Karl Setzer

No changes were made to the production side of domestic corn balance sheets this month. We did see a 125 million bushel increase to old crop demand from the June

One factor from the July World Agricultural Supply and Demand Estimates balance sheet update that needs to be watched is the world corn supply. Global corn stocks have been declining for the past several years and are now forecast to total 275 million metric tons at the end of the 2026/27 marketing year. This is the tightest ending stocks in 10 years and a stocks to use of 18 percent.

One factor from the July World Agricultural Supply and Demand Estimates balance sheet update that needs to be watched is the world corn supply.

The big news in the livestock complex has been the reopening of the U.S./Mexico border for live animal trade. The first opening with be at Douglas, Ariz., in 30 days for animals at least 1 year old. Following this, there will be other ports opening in a staggered format. Mexico will still be closely monitored as not all regions of the country are showing the same efforts in containing New World Screwworm. The USDA has also stated that the opening for feeder cattle imports may be halted if cases build.

The big news in the livestock complex has been the reopening of the U.S./Mexico border for live animal trade. The first opening with be at Douglas, Arizona, in 30 days

Crop progress is starting to become more of a factor in price discovery. This is primarily the case with soybeans where pod setting is running 10% ahead of last year.

We are starting to see more of the seasonal shift in the market from old crop to new crop. This is not uncommon as the old crop year comes to

Moderate changes were made to the domestic corn balance sheets in the August World Agricultural Supply and Demand Estimate report. The U.S. corn yield is now estimated at 180.5 bushels per acre, a 2.5-bushel reduction from July. This was offset by a 1.2 million increase to U.S. acres as Farm Service Agency data was incorporated into balance sheets. The result was a forecasted 16 billion bu corn crop for the U.S., the 2nd largest on record. Even so, this level of production is 320 million bu less than forecasted demand. Corn exports were bumped up by 75 mbu, which lowered old crop carryout to 1.945 bbu and new crop to 1.65 bbu. The average cash value of corn was raised by 10 cents to $4.50 per bushel.

Moderate changes were made to the domestic corn balance sheets in the August World Agricultural Supply and Demand Estimate report. The U.S. corn yield is now estimated at 180.5 bushels

Global commodity production is falling short of demand. U.S. corn demand for the 2026/27 marketing year is currently predicted to be 320 million bushels more than this year's crop, even with USDA finding more acres.