 decline from the week prior. Meanwhile, SovEcon is estimating prices slightly higher, ranging between $213-$215.
  • The Indian government is reported to have lifted their ban on wheat exports. India typically consumes all of the wheat they produce, so this may indicate that they have a current surplus.
  • Egypt has dropped their wheat imports by 700,000 mt for the current fiscal year, to 12.5 mmt. This was said to be caused by domestic production increasing 6.5% year over year to over 10 mmt. 

DAIRY HIGHLIGHTS:

  • Class III and IV milk futures were mostly down double digits on Monday on a weaker spot trade for Class IV.
  • The market also had its first chance to react to Friday’s Milk Production report, which showed a 52,000 head increase in milk cows from May to June.
  • Barrels added a penny while blocks were unchanged Monday. Whey was also unchanged.
  • For Class IV, butter lost 1.75c while powder fell 2.50c. This took Class IV futures sharply red.
  • It was reported after market close that US cheese inventory for July is now above where it was the same month last year. First year-over-year increase for cheese since January.

 

 Total Farm Marketing and TFM refer to Stewart-Peterson Group Inc., Stewart-Peterson Inc., and SP Risk Services LLC. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of the National Futures Association. Stewart-Peterson Inc. is a publishing company. SP Risk Services LLC is an insurance agency. A customer may have relationships with all three companies. TFM Market Updates is a service of Stewart-Peterson Inc. Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.

Author

Amanda Brill

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