CHICAGO, IL – Crop markets pushed the broader agricultural futures complex higher in July, while cattle and parts of the dairy sector moved in the opposite direction. CME Group says its Agriculture Index gained about 2% during the month and is now up roughly 9% for 2026.
Wheat provided the strongest lift. Kansas City wheat climbed about 13%, and Chicago wheat gained 8%, while corn and soybeans each advanced roughly 5%. CME linked those gains to tighter supplies, ethanol demand, expanding biofuel crush capacity and stronger exports.
For grain producers, the movement suggests commodity demand was providing support even as favorable summer weather improved production prospects. The index measures futures prices; however, it does not reflect farm profitability or producer income.
Livestock showed the opposite trend. Feeder cattle declined about 6% during July, and live cattle fell roughly 5% despite continued tight cattle supplies. Dairy markets were divided, with Class III milk gaining about 5% while Class IV milk dropped 9%.
CME plans to update the index monthly, providing producers another benchmark for tracking broad agricultural price direction across multiple commodity sectors.
Farm-Level Takeaway: July’s index shows stronger crop futures supporting agriculture broadly even as cattle and some dairy markets weakened.