What You Need to Know Today:
USDA cut the 2026 corn yield forecast by 1.6 BPA to 179.6, shaving 141 Mbu off the crop. Corn ending stocks were cut by 91 Mbu to a level that pushed the ending stocks-to-use (ESU) ratio to 10.8 percent. Conversely, USDA raised the soybean yield forecast 0.2 BPA to 53.3, but ending stocks still fell due to higher exports. The 25-Mbu increase in 2026/27 exports pushed ending stocks to 300 Mbu, which would be down 5 percent from last year. USDA left the U.S. 2026/27 wheat balance sheet essentially unchanged. The WASDE did not adjust the Brazilian or Argentine soybean crop estimates, but raised expectations for each country’s corn crop by 2 MMT. Soybean futures were the upside leader for the day on the unexp...
Key Takeaways: Expanding U.S. soybean crushing capacity is strengthening domestic demand, driven largely by growing soyoil consumption from the renewable diesel and biofuels industries. Despite increased domestic processing, substantial quantities of U.S. soybeans are expected to remain availa...
