DeLong Commentary

Midday Grain Update

12:53

🟢 Corn: Corn had seen back and forth action today, higher on the overnight, back towards lower or unchanged, and now pushing the close with 6-8c gains. September 26 corn is 7c higher to 4.38 1/2 and new crop December 26 corn is up 8c to 4.60 on the board

🟢 Beans: Beans followed corn patterns and sitting near the high of the day as we come into the close near by August 26 beans are 13.75c higher at 11.91 1/2 and new crop November beans are up 9.25c to 11.90 3/4

🟢 Wheat: Wheat has seen gains for the majority of the day with the Black Sea conflict escalating to Ukraine cutting off Russia’s main strait. September 26 wheat is up 18.5c at 6.38, this is well off the high where Sept wheat gains over 30c at one point in the day

July WASDE — Corn Tightens, Soybeans Steady, Wheat Driven by Global Production

The July WASDE report delivered a mix of updates across corn, soybeans, and wheat, with the most notable changes centered in corn demand and global wheat production.

Corn saw the most meaningful adjustments. USDA increased old crop feed and residual use by 150 million bushels, tightening 2025/26 ending stocks to 2.020 billion bushels. On the new crop side, 2026/27 ending stocks were estimated at 1.790 billion bushels, coming in below both the prior USDA estimate and the average trade expectation. Production was held at 16.0 billion bushels with yield unchanged at 183 bushels per acre. Exports were increased modestly, while the season average farm price remained at $4.40 per bushel.

Soybeans were relatively unchanged. New crop ending stocks were estimated at 310 million bushels, close to trade expectations. Production increased slightly to 4.475 billion bushels on higher harvested area, while exports were raised modestly. USDA also confirmed a same-day soybean sale to China. The season average price was left unchanged at $11.40 per bushel.

Wheat continues to reflect a more global story. U.S. production for 2026/27 was estimated at 1.536 billion bushels, below both trade expectations and last year’s production. On a global scale, wheat production declined year over year, with reductions in both the U.S. and Canada contributing to lower total supply. World ending stocks also moved lower compared to last year. The U.S. season average wheat price was held at $6.00 per bushel.

Globally, corn production adjustments were also notable. USDA reduced EU corn production, largely driven by conditions in France, where crop ratings have declined and heat has persisted through key growth stages. In South America, Argentina’s most recent crop was increased, while next year’s production is expected to return closer to typical levels following a strong season.

Overall, the report introduced some tightening in corn, while soybeans remained steady and wheat reflected broader global production changes. From here, attention will continue to shift toward crop conditions, weather, and how production develops through the growing season.

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Kasey Baker
Yield 365 – Grain Marketing Simplified
Call: 815.823.2522