Corn futures posted gains of 5 to 11.25 cents on Friday and finished the week higher, drawing spillover support from a sharp wheat rally tied to rising Black Sea tensions. CFTC data showed managed money trimmed its net long position by 15,176 contracts to 166,770, as new short interest entered. Old-crop export sales reached 104% of the USDA target with shipments at 95%, while new-crop sales were down 23.5% from the same period last year. The national average cash corn price rose to $4.30.

Cotton futures rebounded on Friday, with the front-month contract closing up 116 to 130 points, while the December contract was up 40 points on the week. Managed money lifted its net long by 10,591 contracts to 78,870, the largest in more than two years. Accumulated 2025/26 export sales reached 11.977 million RB, or 107% of the USDA export projection, and new-crop business at 4.026 million RB was 25% above the same period last year. The Cotlook A Index held at 94.95 cents, ICE certified stocks fell 1,779 bales, and the Adjusted World Price rose 190 points to 68.19 cents/lb, with higher crude oil and a weaker U.S. dollar adding support.

U.S. retail sales fell 0.6% m/m in July, far below expectations for a 0.1% increase, while core retail sales excluding autos and gasoline slipped 0.2% m/m versus forecasts for a 0.3% gain, according to the U.S. Commerce Department. The weak consumer data added to concerns about a slowing U.S. economy and softer corporate earnings, pushing the S&P 500 down 0.17%, the Dow down 0.20%, and the Nasdaq 100 down 0.13% on Friday. Odds of a September Fed rate hike edged down to 32% from 35%, but inflation worries helped lift the 10-year Treasury yield by 5 bp, weighing on risk appetite.

Applied Materials posted fiscal Q2 EPS of $3.50, beating expectations, while revenue of $9.12 billion came in slightly below the $9.18 billion forecast, sending the shares lower. After the earnings-driven drop, the stock is down nearly 32% from its year-to-date high. Barchart options data shows an upside price of $560 on mid-September expiries, implying a potential gain of more than 11% over the next 4–5 weeks.

President Donald Trump signed a proclamation invoking Section 232 to impose tariffs of up to 100% on imported military drones and 25% on smaller commercial models, citing national security. Red Cat (RCAT) shares rose on Friday and are up more than 50% from their July low. The company recently reported fiscal Q2 revenue of $20.19 million, up more than sixfold year over year, and reaffirmed at least $150 million in sales guidance for this year. Wall Street’s mean price target is $19, implying potential upside of more than 70%.

Cotton futures posted broad gains on Friday, with the October contract up 96 points to 83.32 cents and the December contract up 133 points to 84.83 cents. March added 127 points to 86.69 cents. Crude oil rose $0.66 per barrel while the U.S. dollar index fell 0.335. Export sales data showed 2025/26 accumulated export business of 11.977 million RB, or 107% of the USDA export projection, with accumulated shipments at 11.198 million RB.

Wheat futures rose sharply on Friday after Russia rejected Ukraine’s proposal for a ceasefire in the Black Sea region. Gains were broad across Chicago SRW, KC HRW and Minneapolis spring wheat, with KC HRW leading the move. The latest Export Sales data put 2026/27 U.S. wheat sales at 7.538 MMT, or 36% of USDA’s current export estimate, trailing the 44% average pace. Taiwan flour mills bought 97,200 MT of U.S. wheat in an overnight tender.

New York raw sugar and London white sugar futures pulled back from 1.25-year highs set on Wednesday, with both contracts down more than 1.3%. The decline came despite a 26.3% year-on-year drop in June sugar output in Brazil’s Center-South and a series of downward revisions to future global supply forecasts. Improved monsoon rainfall in India since late June has eased concerns about drought in key cane-growing areas, adding pressure to prices. Traders are watching upcoming weather and production developments, with Thailand’s 2026/27 output expected to fall 15.6% and 2027/28 global output projected to slip 0.7% to 177 MMT.

Brazil’s 2026/27 coffee harvest was 90% complete as of August 12, trailing 97% a year earlier and the five-year average of 94%. Arabica harvesting also lagged, with 86% complete versus 95% last year, while Cooxupe cooperative members had harvested 74.6% compared with 80.4% previously. In Minas Gerais, rainfall totaled 5.8 mm last week, equal to 92% of the historical average. Vietnam’s 2025 coffee exports rose 17.5% year over year to 1.58 MMT.