8/28/26 Weekly Market Recap

Agricultural commodity markets were headlined this week by sharp technical rallies across the grains, and a late-week rebound in livestock. Wheat futures led the broader complex higher following escalating Black Sea export disruptions, lifting corn and soybeans with it. In livestock, the market navigated the immediate fallout of President Trump signing a formal proclamation last week to temporarily increase imports of lean beef trimmings by 300,000 metric tons at lower tariff rates starting September 1. While the announcement drew immediate condemnation from major farm organizations, cattle futures staged a solid technical bounce on Thursday on firmer physical cash trade.

Corn: Corn futures rallied alongside the broader grain complex as spillover strength from wheat and steady bio-fuel metrics supported new-crop pricing. Despite taking a slight breather late Thursday after a multi-day run, December corn held firm near post-WASDE highs. December corn closed Friday at $5.36 ¼ .

Soybeans: Soybeans extended their upside momentum, climbing past $12.60/bu late in the week. A combination of solid export interest, strong domestic crush margins, and uneven late-summer crop conditions across the western Corn Belt helped buyers absorb harvest pressure. November soybeans closed Friday green at $12.87 ¾ .

Wheat: Wheat was the undisputed leader of the grain complex, surging limit-up mid-week on military escalations and shipping fears near key Black Sea export channels. Tightening global balance sheets, alongside poor European winter wheat crop conditions, prompted speculative buying. Chicago September wheat closed Friday up at $7.83 ½, and KC closed at $8.44 ¼ .

Cotton: Cotton futures maintained momentum near upper levels making new contract highs, backed by ongoing dryland yield losses across West Texas and the Southern Plains. December cotton closed Friday at 91.46 cents/lb.

The livestock market spent the week in sharp focus after Washington released official details on the tariff-free beef import proclamation as well as officially having Mexican cattle back in the states. However, physical cash markets and futures staged a modest technical recovery late in the week.

Live Cattle: Futures executed a strong technical reversal on Thursday but gave some strength back Friday after dropping heavily early in the week. The American Farm Bureau Federation and major cattle groups issued strong statements slamming the administration's 300,000 MT import expansion, warning it threatens domestic herd rebuilding. October live cattle recovered slightly to close Friday at $211.725.

Feeder Cattle: Feeder cattle contracts mirrored the live cattle technical bounce, slightly recovering late in the week where October feeder cattle closed at $316.525

Macro markets navigated inventory drawdowns in energy and consumer demand data ahead of the fall season.

Crude Oil: Crude futures experienced slippage as traders weighed fresh geopolitical sanctions against a drawdown in domestic U.S. fuel inventories. October crude oil closed Friday at 83.30 per barrel.

S&P 500: Equities traded with a steady-to-firm bias as investors digested corporate earnings and Treasury market stability, holding near the 7,720 level heading into month-end.

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