Grain Comments: 08-28-2026

Good morning.

Ag markets are higher to get this Friday morning started making some recovery after trading slightly lower yesterday. Dec26 corn futures made a new high at $5.41 1/4 and Nov26 bean futures also made a new lifetime high in the session at $12.79 1/2. Grain markets remained focused on finishing weather for the U.S. crop and the potential for lower corn yields, which would tighten the balance sheet even further. Corn futures to start wrapping up the week are trading 5-6 cents higher, soybean futures are trading 10-11 cents higher, and the Chicago wheat market is trading 8-10 cents higher.

President Trump and other top U.S. officials released a statement Thursday backing a plan to offset any new small refinery exemptions (SREs) by increasing the 2027 biofuel quotas by approximately 500 million gallons. Both biofuel and farm groups had urged the Trump administration to limit the number of SREs citing concerns that these exemptions would weaken biofuel demand. The EPA made no comment on this proposed plan.

Weekly crop data out of Argentina from the Buenos Aires Grain Exchange this week showed harvest progress on corn advancing 7% to 88% complete. Production remains unchanged from last week at 64 MMT.

U.S. corn considered to be in drought area for the week ending August 25th fell 1% to 27%, while soybeans in drought area increased 2% up to 28%.

According to weekly USDA data, barge shipments down the Mississippi River in the week ending August 22nd totaled 475k tons, which was down 26% from the week prior. Corn shipments in the week at 308k tons were down 25% and soybean shipments at 161k tons were down 17%. STL barge freight rates were quoted at $23.14/short ton, down $0.32 from the week prior.

Weather across the Corn Belt is expected to bring moderate rainfall to the northern and northwestern parts of the region. Heat will also begin building, with hot days expected heading into September, though temperatures should stay in line with seasonal averages.

Have a great day.