Corn Futures Above $5 for First Time in 18 Months

Corn futures topped the $5-a-bushel mark for the first time in 18 months as weaker-than-expected US crop tour results add to global supply concerns for the staple grain, reports Bloomberg. Reports from Western Iowa and Illinois show corn yields below those seen last year, according to data from the Pro Farmer Crop Tour. Yields in four other Midwestern states surveyed also came below the tour’s three-year average. This is after parts of the central US — where most of the crop is grown — were recently hit by severe storms and sweltering temperatures earlier in the summer. Adding to the strain on global supply: Europe was hit by a series of summer heat waves, France is forecasting its smallest corn harvest since 1980, and attacks in the Black Sea have slowed crop exports from Ukraine. “Overall, $5 will likely hold as significant resistance for now as we approach harvest,” said Naomi Blohm, an analyst at Total Farm Marketing.

Corn Belt Farmland Values Flat

Farmland values across the Central Corn Belt were unchanged in the second quarter of 2026 compared with a year earlier, marking the slowest annual growth since late 2024, according to a Federal Reserve Bank of Chicago survey of agricultural lenders. The survey found no quarter-to-quarter change in the value of “good” farmland across Illinois, Indiana and Iowa, although Illinois and Iowa posted annual gains while Indiana and Wisconsin declined. Adjusted for inflation, district farmland values fell 3.7% year over year, the largest real decline since 2016. Most lenders expect values to remain stable in the third quarter, with 81% forecasting no change and 43% describing farmland as overvalued. Lenders said investment demand from data centers and renewable energy projects has helped support land prices. Meanwhile, agricultural credit conditions weakened, with repayment problems increasing and loan demand reaching unusually high levels.

Wheat Harvest Nears Finish

The 2026 U.S. wheat harvest continues to make steady progress. Most major classes are reporting favorable yields and quality despite pockets of weather-related challenges. This is according to the latest harvest report from U.S. Wheat Associates. Hard Red Winter wheat harvest is nearly done, with only scattered higher-elevation and irrigated fields remaining. Concerns are growing about drought conditions that could affect fall planting across more than half of winter wheat acreage. Soft Red Winter wheat harvest is done. The crop finished at U.S. No. 2 grade, showing improved protein content and lower defect levels compared to last year. Soft White wheat harvest is advancing quickly under favorable weather, with winter varieties 83% harvested and spring varieties 45% harvested. Growers report strong yields and test weights while monitoring protein levels and falling numbers. Hard Red Spring wheat harvest is now more than 40% done. Early samples show high protein levels. Northern durum harvest has reached 25% completion, with brief rainfall causing isolated delays. Early reports indicate generally better-than-expected yields and good protein levels.

NASDA Announces New Senior Director of Public Policy

The National Association of State Departments of Agriculture has named Brianna Robinson-Verloop senior director of public policy. “My experience in federal food safety, trade and regulatory policy has shown me that smart, practical policy solutions deliver real impact for farmers, ranchers and communities,” she says. Robinson-Verloop brings more than 15 years of experience shaping agricultural policy across Congress, the U.S. Department of Agriculture and international forums. “Her extensive experience across agriculture, food safety and trade policy, combined with her strong understanding of the policymaking process, will be a tremendous asset,” says NASDA CEO Ted McKinney. Robinson-Verloop joins NASDA from the USDA Foreign Agricultural Service, where she was most recently director of animal and animal products. She previously held roles with the USDA Food Safety and Inspection Service and served as a Brookings Institute Legislative Fellow at the U.S. House of Representatives. Robinson-Verloop received a bachelor's degree in animal science from Cal Poly Pomona and a master’s degree in agriculture from the University of Nebraska-Lincoln. Her first day is September 8.

American Pistachio Growers Names Its CEO

Starting September 1, Mike Forbes will become president and CEO of the American Pistachio Growers. Forbes brings more than 20 years of leadership experience in the food, consumer products, and wellness sectors. A Wisconsin native with agricultural roots, Forbes grew up in 4-H and comes from a family of farmers. He held leadership roles at Jim Beam, Procter & Gamble, and General Mills before shifting his focus to food and wellness. He later spent nearly a decade with California Olive Ranch, served as CEO of Alter Eco, and held executive leadership roles with Safely, MaryRuth Organics, and The Vitamin Shoppe, where he helped drive growth, expand retail partnerships, and strengthen consumer and digital businesses. “APG has a long record of success, and I can't wait to get started, meet our members, and help build on that momentum as we continue growing demand for American pistachios around the world," Forbes says. He holds a Bachelor of Business Administration with Honors from the University of Wisconsin–Madison and an MBA from Harvard Business School.

USDA Announces $7.5 Million to Expand Cold Chain Capacity

The Cold Chain Grants for Emergency Food Assistance Program will fund projects that support cold chain equipment investments for food assistance entities to temporarily store, package, and distribute fresh, frozen, and minimally processed foods. Agriculture Secretary Brooke Rollins said the funding will expand cold storage and infrastructure for homegrown proteins. Funded nonprofit organizations will administer a competitive subaward program supporting cold storage in the middle of the supply chain and consumer-facing food assistance operations. The orgs will also provide consultation and subject matter expertise to sub-awardees. Subawards will cover cold chain equipment purchases, including documented delivery and installation, up to $200,000. Sub-awardees must provide a 10% cash cost share contribution. Funded projects will increase the availability of foods produced by American farmers and ranchers, supporting healthier families and communities and aligning with the 2025-2030 Dietary Guidelines for Americans. The program is funded through the American Rescue Plan Act of 2021. Applications are due October 1.

Friday Watch List

Markets

On Friday, USDA will release a series of reports after the close, such as the August Cattle on Feed and county Cash Rents reports at 2 p.m. CDT. At 2:30 p.m. CDT, CFTC will close the week with the Commitments of Traders report.

Weather

A front has sunk down into the Southeast where showers and thunderstorms will form throughout the day Friday. We are even seeing some showers back into Oklahoma as well. Another front is pushing southeast through the Corn Belt, with scattered showers developing from Nebraska into the Great Lakes. Some severe storms will be possible in both regions Friday.