Overview
- Corn futures rallied to three‑year highs on Wednesday then pulled back on Thursday as traders weighed U.S. crop supply risk and profit taking.
- USDA export reports for the week ending August 20 showed a private sale of 333,000 metric tons of soybeans to China and new‑crop soybean sales of 2.478 million metric tons, a marketing‑year high.
- Soybean values stayed supported through midday Thursday with meal and deferred oil prices stronger after large new‑crop bookings were posted in the weekly export data.
- Livestock markets were mixed with steady federally inspected hog slaughter at about 484,000 head, a falling pork carcass cutout value to roughly $94, and strong weekly pork export sales of 38,690 metric tons.
- Cotton futures rallied despite weak weekly USDA export receipts and stable ICE certified stocks, and broader market moves reflect recent fund buying, ProFarmer yield checks and USDA supply revisions that have tightened visible carryover.