Pro Farmer

Like a broken record, sideways and choppy trading in the cotton futures market continues, suggesting more of the same next week. The market needs a new fundamental catalyst to break prices out of the present trading range.

A year ago, a bumper U.S. crop was seen as crumpling the world balance sheet, 2024-25 ending stocks to 311.6 MMT, the second highest level in five years. Today, the balance sheet is seen as tightening to 284.2 MMT for 2024-25, the tightest since 2014-15. zurl.co/iOLYo

USDA estimated there were 839.4 million lbs. of red meat in frozen meat stocks at the end of June 30, down 39.2 million lbs. from May and 59.3 million lbs. below last year.

USDA’s Cattle on Feed Report showed cattle and calves on feed on large feedlots (greater than 1,000 head) totaled 11.1 million head on July 1, 2025, down 2% from year-ago. zurl.co/pOdnF

The winter wheat futures markets continue to struggle, but the bulls have so far successfully defended solid technical support levels just below the markets, to keep price action mostly sideways and choppy at lower price levels. However, today’s technically bearish weekly low…

The lean hog futures bulls had a good week again this week, including a technically bullish weekly high close today, following their late-June, early-July swoon. Prices are starting to trend higher, which will also better tempt the speculative bulls to play the long side next…

USDA reported daily export sales of 102,870 MT of corn for delivery to Mexico, 140,000 MT of corn for delivery to South Korea and 142,500 MT of soybeans for delivery to Mexico — each during the 2025-26 marketing year.

Veronia Nigh, economist at The Fertilizer Institute, says there are three key drivers in fertilizer right now: 1. Larger domestic demand. 2. U.S. imports and sources. 3. Geopolitical challenges. What this means for U.S. farmers: zurl.co/awDxS

If pollination proves to be a problem and the 2025 corn crop does not live up to lofty expectations, it would quickly further tighten the world balance sheet at a time when most of the world’s supplies are coming from the U.S. zurl.co/DgRW8

USDA reported wheat net sales of 712,200 MT for 2025-26 for the week ended July 17, up 44% from the previous week and 50% from the 4-week average. zurl.co/clEfl

The soybean market is languishing late this week, as the soybean meal futures market bulls struggle and cannot seem to get out of their own way. Meal futures prices are not far above their contract lows.

Very light cash cattle trade has occurred so far this week, as expected ahead of Friday’s USDA cattle-on-feed report. The lighter trade sees steers so far fetching an average price of $231.88 and heifers averaging $230.90, according to USDA.

The leaders of Brazil and Mexico are looking to broaden trade ties as U.S. tariff concerns deepen for both export-driven economies ahead of the Aug. 1 deadline. Brazil’s Luiz Inacio Lula da Silva and his Mexican counterpart Claudia Sheinhbaum spoke on the phone Wednesday,…

USDA reported weekly corn sales of 643,100 MT for 2024-25 for the week ended July 17, which were up noticeably from the previous week but down 2% from the prior four-week average.

Despite the dramatic shift in the world balance sheet, continuous corn futures are trading at nearly the same spot as they were a year ago. zurl.co/8PIwr

China has not made a meaningful purchase of U.S. corn since May 2024 prior to this

Daily export sales of CORN to China before they initiate soy purchases... not on my bingo card!

U.S. Senator Roger Marshall, M.D. (R-KS), chair of the MAHA (Make America Healthy Again) Caucus has proposed nearly 30 bipartisan bills toward codifying processes aligned with RFK Jr’s designs for a healthier America. Marshall says the path forward begins with the soil,…

Ag Processing Inc. (AGP) announced the completion of their new $700 million soybean processing and degumming facility in David City, Nebraska. The new facility is expected to crush around 50 million bushels of soybeans annually to produce 1.75 million pounds of soybean oil per…

Late this spring, farmers found themselves in a tight market for UAN. In addition to not being able to acquire the volumes they anticipated, fertilizer prices were on the rise. Fast forward to today, Veronia Nigh, economist at The Fertilizer Institute says there are three key…