Raymond James said that due to declining production, strong demand, and limited Black Sea export capacity, the global grain market will tighten significantly in 2026. According to the judgment of Karen Braun, chief market analyst at Zaner Ag Hedge, global corn consumption in 2026/27 is expected to exceed production by about 29 million tons, the biggest absolute supply and demand gap in 33 years. The US corn inventory consumption ratio has fallen from 12.1% earlier in the year to 9.7%, falling below 10%, while falling crop ratings and hot weather in late summer still put the final yield at risk of further decline. Meanwhile, the combined production of corn and wheat in major exporters is expected to decrease by 84 million tons year over year. Tighter supply and demand have driven prices higher. Since May 1, corn and wheat futures have both risen by about 8%, and soybeans by about 12%.

Raymond James said that due to declining production, strong demand, and limited Black Sea export capacity, the global grain market will tighten significantly in 2026. According to the judgment of Karen Braun, chief market analyst at Zaner Ag Hedge, global corn consumption in 2026/27 is expected to exceed production by about 29 million tons, the biggest absolute supply and demand gap in 33 years. The US corn inventory consumption ratio has fallen from 12.1% earlier in the year to 9.7%, falling below 10%, while falling crop ratings and hot weather in late summer still put the final yield at risk of further decline. Meanwhile, the combined production of corn and wheat in major exporters is expected to decrease by 84 million tons year over year. Tighter supply and demand have driven prices higher. Since May 1, corn and wheat futures have both risen by about 8%, and soybeans by about 12%.