LatAm Agribusiness: Jul-26 WASDE: Soybeans and Cotton Supply Revised Upwards; Corn Stocks Tighten; US Wheat Production Hits 55-Year Low

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LatAm Agribusiness: Jul-26 WASDE: Soybeans and Cotton Supply Revised Upwards; Corn Stocks Tighten; US Wheat Production Hits 55-Year Low

J P M O R G A N Latin America Equity Research

10 July 2026

LatAm Agribusiness

Jul-26 WASDE: Soybeans and Cotton Supply Revised

Upwards; Corn Stocks Tighten; US Wheat Production

Hits 55-Year Low

The July 2026 WASDE delivered a mixed set of signals, tightening U.S. balance LatAm Food & Beverages and

sheets for wheat and corn while adding supply for soybeans and cotton. U.S. corn Agribusiness

ending stocks were cut sharply to 1.79 billion bushels – 170 million below June and Lucas Ferreira AC

well under last year’s 2.02 billion – as exports rose and beginning stocks fell, a (55-11) 4950-3629

bullish outcome. Soybean ending stocks held at 310 million bushels despite a 40- lucas.x.ferreira@jpmorgan.com

million-bushel production increase, roughly in line with trade expectations. Wheat Banco J.P. Morgan S.A.

production was trimmed to 1,536 million bushels, the lowest since 1970/71, Larissa Perez

pushing ending stocks down to 722 million (–22% y/y), a supportive surprise. (55-11) 4950-6400

larissa.perez@jpmchase.com

Cotton bucked the tightening trend, with production up 400,000 bales and ending Banco J.P. Morgan S.A.

stocks rebuilding to 4.1 million bales, a bearish shift versus June. On the South Froylan Mendez

American front, Brazil’s 2026/27 soybean exports were nudged higher to (52-55) 5540-9482

118.0 million tons while its cotton crop was raised to 18.0 million bales; froylan.mendez@jpmchase.com

Argentina’s corn (55.0 mt output, 38.0 mt exports) and soybean (50.0 mt output) J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

estimates were left unchanged, while Argentine wheat exports were raised to 15.0

million tons.