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Week of August 24, 2026

The following market indicators provide a quick overview of economic and commodity trends influencing agriculture, equipment purchasing decisions, and manufacturing costs across the shortline industry.

🌽 Corn | ⬆️ Higher

Corn has made a significant move higher this week, with December futures reaching about $5.34 per bushel after a sharp rally Wednesday. Concerns about crop supplies, strong demand and broader strength across grain markets are supporting prices.

🌱 Soybeans | ⬆️ Higher

Soybeans have also moved sharply higher, with November futures reaching about $12.60 per bushel. Strong domestic crush demand and continued Chinese buying are providing support, despite expectations for a record U.S. soybean crop this fall.

🌾 Wheat | ⬆️ Strongly Higher

Wheat is one of the biggest stories this week. Chicago wheat futures jumped sharply and reached a three-year high as concerns about disruptions to Black Sea exports increased. Damage and shipping disruptions at Russian and Ukrainian ports are raising questions about global grain supplies.

🐄 Cattle | ➡️ Strong but Volatile

Cattle markets remain historically strong, but prices have come under pressure following the administration’s plan to temporarily increase U.S. beef imports. Tight domestic supplies continue to provide underlying support, keeping cattle economics relatively favorable for livestock producers.

🏗️ Steel | ➡️ Elevated

Steel prices remain elevated, with U.S. HRC pricing around $1,170–$1,200 per ton. Domestic supply, tariffs and trade developments continue to influence the market. For equipment manufacturers, steel remains an important cost consideration as companies evaluate pricing, inventory and production decisions.

🔩 Aluminum | ⬆️ Firm

Aluminum remains elevated, with LME aluminum around $3,225 per metric ton this week. Prices have received support from supply concerns and declining inventories, keeping aluminum costs in focus for manufacturers using the metal in trailers, tanks, grain-handling equipment and lightweight components.

⛽ Diesel | ⬆️ Rising

Diesel continues to be a major cost pressure heading into harvest. The U.S. average reached $5.652 per gallon for the week of August 24, up nearly 20 cents from the previous week and about $1.94 higher than a year ago. Midwest diesel averaged $5.636 per gallon.

🌱 Fertilizer | ➡️ Mixed

Fertilizer prices remain elevated but have shown some mixed movement. DTN reported that five major fertilizers were lower compared with the previous month while three were slightly higher. Urea averaged $678 per ton, while MAP averaged about $960 per ton.

📡 Electronics & Precision Ag | ⬆️ Growing

Precision agriculture continues to gain traction despite tight farm margins. A recent CNH survey found that 89% of farmers surveyed use auto-guidance technology, while 54% plan to invest in additional precision technology within the next two years. Lower input costs, greater efficiency and improved yields are among the primary reasons farmers are investing.

🚜 æÃæü¤ÇéÎåÔÂÌì Market | ➡️ Cautiously Improving

Deere’s latest results continue to provide a mixed picture for the equipment industry. Production & Precision Agriculture sales declined 6%, reflecting continued weakness in large agricultural equipment. However, Small Ag & Turf sales increased 12%, and Deere expects U.S. and Canadian large-ag equipment demand to remain down 15–20% for 2026 while forecasting Small Ag & Turf to be flat to up 5%.

💰 Financing | ➡️ Still a Headwind

Financing costs remain an important consideration for producers evaluating equipment purchases. With large-equipment demand still under pressure, manufacturers may continue to see opportunities in replacement parts, attachments, retrofit equipment and upgrades that allow producers to extend the life of existing machinery.

🌎 Tariffs & Manufacturing Costs | ⚠️ Watching Closely

Trade policy remains an important risk for manufacturers. Recent U.S.-Canada trade tensions have added uncertainty around steel, aluminum and other manufactured goods, while tariffs continue to influence sourcing decisions and material costs. Manufacturers should continue watching developments that could affect imported components and raw materials.

📈 OEM Outlook | ➡️ Cautiously Optimistic

The equipment market remains uneven, but there are reasons for cautious optimism. Large agricultural equipment continues to face pressure, while small ag, turf, livestock-related equipment, technology and replacement/retrofit markets offer areas of opportunity. Deere’s latest results reinforce the possibility that 2026 may be a bottoming year for the broader ag equipment cycle, while precision-ag adoption suggests technology investments may remain a source of growth.

Sources: USDA, USDA-NASS, CME Group, U.S. Energy Information Administration, Federal Reserve, Reuters, Deere & Company, CNH Industrial and industry market reports.