Agricultural markets navigated a week defined by Pro Farmer Crop Tour findings and a massive policy shakeup in the livestock sector. Crop scouts reported strong yield potential across Illinois and Iowa, though variable soybean pod counts and regional dry pockets in the western Corn Belt introduced daily chop. Meanwhile, cattle suffered losses on Friday following a White House announcement that will allow 300,000 metric tons of ground beef into the US without tariffs for the next 90 days.
Corn: Corn futures saw upward momentum as Crop Tour scouts measured solid ears across the central Midwest. Dry conditions in parts of Nebraska and the northwest Corn Belt capped broader yield expectations, allowing December corn to close at new highs and closed Friday at $5.08 ¼ .
Soybeans: Soybeans traded higher as scout measurements highlighted strong pod counts across key eastern I-states, confirming a large national production baseline. Routine export interest from China and domestic crush strength helped absorb early-week selling pressure. November soybeans closed Friday at $12.40 ¼ .
Wheat: Wheat futures saw mixed action, drawing support from reports that Russian export volume estimates for August could drop significantly due to ongoing logistical issues and Black Sea friction. Meanwhile, the U.S. winter wheat harvest drew to a close, shifting trade focus toward early winter wheat planting conditions in the Southern Plains. Chicago December wheat closed Friday at $7.00, while KC December wheat closed at $7.74 ½ .
Cotton: Cotton also participated in the uptrend, surging to fresh all-time highs as heat across West Texas and severe crop degradation in the Southern Plains triggered short-covering. December cotton closed Friday at highs of 88.28 cents/lb
The cattle complex experienced violent downside pressure on Friday as headline news out of Washington triggered more aggressive fund liquidation and technical stop-loss selling across the board.
Live Cattle: Futures faced downward pressure late in the week following President Trump’s announcement on Truth Social that the U.S. will permit 300,000 metric tons of tariff-free ground beef imports over the next 90 days. The administration framed the policy as a measure to lower consumer retail prices and allow the domestic herd time to rebuild. This sudden influx of foreign supply, combined with ongoing concerns over diminished packer capacity from recent processing plant closures, weighed heavily on trade. October live cattle posted losses to end Friday at $217.925.
Feeder Cattle: Feeder futures tracked live cattle lower, as the trade policy pivot and weaker fed cattle expectations curtailed feedlot demand for replacement stock. The pullback aligns also with seasonal summer selling trends before buying typically resumes in the fall. October feeder cattle dropped to settle Friday at $323.10.
On Friday, the USDA released its August Cattle on Feed report. The on-feed inventory came in at 11.1 million head as of August 1, up 2% from a year ago, consistent with the recent trend of year-over-year gains. The most notable data point was July placements, which dropped 11% from 2025 to 1.42 million head, the lowest July placement figure since the series began in 1996. July marketings also hit a 30-year low for the month at 1.62 million head, down 7% year-over-year. The report points to a feedlot sector drawing down on a historically lean supply of feeder cattle, with record-low placements reinforcing the tight supply story that has defined the cattle market in 2026.
In broader macro markets, shifting interest rate expectations ahead of Federal Reserve commentary and movements in energy prices guided sentiment.
Crude Oil: Crude oil extended its rally, returning to levels last seen in July to finish Friday around $87 per barrel.
S&P 500: Equities took a breather near record territory as investors parsed federal inflation data and retail earnings reports. Markets also weighed efforts by Treasury Secretary Scott Bessent to calm the bond market by expanding Treasury buybacks, with the S&P 500 settling near 7,690.