Published on August 10, 2026
Key Drivers:
Hot, dry weather is reducing yield potential and lifting corn prices; soybean oil prices are tagging along to prevent acreage switching.
Crude oil prices have gyrated between $70-$110 since the Iran war started, causing soybean oil to bounce between $0.65-$0.75/lb.
Outlook: Soybean oil prices will continue to follow petroleum market developments as August weather impacts final yields.
Key Drivers:
The USDA confirmed this year’s wheat crop will be the smallest since 1970, causing prices to jump over $6.00 per bushel.
Rising corn prices have lifted wheat prices further, as wheat is also used heavily for animal feed.
Prices received a recent boost from Russia’s escalation of fighting in the Black Sea, a top exporting region.
Outlook: U.S. wheat prices will remain above world prices to ration a smaller domestic supply.
Key Drivers:
The USDA lowered its forecast of stocks-to-use to 13.4% due to increased estimates of domestic deliveries.
The impact of GLP-1 weight-loss drugs on curbing sugar consumption has been less significant than originally feared.
Processors have pre-sold much of the upcoming harvest, keeping asking prices firm.
Outlook: Asking prices are firm until the crop size is known, with mixed conditions due to dryness and late plantings.
This comprehensive research empowers you to make informed business decisions. The information contained in this monthly market update is for informational purposes only. It represents our best estimates of commodity market conditions and is subject to change without notice. While we strive to provide accurate information, Gordon Food Service cannot guarantee the completeness or accuracy of the content. Any reliance you place on this information is strictly at your own risk.
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