Market Talk

More Black Sea headlines, continued reaction to the August WASDE Report and a down day in livestock are all top of mind in Thursday's trade. Arlan Suderman, Chief Commodities Economist at StoneX, joins us to discuss the market trade, new PPI data and more in our Market Talk Midday Commentary.

Mike Zuzolo of Global Commodity Analytics joins Jesse Allen on Market Talk for a full breakdown of the August 2026 WASDE and Crop Production reports. USDA pegged corn yield at 180.7 bushels per acre and soybeans at 52.7, both under the average trade estimate, while adding more than a million acres of harvested area to each crop. Zuzolo's own client survey, released the night before, had corn at 181.0 and beans at 52.7. We cover the USDA modeling change that pulled the agency's numbers in line with private survey work, why Illinois and the western Corn Belt did the damage, the same-day subsoil moisture picture, new-crop corn carryout at 1.653 billion bushels, the deleted USDA tweet and the transparency questions that followed, Black Sea shipping and the rumor that pulled risk premium out of wheat, the feeder-corn ratio, USDA's 2.7 percent cut to third quarter beef production, and the cattle-to-S&P correlation flip.

Also in Segment Four, we learn about Bayer's new exclusive licensing agreement with RAGT to bring hybrid wheat into commercialization by the early 2030s. Dr. Francis Beecher with Bayer joins us to discuss on the show.

Corn and soybean yields came in a bit lower than analyst expectations while harvested area for both crops came in higher according to USDA's August World Agricultural Supply and Demand Estimates report out on Wednesday. Arlan Suderman, Chief Commodities Economist at StoneX, joins us for analysis and reaction in our Midday Commentary.

Soybeans and wheat led the grains lower Tuesday as traders squared up positions ahead of Wednesday's August WASDE report, while corn held within a penny and cattle and hogs finished mixed. Jacob Burks of AgMarket.net joins Jesse to recap the trade — from the corn yield debate (188 last year vs. an expected ~182 this year) and a wet August forecast weighing on beans, to China's soybean purchase pace ahead of a proposed Trump-Xi meeting, Kansas' smallest winter wheat harvest in nearly 70 years, sluggish pork exports, and a cattle market that feels like it wants to go lower.

Also in Segment Two, we talk more broadly about the economy, inflation, USMCA and more with Ben Johnston, COO of Kapitus. He joins us for a big picture look at the overall economy and what it means for agriculture on today's show.

Markets were mixed to lower at midday Tuesday as it appeared traders were positioning ahead of the August WASDE Report out on Wednesday from USDA. Arlan Suderman with StoneX joins us to discuss in our Midday Commentary.

On Monday's show, we talk weather for the week ahead with Eric Snodgrass from Nutrien Ag Solutions followed by a recap of last week's Professional Ag Marketing annual crop tour and a look at the markets with Mike Minor.

Then, we talk market action and get perspective on yield estimates, weather, risk management and more with John Heinberg from Total Farm Marketing to close the show.

On Friday's Market Talk, we start the show with Mike Castle, senior commodities economist at StoneX, to break down a rebound in grains to close out the first week of August. Mike explains why the wheat rally tied to Black Sea escalation between Russia and Ukraine has more room to run. He also details a massive week of new-crop soybean flash sales to China and shares a look at the fertilizer complex, where sulfur and ammonia supply disruptions tied to the Strait of Hormuz are already forcing plant closures, including a fresh announcement in Europe this week.

In Segment Two, Susan Littlefield joins us to share a broad market conversation with Heather Ramsey from The ARC Group as they look at the markets after the first week of August.

Then, Scott Varilek of Kooima Kooima Varilek joins Friday's show to break down a volatile first week of August in the cattle complex. Scott discusses the stalled recovery in live cattle, why packer interest picked up briefly near $235-236, and why he expects late August and September to bring tougher trade. He also digs into early signs of heifer retention after years of talk without much movement, why packer margins could shift leverage back in their favor, and why lean hogs have struggled to capitalize on record beef demand.

On Thursday we saw corn and soybeans quietly higher, wheat, cattle, and hogs all lower. We start the show in Segment One with analysis from our Midday Commentary with Mike Castle, Senior Commodities Economist at StoneX.

Then, it's a new episode of Cattle Chatter with Susan Littlefield as she talks with Brad Kooima from Kooima Kooima Varilek, who breaks down the ongoing volatility, including the lack of open interest and the challenges facing the market. He also discusses the uncertainty surrounding the Fort Morgan plant, dry pastures across parts of the West while other areas are finally receiving rain, and what those conditions could mean for cattle supplies.

Then we talk with Bryan Doherty from Total Farm Marketing who discusses why corn may be closer to a breakdown than it looks, what next week's WASDE and FSA numbers could mean for direction, why the stock market rally isn't translating cleanly to livestock, and why he can't find a convincing bearish case for wheat right now. Later, Bryan continues his ongoing options strategy series with a breakdown of short call and short put options — what they are, how they work, and why they can be powerful tools for producers and end users alike.

Grain markets stayed mixed and quiet on Wednesday, with corn and beans slipping while wheat found a bid. DuWayne Bosse of Bolt Marketing joins Market Talk to dig into what's driving the action heading into harvest season — starting with the "great yield debate" now underway between analyst estimates and on-the-ground crop conditions across Iowa, Illinois, North Dakota, and South Dakota. He also covers the state of China's soybean purchase pace against its 25-million-metric-ton commitment, why the Black Sea wheat story could be a bigger deal moving forward, and where cattle stand after a brutal July.

Corn and grain markets sat quiet on Wednesday, but the real action was happening in the outside markets. Tommy Grisafi of Nesvick Trading and AgBull Media joins Market Talk to break down a massive stock market rally, gold's $150 surge, crude oil's sharp two-day slide, and what it all means for farmers watching their 401(k)s and their basis alike.

We saw the grain markets under pressure on Tuesday with soybeans as the downside leader while cattle rallied let session led by the feeder complex. Could we be finding a bottom in the cattle trade to start August? That's one of many topics we cover with Brian Splitt from AgMarket.net on today's show.

In Segment One, we also listen back to our Midday Commentary with Katy Doumit from StoneX who has thoughts on the crop condition ratings for grains and some perspective on the cattle trade as well. We close the show with news headlines in Segment Four.