USDA's September WASDE Report Delivers Mixed Bag for US Grain Prices
The September WASDE report from the USDA had a mixed impact on US grain prices. On Friday, September 11, corn futures closed lower despite a smaller crop forecast, which initially provided some support. However, selling returned later in the session, and December corn finished down 3.5 cents at $5.3025 per bushel.
Soybeans faced even sharper selling as traders found little to challenge expectations for abundant US supplies. The USDA nudged its soybean yield estimate higher, increasing production by 16 million bushels to 4.5 billion bushels, placing the 2026 crop close to a record. November futures plunged 35.75 cents to $12.9659 per bushel.
Winter wheat offered little refuge as technical selling and expanding global supplies contributed to its decline. The USDA held projected US wheat ending stocks at 717 million bushels, but this was seen as bearish by traders. December Chicago soft red winter wheat fell 16 cents to $7.2525, while December Kansas City hard red winter wheat dropped 20.25 cents to $7.9850.
The broader message from the September WASDE is that smaller supply alone does not guarantee higher commodity prices. Producers evaluating forward contracts and hedges will need to watch export demand and harvest yields alongside USDA revisions as the 2026-27 marketing year develops.