September 14

9/14 – WEEKLY COMMODITY SUMMARY:

• In Friday’s WASDE, the USDA called for smaller corn supplies and reduced ending stocks. Corn ending stocks for 2026/27 are 18.5% below a year ago, and the stocks-to-use ratio has tightened to just 9.7%. Tighter supplies have lit a fire under corn prices. The USDA projected corn farm price for 2026/27 was raised from $4.50 to $4.80 per bushel, up from $4.15 in 2025/26. Corn futures at $5.30/bu (9/11) are up from $4.11 just three months ago.

• Wheat production is unchanged at 1,531M bushels, the lowest harvest since 1970/71. Hard Red Winter and Durum account for most of the reductions. Projected 2026/27 ending stocks are down 22% from last year. The USDA projected farm price for 2026/27 was raised by $.20 per bushel for the 2nd straight month, this time from $6.20 to $6.40 – up sharply from $5.06/bu for the 2025/26 crop year. Wheat futures (Chicago) are $7.25 per bushel (9/11), up from $6.52 a month ago.