Overview
- Markets rallied into the Aug. 21 close after USDA reported a confirmed 712,000 metric ton sale of 2026/27 soybeans to China and other large U.S. export bookings strengthened demand.
- ProFarmer’s mid‑August Crop Tour trimmed national yield estimates to about 173.2 bushels per acre for corn and 53.3 bushels per acre for soybeans, signaling smaller U.S. output than earlier thought.
- CFTC Commitments of Traders data through Aug. 18 show managed‑money dramatically added corn and soybean longs, a buildup that amplified price moves during this week’s options expiries and reports.
- Wheat remains sensitive to a Black Sea risk premium as repeated strikes on port infrastructure and vessels reduce export certainty even while U.S. wheat sales lag last year.
- Cattle and beef markets swung after USDA’s Cattle on Feed report showed fewer July placements and marketings and President Trump authorized a 90‑day, 300,000‑ton tariff‑free ground‑beef import quota.