DeLong Commentary

Midday Grain Update

11:11a

🔴 Corn: Corn entered the session trading 1 to 3 cents lower ahead of the report and extended those losses post-release. July 2026 corn is trading 4.25 cents lower at $4.14, with December 2026 off 4.75 cents at $4.42

🔴 Beans: Beans were trading 1 to 4 cents lower ahead of the report and continued lower following the release. July 2026 beans shed 8.75 cents to trade at $11.42, with November 2026 off 5.75 cents at $11.32.

🔴 Wheat: Wheat traded 3 to 7 cents higher ahead of the report and initially extended those gains before reversing sharply. July 2026 HRW wheat is now trading 1 cent lower at $5.86.

WASDE REPORT DETAILS

On corn, USDA held the 2026/27 U.S. balance sheet nearly unchanged. Ending stocks came in at 1.960 billion bushels against a May estimate of 1.957 billion. World corn ending stocks printed at 281.22 million metric tons, above the trade estimate of 278.51 million. Brazil’s 2025/26 corn crop was raised to 138 million metric tons, above last month’s 135 million and above last year’s 136 million metric tons. Argentina’s 2025/26 corn crop was revised up to 61 million metric tons against a last month estimate of 59 million and well above last year’s 49 million metric tons, with increases to both area and yield supported by favorable harvest results from in-country sources.

The soybean balance sheet saw no changes to 2026/27 U.S. numbers. Ending stocks hold at 310 million bushels. World soybean ending stocks came in at 124.88 million metric tons, slightly below the trade estimate of 125.28 million. Brazil’s 2025/26 soybean crop was held at 180 million metric tons, unchanged from last month and up from 172.5 million last year. Argentina’s 2025/26 soybean crop was raised to 50 million metric tons against last month’s 48 million, though this remains below last year’s 51.1 million metric tons.

Wheat saw the most notable changes. U.S. all-wheat production came in at 1.543 billion bushels, below the trade expectation of 1.566 billion and down 18 million bushels from the May estimate, concentrated in Hard Red Winter. U.S. ending stocks were reduced 18 million bushels to 744 million. The 2026/27 season-average farm price projection was lowered $0.50 to $6.00 per bushel. On the world side, global wheat ending stocks came in at 275.42 million metric tons, above the trade estimate of 274.66 million, supported by production increases in Russia, Turkey, and Ukraine. Russia was raised 2 million metric tons to 88 million on near-ideal growing conditions. Turkey reached a record 22.5 million metric tons. Argentina’s 2026/27 wheat crop is projected at 21 million metric tons, down from 27.92 million in 2025/26.

USDA confirmed a New World Screwworm case in Texas cattle on June 3, with additional cases identified since. The report reflects quarantine and movement controls currently in place. Beef production was trimmed with expectations of continued slow steer and heifer slaughter through the third quarter.

Report Calendar

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