WESTCO

Not long ago, dividend stocks were the clear income champions. In July 2016, nearly two-thirds of S&P 500 ($SPX) companies (about 63.4%) offered a higher dividend yield than the 10-year Treasury. That was the  when ultra-low rates made equities the go-to source of cash flow for yield-hungry investors. Today, that picture has completely flipped. As of late August 2026, fewer than 4% of S&P 500 stocks (16 stocks) yield more than the 10-year Treasury, the lowest share since May 2007.

Lean hog futures were weaker at the Monday close, with contracts steady to 37 cents lower, as October was up 25 cents. USDA’s national base hog price was reported at $89.40 on Monday afternoon, down $4.87 from the previous day. The CME Lean Hog Index was down another 46 cents on August 20 at $93.26. USDA released Cold Storage data on Monday, showing pork stocks at 439.43 million lbs at the end of July. That was a 3.43% decline from June but up 8.6% from a year ago.

Corn futures faded from the early session highs, but ended the Monday session with gains of 3 to 7 ¾ cents across most contracts. The CmdtyView national average Cash Corn price was up 7 3/4 cents at $4.63. Weekly Crop Progress data showed 86% of the US corn crop in the dough stage by August 23, with 45% dented and 6% listed as mature. Condition ratings were down 3% this week at 47% in good to excellent condition, as the Brugler500 index was down 5 points to 348.

Cotton futures closed the Monday session with contracts up 21 to 54 points across most months. Crude oil was down $2.08 with the US dollar index $0.191 higher. Weekly Crop Progress data showed 81% of the US cotton setting bolls as of Sunday, with 20% of the crop with bolls opening. Condition ratings were pegged at 37% good/excellent, down 1 percentage points on the week. The Brugler500 index was down another 6 points to 304. The Cotlook A Index was back down 70 points on Friday at 98.20 cents.

The wheat complex posted mostly weaker trade on Monday, with a few Chicago contracts higher. Chicago SRW contracts closed deferred contracts 1 ¼ cents lower to 1 ¼ cents higher in the nearbys. KC HRW futures posted losses of 3 to 5 ¾ cents a the Monday close. MPLS spring wheat was down 2 ¾ to 4 ½ cents on the session. This week’s NASS Crop Progress report showed 62% of the US spring wheat crop harvested by Sunday, 10% ahead of the normal pace and a 21% jump on the week.

Live cattle futures saw weakness across the board on Monday, down $1.87 to $4.32 at the close. Cash trade was quiet on Monday, with most compiling showlists. Feeder cattle futures were lower, with losses of $1.17 to $5.37 on the day. The CME Feeder Cattle Index was down another $2.53 on August 21 to $338.47. Monday’s weekly OKC feeder cattle auction had 3,324 head sold, with sales on feeders down $4-10 on steers, with some down $15 and $2-8 lower on heifers.

Soybeans were under pressure from bean oil on Monday, with contracts down 4 to 15 ½ cents across most months, led by the nearbys. The cmdtyView national average Cash Bean price was down 13 1/2 cents at $11.88 1/2. Soymeal futures were up $2.60 to $6.20 on the day, with Soy Oil falling back 189 to 227 points. Weekly Crop Progress data from NASS showed 91% of the US soybean crop setting pods by 8/23, with 6% dropping leaves.

If you would like to receive more information on the commodity markets, please use the link to join our email list  - Sign Up Now For those interested I hold a weekly livestock webinar on Tuesdays, and my next webinar will be Tuesday, August 25, 2026, at 3:15 pm. It is free for anyone who wants to sign up and the link for sign up is below. If you cannot attend live a recording will be sent to your email upon completion of the webinar.

Philip Morris International (PM) shares closed higher on Aug. 24 after announcing a contract manufacturing agreement with Altria Group (MO). Under the arrangement, PM’s non-U.S. affiliates will work with Philip Morris USA on combustible-cigarette manufacturing, with initial shipments expected to begin in early 2027. Following today’s rally, Philip Morris stock is up nearly 25% versus its year-to-date low.

The S&P 500 Index ($SPX) (SPY) closed down by -0.28% on Monday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.97%. E-mini S&P futures (ESU26) fell -0.27%, and September E-mini Nasdaq futures (NQU26) fell -0.95%. Stock indices settled mostly lower on Monday, with the S&P 500 falling to a 2.5-week low and the Nasdaq 100 falling to a 3-week low.