Futures Markets Rally Following August USDA Supply and Demand Report

Corn futures rallied following the release of the August USDA supply and demand report on August 12, 2026. December corn rose 20 1/4 cents to $4.80 3/4, near its daily high and a two-week high. The increase in corn prices was likely due to the solid rally in wheat markets and the bullish USDA supply and demand report.

The soybean market also received a boost from the report, with November soybeans gaining 14 1/2 cents to $11.83 1/4, near mid-range and hitting a two-week high. September soybean meal rose $3.50 to $308.50, while September soybean oil rose 59 points to 69.16 cents.

The wheat market saw short covering and perceived bargain hunting following news that three grain terminals in Russia's Black Sea port of Novorossiysk were damaged in a massive overnight drone attack. This led to higher prices for spring wheat futures, which rose 13 3/4 cents to $6.73.

Cotton futures lost 1 point to 84.38 cents after hitting a three-month high earlier in the day, but rebounded as the grain markets rallied. Cattle and hog futures also saw significant price movements, with October live cattle falling $2.525 to $223.80 and October lean hog futures gaining $0.225 to $83.55.