Episode Details

Special Report | September 11, 2026

The crop is still big. The cushion is getting smaller.

Your daily market update on all things protein

HOST: Welcome to The Protein Pulse Podcast — your daily market update on all things protein. This is a Special Report for September 11, 2026, from The Sparks Group. USDA cut corn yield, production, and ending stocks — and raised feed-cost expectations.

SHAWN: USDA didn’t create a feed shortage today. But it took another meaningful piece of the cushion away. Corn yield dropped two point two bushels. Production lost two hundred thirteen million bushels. Ending stocks fell another eighty-six million, and USDA added thirty cents to the farm-price forecast. Soybeans produced more, but stronger exports absorbed the increase. Ending stocks moved lower, soybeans went up sixty cents, and soybean meal jumped thirty dollars a short ton. For protein producers, that is the part of this report I would not overlook. Beef supply is still tight. Chicken is still adding pounds. Pork remains comparatively balanced. But the feed side of the equation is no longer getting cheaper by default. The crop is still big. The cushion is not as big as it was.

HOST: September tightened the feed outlook again.

SHAWN: USDA cut corn yield from one hundred eighty point seven to one hundred seventy-eight point five bushels an acre. Production fell two hundred thirteen million bushels to fifteen point eight hundred billion. Ending stocks dropped eighty-six million bushels to one point five six seven billion. The season-average farm-price forecast rose thirty cents to four eighty. Exports stayed at three point two seven five billion bushels. Soybean production increased slightly to four point five three five billion, but stronger exports pulled ending stocks down to three hundred ten million bushels. USDA raised soybeans to twelve dollars and soybean meal to three hundred forty dollars a short ton. On the protein side, USDA lowered beef and pork production, raised expected twenty twenty-six beef imports on stronger South American shipments, and increased the twenty twenty-seven broiler-production outlook.

HOST: Corn is the headline. Big crop. Smaller cushion.

SHAWN: Harvested acreage slipped from eighty-eight point six to eighty-eight point five million acres. Beginning stocks were cut from one point nine four five billion to one point nine two two billion. USDA left ethanol use unchanged at five point six billion and cut feed and residual from six point one hundred billion to five point nine five zero billion. Even with lower feed use, carryout still fell eighty-six million bushels. This is still a large crop. The balance sheet has less room in it. USDA maintained strong export demand, reduced feed use, and still took more out of stocks. For livestock and poultry producers, the feed outlook is less forgiving than it looked earlier this summer.

HOST: Soybeans tightened for a different reason.

SHAWN: Production rose from four point five one nine billion to four point five three five billion. Yield ticked up to fifty-two point eight. Harvested area eighty-five point nine million acres. Exports were raised from one point six six zero billion to one point six eight five billion. That pushed ending stocks from three hundred twenty million to three hundred ten million. Crush stayed at two point seven eight zero billion. More beans did not translate into cheaper protein feed. For poultry and pork margins, the thirty-dollar-per-short-ton meal increase is the number that matters most.

HOST: Wheat. U.S. balance sheet essentially unchanged.

SHAWN: Production remains one point five three one billion bushels. Exports seven hundred seventy-five million. Ending stocks seven hundred seventeen millio