Key Takeaways:
Corn yield came in below expectations at 180.7 bushels per acre, validating WPI’s view that last year’s exceptional yield may have anchored analyst estimates higher. Despite slightly higher production for corn, stronger export projections tightened the balance sheet, pushing stocks-to-use lower and supporting the bullish market reaction. Export demand remains a major bullish factor for corn, with 2026/27 exports projected at 3.275 billion bushels, or roughly 20.5 percent of production, the highest share of production exported this century. Soybean changes were comparatively neutral, with a slightly lower yield offset by 1.4 million additional acres and higher production, leaving stocks-to-use nearly unchanged at...
Macro: Relief Meets Reality July’s CPI report matched expectations. Headline inflation eased to 3.4 percent year over year, while core inflation declined to 2.5 percent. On a monthly basis, headline CPI rose 0.1 percent and core increased 0.2 percent. Equities and the U.S. dollar traded h...
