THURSDAY, August 21, 2025, 4:30 AM CST
MORNING MARKET COMMENTS BY BOB LINNEMAN
This is Kluis Commodity Advisors with your opening grain comments for Thursday, August 21, 2025. Grain prices were mostly higher at the closing bell on Wednesday. Wheat was up 2 to 7 cents, soybeans were up 1 to 2 cents, while corn was steady to up 2 cents. The crop tour taking place this week has suggested big yields along the routes they are taking across the Midwest. However, prices have not been hit with selling pressure to match the bearish headlines. Traders are expecting a big crop, but are not willing to add new short positions at these prices. In the overnight Globex trade, corn futures are up 1, soybean futures are down 1, and wheat futures are up 3 to 5 cents.
TO DO: No new recommendations at this time.
PRICE TARGETS: You can click here to review our current and updated price targets.
WHAT WE’RE THINKING: The forecast for the remainder of the month appears to be dry for much of the Midwest, especially the eastern Corn Belt. Although the weekly drought maps do not look concerning, the rainfall in the past three weeks has been much below average for a large part of the eastern Belt. A dry August is not typically how we get to record soybean yields.
WHAT TO WATCH: The weekly USDA Export Sales report is due out this morning.
Negative numbers report canceled sales. Traders expect the following sales for the week ending August 14…
OVERNIGHT MARKETS
December Corn: The trading range is 3 cents; prices are up 1 at $4.05.
November Soybeans: The trading range is 6 cents; prices are down 1 at $10.34.
Wheat: CBOT wheat is up 5; Minneapolis wheat is up 3 and KC Wheat futures are up 5.
Global Stock Markets: The stock market in China is down 0.2%, Japanese stocks are down 0.6% and European stocks are up 0.4%.
Outside Markets: The US Dollar Index is down 0.03 at 98.12, crude oil is up 52 cents per barrel at $63.36, S&P futures are down 11 points at 6,403, Dow futures are down 155 points at 44,856 and gold futures are down $8 at $3,389.
Livestock Futures: Livestock futures closed mixed on Wednesday. October Lean Hogs closed down 20 cents at $89.95. October Live Cattle closed up $3.50 at $234.85. September Feeder Cattle closed up $5.67 at $358.10.
TODAY’S CHART: Soybeans
ABOUT THIS CHART: This is the daily chart of November soybean futures. You can see that prices have consolidated inside the daily range from last Thursday, the post-report high. The narrowing range of prices over the last week has created a flag or pendant formation on the chart (the black sloping lines). For momentum traders to jump back into the soybeans, they will want to see prices get above $10.50 (the high from last Thursday) or below $10.27 (the low from last Thursday). There is solid support below at the 100-day (gold line) and 50-day (black line) moving averages. This bull flag formation on the chart suggests a breakout higher could unfold soon.