by Andrew Griffith, Livestock Marketing Specialist
July 31, 2026
Overview
Corn, Soybeans, Cotton, and Wheat down for the week
Fuel
Tennessee fuel prices were mainly steady compared to last week with diesel being the only fuel reporting a higher price. Current average prices stand at $3.70 per gallon for regular gasoline, $4.16 for mid-grade, $4.57 for premium, and $5.01 for diesel. Compared with one week ago, prices declined $0.02 per gallon for gasoline products and increased $0.08 per gallon for diesel, while current prices are $0.26 to $0.28 per gallon higher than one month ago for gas and $0.51 per gallon higher for diesel. The most significant changes are evident in the year-over-year comparison, with regular and premium gasoline increasing $0.94 per gallon and diesel increasing $1.55 per gallon.
| Fuel | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.70 | $4.16 | $4.57 | $5.01 |
| Yesterday Avg. | $3.70 | $4.17 | $4.57 | $5.01 |
| Week Ago Avg. | $3.72 | $4.18 | $4.59 | $4.93 |
| Month Ago Avg. | $3.42 | $3.90 | $4.31 | $4.50 |
| Year Ago Avg. | $2.76 | $3.23 | $3.63 | $3.46 |
| Indicator | Previous | Current | Change |
|---|---|---|---|
| USD Index | 101.47 | 100.04 | -1.43 |
| Crude Oil | 90.47 | 84.55 | -5.92 |
| DJIA | 51947 | 52457 | 510 |
Corn
Across Tennessee, average corn basis (cash price-nearby futures price) declined 2 cents from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 16 cents under to 8 cents over, with an average of 3 cents under the September futures at elevators and barge points. Ethanol production for the week ending July 24th was 1.133 million barrels, up 39,000 barrels compared to the previous week. Ethanol stocks were 24.726 million barrels, up 245,000 barrels compared to the previous week. Cash prices ranged from $4.36 to $4.99 at elevators and barge points.On Friday, September 2026 corn futures closed at $4.41, which is down 23 cents compared to last week. For the week, September 2026 corn futures traded between $4.38 and $4.62.
Nationally, the Crop Progress report estimated corn condition at 63% good-to-excellent (down 4% from last week) and 12% poor-to-very poor (up 3% from last week); corn silking to be 78% compared to 59% last week, 73% last year, and a 5-year average of 74%. In Tennessee, corn condition was estimated at 80% good-to-excellent (no change from last week) and 5% poor-to-very poor (up 1% from last week). This week new crop cash contracts ranged from $4.31 to $4.85 at elevators and barge points.For the week of July 17-23, 2026, net sales of 362,900 MT for 2025/2026 were up 9% from the previous week and down 25% from the prior 4-week average. Net sales of 1,062,400 MT for 2026/2027 were primarily for unknown destinations (425,500 MT), Mexico (376,300 MT), Colombia (80,500 MT), Thailand (68,000 MT), and Japan (46,500 MT). Exports of 1,528,500 MT were down 14 percent from the previous week and 13 percent from the prior 4-week average. December corn futures closed at $4.64, down 24 cents from last week.
Soybeans
Across Tennessee average soybean basis 5 cents compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 40 under to 17 cents under the August futures contract, with an average basis of 30 under at the end of the week. Cash soybean prices at elevators and barge points ranged from $11.37 to $12.50. September 2026 soybean futures closed at $11.71, down 69 cents compared to last week. For the week, September 2026 soybean futures traded between $11.64 and $12.37.
Nationally, the Crop Progress report estimated soybean condition at 63% good-to-excellent (down 3% from last week) and 9% poor-to-very poor (up 1% from last week); soybean blooming to be 80% compared to 66% last week, 74% last year, and a 5-year average of 74%. In Tennessee, soybean condition was estimated at 75% good-to-excellent (down 1% from last week) compared to 5% poor-to-very poor (down 1% from last week); blooming to be 88% compared to 82% last week, 68% last year, and a 5-year average of 71%. For the week of July 17-23, 2026, there were net sales of 302,300 MT for 2025/2026 were up noticeably from the previous week and from the prior 4-week average. Net sales of 1,333,200 MT for 2026/2027 were primarily for China (519,000 MT), unknown destinations (372,000 MT), Mexico (309,300 MT), Algeria (44,000 MT), and Japan (30,100 MT). Exports of 490,300 MT were up 64 percent from the previous week and 14 percent from the prior 4-week average. The destinations were primarily to Mexico (108,600 MT), Indonesia (98,900 MT), Japan (65,800 MT), Egypt (65,200 MT), and Algeria (49,500 MT). November 2026 soybean futures closed at $11.88, down 66 cents compared to last week.
Cotton
North Delta upland cotton spot price quotes for July 28th were up compared to last week. Prices were 75.46 cents/lb (41-4-34), and 80.21 cents/lb (31-3-35), which made both up 0.25 cents compared to last week’s prices.
Nationally, the Crop Progress report estimated cotton condition at 46% good-to-excellent (up 1% from last week) and 16% poor-to-very poor (down 2% from last week); cotton squaring to be 81% compared to 73% last week, 79% last year, and a 5-year average of 81%. In Tennessee, the Crop Progress report estimated cotton condition at 61% good-to-excellent (down 2% from last week) and 16% poor-to-very poor (same as last week); cotton setting bolls to be 74% compared to 57% last week, 43% last year, and a 5-year average of 49%. For the week July 17-23, 2026, net sales of Upland totaled 29,700 RB for 2025/2026–a marketing-year low–were down 42 percent from the previous week and 41 percent from the prior 4-week average. Net sales of 352,400 RB for 2026/2027 primarily for Vietnam (245,500 RB), India (42,200 RB), Pakistan (18,400 RB), Honduras (17,700 RB), and El Salvador (13,800 RB), were offset by reductions for Mexico (2,500 RB) and Nicaragua (1,500 RB). Exports of 233,800 RB were down 15 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to Vietnam (78,600 RB), Pakistan (49,400 RB), Indonesia (18,000 RB), Turkey (12,700 RB), and Mexico (12,400 RB). For the week, December 2026 cotton futures closed at 81.65 cents, up 1.67 cents compared to last week. March 2027 cotton futures closed at 83.26 cents, up 1.62 cents compared to last week.
Wheat
Wheat cash prices at elevators and barge points ranged from $5.90 to $6.53.
Nationally, the Crop Progress report estimated spring wheat headed to be 92% compared to 86% last week, 91% last year, and a 5-year average of 93%. The report estimated winter wheat harvested to be 81% compared to 74% last week, 79% last year, and a 5-year average of 79%. For the week of July 17-23, 2026, net sales of 285,200 metric tons (MT) for 2026/2027 were down 2 percent from the previous week, but unchanged from the prior 4-week average. Exports of 319,200 MT were up 52 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily to Bangladesh (58,300 MT), Mexico (56,400 MT), South Korea (45,100 MT), Colombia (35,000 MT), and Peru (26,600 MT).
Additional Information
Links for data presented:
U.S. Export Sales – https://apps.fas.usda.gov/export-sales/esrd1.html
USDA FAS: Weekly Export Performance Indicator – https://apps.fas.usda.gov/esrquery/esrpi.aspx
EIA: Weekly ethanol Plant Production – https://www.eia.gov/dnav/pet/pet_pnp_wprode_s1_w.htm
EIA: Weekly Supply Estimates – https://www.eia.gov/dnav/pet/pet_sum_sndw_a_EPOOXE_sae_mbbl_w.htm
Upland Cotton Reports – https://www.fsa.usda.gov/FSA/epasReports?area=home&subject=ecpa&topic=fta-uc
Tennessee Crop Progress – https://www.nass.usda.gov/Statistics_by_State/Tennessee/Publications/Crop_Progress_&_Condition/
U.S. Crop Progress – http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1048
USDA AMS: Market News – https://www.ams.usda.gov/market-news/search-market-news
If you would like further information or clarification on topics discussed in the crop comments section or would like to be added to our free email list please contact me at agriff14@utk.edu.