by Andrew Griffith, Livestock Marketing Specialist
September 4, 2026
Overview
Corn steady, Soybean up, Wheat and Cotton down for the week
Fuel
Gas prices are nearly $1 per gallon higher than one year ago while diesel prices are more than $2 per gallon higher than last year. Higher fuel prices are hitting agriculture from every direction. Higher gas prices pull consumer disposable income away from other goods and puts a larger percentage of disposable income towards energy. At the same time, corn (ethanol) and soybean (biodiesel) both have energy components. The energy portion is supportive of corn and soybean, which has been evident in the market. On the other side of the coin, $5 plus per gallon farm diesel is certainly going to increase the cost of harvest. Higher corn and soybean prices have offset fuel price, but the market can change.
| Fuel | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.83 | $4.31 | $4.71 | $5.59 |
| Yesterday Avg. | $3.82 | $4.30 | $4.70 | $5.50 |
| Week Ago Avg. | $3.69 | $4.17 | $4.57 | $5.33 |
| Month Ago Avg. | $3.66 | $4.10 | $4.51 | $5.07 |
| Year Ago Avg. | $2.85 | $3.33 | $3.72 | $3.44 |
| Indicator | Previous | Current | Change |
|---|---|---|---|
| USD Index | 99.69 | 99.19 | -0.53 |
| Crude Oil | 83.34 | 91.43 | 8.09 |
| DJIA | 53560 | 53381 | -179 |
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 21 cents under to 26 cents over, with an average of 4 cents under the September futures at elevators and barge points. Ethanol production for the week ending August 28th was 1.110 million barrels, down 2,000 barrels compared to the previous week. Ethanol stocks were 25.035 million barrels, down 171,000 barrels compared to the previous week. Cash prices ranged from $4.99 to $5.48 at elevators and barge points.On Friday, September 2026 corn futures closed at $5.12, which is no change compared to last week. For the week, September 2026 corn futures traded between $5.03 and $5.26.
Nationally, the Crop Progress report estimated corn condition at 57% good-to-excellent (no change from last week) and 17% poor-to-very poor no change from last week); corn dented to be 62% compared to 45% last week, 56% last year, and a 5-year average of 56%. In Tennessee, corn condition was estimated at 80% good-to-excellent (down 1% from last week) and 4% poor-to-very poor (no change from last week); corn mature to be 62% compared to 32% last week, 57% last year, and a 5-year average of 41%. This week new crop cash contracts ranged from $4.94 to $5.54 at elevators and barge points.For the week of August 21- August 27, 2026, net sales reductions of 829,600 MT were reported for 2025/2026. Net sales of 1,986,400 MT for 2026/2027 were primarily for Mexico (665,000 MT), Japan (371,800 MT), unknown destinations (353,300 MT), Colombia (198,600 MT), and Venezuela (80,000 MT). Exports of 1,570,200 MT were up 8 percent from the previous week, but down 12 percent from the prior 4-week average. December corn futures closed at $5.38, up 1 cent from last week.
Soybeans
Across Tennessee average soybean basis decreased 7 cents compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 33 under to 15 cents over the September futures contract, with an average basis of 14 cents under at the end of the week. Cash soybean prices at elevators and barge points ranged from $12.47 to $13.37. September 2026 soybean futures closed at $12.94, up 18 cents compared to last week. For the week, September 2026 soybean futures traded between $12.66 and $13.08.
Nationally, the Crop Progress report estimated soybean condition at 58% good-to-excellent (down 2% from last week) and 13% poor-to-very poor (up 1% from last week); soybean setting pods to be 95% compared to 91% last week, 93% last year, and a 5-year average of 93%. In Tennessee, soybean condition was estimated at 75% good-to-excellent (up 1% from last week) compared to 5% poor-to-very poor (no change from last week); dropping leaves to be 45% compared to 27% last week, 24% last year, and a 5-year average of 17%. For the week of August 21- August 27, 2026, net sales of 29,400 MT for 2025/2026–a marketing-year low–were down 72 percent from the previous week and 68 percent from the prior 4-week average. Net sales of 701,900 MT for 2026/2027 primarily for unknown destinations (108,000 MT), the Netherlands (100,000 MT), Germany (100,000 MT), Venezuela (93,000 MT), and the Philippines (88,000 MT). Exports of 197,800 MT were down 39 percent from the previous week and 35 percent from the prior 4-week average. November 2026 soybean futures closed at $13.10, up 22 cents compared to last week.
Cotton
North Delta upland cotton spot price quotes for September 3rd were down compared to last week. Prices were 79.61 cents/lb (41-4-34), and 84.36 cents/lb (31-3-35), which made both down 7.70 cents compared to last week’s prices.
Nationally, the Crop Progress report estimated cotton condition at 39% good-to-excellent (up 2% from last week) and 32% poor-to-very poor (up 3% from last week); cotton bolls opening to be 29% compared to 20% last week, 27% last year, and a 5-year average of 28%. In Tennessee, the Crop Progress report estimated cotton condition at 72% good-to-excellent (up 4% from last week) and 9% poor-to-very poor (down 2% from last week); cotton bolls opening to be 41% compared to 36% last week, 30% last year, and a 5-year average of 20%. For the week August 21-August 27, 2026, net sales of Upland totaling 27,500 RB for 2026/2027 primarily for India (10,800 RB), Vietnam (10,800 RB), Bangladesh (5,200 RB), Peru (2,000 RB), and China (1,700 RB). Exports of 189,500 RB were primarily to Vietnam (77,300 RB), India (22,200 RB), Pakistan (17,800 RB), Mexico (14,700 RB), and Indonesia (9,700 RB). On Thursday, December 2026 cotton futures closed at 86.45 cents, down 5.96 cents compared to last week. December 2027 cotton futures closed at 79.54 cents, down 0.60 cents compared to last week.
Wheat
Wheat cash prices at elevators and barge points ranged from $6.87 to $6.96. July 2027 wheat closed at $7.53, down 39 cents compared to last week.
Nationally, the Crop Progress report estimated spring wheat harvested to be 77% compared to 62% last week, 69% last year, and a 5-year average of 68%. For the week of August 21-August 27, net sales of 313,500 metric tons (MT) for 2026/2027 were down 22 percent from the previous week and 7 percent from the prior 4-week average. Increases primarily for Mexico (80,400 MT), the Philippines (57,100 MT), Egypt (35,000 MT), Indonesia (31,000 MT), and Ecuador (30,300 MT). Exports of 474,800 MT were up 11 percent from the previous week and 2 percent from the prior 4-week average.
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.