Crop Comments

by Andrew Griffith, Livestock Marketing Specialist

August 28, 2026

Overview

Corn, Soybean, Wheat, Cotton up for the week

Fuel

Gas prices in Tennessee inched higher this week compared to a week ago and only slightly higher than a month ago whereas diesel prices increased one percent from last week. An interesting comment was made this week by a beef cattle producer that said he would be alright with President Trump importing more beef to lower beef prices if he would do the same with oil to lower diesel prices. It is highly unlikely for this to happen as farmers approach a period of high demand for fuel. It is also important to note that corn and soybean are part of the fuel economy, which means they are being supported by higher fuel prices.

Fuel	Regular	Mid-Grade	Premium	Diesel
Current Avg.	$3.69	$4.17	$4.57	$5.33
Yesterday Avg.	$3.70	$4.18	$4.58	$5.33
Week Ago Avg.	$3.67	$4.14	$4.54	$5.28
Month Ago Avg.	$3.69	$4.15	$4.56	$5.00
Year Ago Avg.	$2.79	$3.26	$3.66	$3.44

Indicator	Previous	Current	Change
USD Index	98.80	99.69	0.89
Crude Oil	87.23	83.34	-3.89
DJIA	53173	53560	387

Corn

Across Tennessee, average corn basis (cash price-nearby futures price) decreased 1 cent from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 14 cents under to 9 cents over, with an average of 2 cents under the September futures at elevators and barge points. Ethanol production for the week ending August 21^st was 1.112 million barrels, up 23,000 barrels compared to the previous week. Ethanol stocks were 25.206 million barrels, up 85,000 barrels compared to the previous week. Cash prices ranged from $4.79 to $5.20 at elevators and barge points.On Friday, September 2026 corn futures closed at $5.12, which is up 28 cents compared to last week. For the week, September 2026 corn futures traded between $4.92 and $5.18.

Nationally, the Crop Progress report estimated corn condition at 57% good-to-excellent (down 3% from last week) and 17% poor-to-very poor (up 2% from last week); corn dented to be 45% compared to 29% last week, 42% last year, and a 5-year average of 41%. In Tennessee, corn condition was estimated at 81% good-to-excellent (up 1% from last week) and 4% poor-to-very poor (no change from last week); corn mature to be 65% compared to 60% last week, 70% last year, and a 5-year average of 67%. This week new crop cash contracts ranged from $4.78 to $5.22 at elevators and barge points.For the week of August 14- August 20, 2026, net sales of 31,200 MT for 2025/2026–a marketing-year low–were down 87 percent from the previous week and 89 percent from the prior 4-week average. Net sales of 1,066,400 MT for 2026/2027 primarily for unknown destinations (438,000 MT), Mexico (208,800 MT), Honduras (92,500 MT), Panama (87,900 MT), and Colombia (74,500 MT). Exports of 1,458,700 MT were down 26 percent from the previous week and 19 percent from the prior 4-week average. December corn futures closed at $5.37, up 28 cents from last week.

Soybeans

Across Tennessee average soybean basis decreased 3 cents compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 36 under to 32 cents over the September futures contract, with an average basis of 7 cents under at the end of the week. Cash soybean prices at elevators and barge points ranged from $11.81 to $13.02. September 2026 soybean futures closed at $12.76, up 51 cents compared to last week. For the week, September 2026 soybean futures traded between $12.05 and $12.78.

Nationally, the Crop Progress report estimated soybean condition at 60% good-to-excellent (down 1% from last week) and 12% poor-to-very poor (up 2% from last week); soybean setting pods to be 91% compared to 85% last week, 88% last year, and a 5-year average of 88%. In Tennessee, soybean condition was estimated at 74% good-to-excellent (up 1% from last week) compared to 5% poor-to-very poor (no change from last week); dropping leaves to be 27% compared to 13% last week, 9% last year, and a 5-year average of 7%. For the week of August 14- August 20, 2026, net sales of 73,900 MT for 2025/2026 were down 13 percent from the previous week and 40 percent from the prior 4-week average. Net sales of 2,478,300 MT for 2026/2027 primarily for China (1,101,000 MT), unknown destinations (1,046,000 MT), Egypt (110,000 MT), Algeria (79,000 MT), and Venezuela (52,000 MT), were offset by reductions for the Philippines (3,500 MT). Exports of 451,800 MT were up 12 percent from the previous week and 20 percent from the prior 4-week average. November 2026 soybean futures closed at $12.88, up 48 cents compared to last week.

Cotton

North Delta upland cotton spot price quotes for August 27th were up compared to last week. Prices were 87.31 cents/lb (41-4-34), and 92.06 cents/lb (31-3-35), which made both up 4.04 cents compared to last week’s prices.

Nationally, the Crop Progress report estimated cotton condition at 37% good-to-excellent (down 1% from last week) and 29% poor-to-very poor (up 3% from last week); setting bolls to be 81% compared to 74% last week, 80% last year, and a 5-year average of 84%. In Tennessee, the Crop Progress report estimated cotton condition at 68% good-to-excellent (up 3% from last week) and 11% poor-to-very poor (down 2% from last week); cotton bolls opening to be 36% compared to 17% last week, 17% last year, and a 5-year average of 12%. For the week August 14-August 20, 2026, net sales 95,700 RB for 2026/2027 primarily for Vietnam (19,000 RB, including 400 RB switched from Indonesia), Guatemala (14,400 RB), Bangladesh (14,000 RB), Peru (13,900 RB), and India (13,800 RB). Net sales of 39,600 RB for 2027/2028 were reported for Malaysia (30,800 RB) and Guatemala (8,800 RB). Exports of 181,000 RB were primarily to Vietnam (47,900 RB), Pakistan (35,300 RB), India (18,800 RB), Turkey (15,000 RB), and Mexico (11,600 RB). On Thursday, December 2026 cotton futures closed at 92.41 cents, up 4.17 cents compared to last week. December 2027 cotton futures closed at 80.14 cents, down 8.21 cents compared to last week.

Wheat

Wheat cash prices at elevators and barge points ranged from $6.09 to $7.33. July 2027 wheat closed at $7.92, up 70 cents compared to last week.ors and barge points ranged from $5.92 to $6.33. July 2027 wheat closed at $7.22, up 12 cents compared to last week.

Nationally, the Crop Progress report estimated spring wheat harvested to be 62% compared to 41% last week, 51% last year, and a 5-year average of 52%. For the week of August 14-August 20, net sales of 402,500 metric tons (MT) for 2026/2027 were up 2 percent from the previous week and 31 percent from the prior 4-week average. Increases primarily for Mexico (78,500 MT), Japan (71,900 MT), Vietnam (65,000 MT), the Philippines (64,300 MT, including decreases of 3,900 MT), and Sri Lanka (62,500 MT). Exports of 427,800 MT were down 18 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

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