WF Ag Monthly (June 2026): WASDE Report Still Points to Higher Crop Prices in 2026/27

研报英文原文证据摘录

WF Ag Monthly (June 2026): WASDE Report Still Points to Higher Crop Prices in 2026/27

Equity Research

Industry Update — June 15, 2026

Chemicals

WF Ag Monthly (June 2026): WASDE Report

Still Points to Higher Crop Prices in 2026/27

Our Call Michael Sison

The June WASDE report was relatively unchanged vs. May (still sees tighter grain balances Equity Analyst | Wells Fargo Securities, LLC

Michael.Sison@wellsfargo.com | 440-662-9664

for 2026/27, supporting crop prices). Checks at our conference in Chicago point to

Abigail J. Ebertsseasonally softer fertilizer prices. Top picks remain CF and NTR.

Associate Equity Analyst | Wells Fargo Securities, LLC

Abigail.Eberts@wellsfargo.com | 332-877-5728

Ag Call: While fertilizer prices have come down slightly, we believe this is largely due to

normal seasonality, based on recent checks at our conference in Chicago. This month's

WASDE was largely unchanged, with tighter balances likely supporting pricing in 2026/27.

We favor CF (OW) for highest nitrogen leverage and NTR for balanced exposure. MOS's

margins remain pressured by elevated sulfur costs. We remain encouraged by CTVA’s

growth, while FMC continues to face a more challenging recovery.

June WASDE - Corn & Soybean Outlooks Relatively Unchanged vs. May Report: The

June WASDE report for corn relatively unchanged vs. May. WASDE still sees ample supply

in 2025/26, while 2026/27 should still see lower corn output (-6% Y/Y) and declining

stocks, alongside modest soybean tightening. We believe this is partially due to elevated

fertilizer and other input costs (reduced fertilizer application tends to impact yields).

WASDE sees progressively tighter balances for corn.

US Grain Prices: As of June 12, US spot corn prices are down -3.9% M/M to $3.90/bu, flat

vs. pre–Iran War.