Global Feed Market Report (Aug 6, 2026): CBOT Corn and Soybeans Ease on Beneficial US Weather

1. CBOT Corn & Soy Complex Market Analysis

CBOT Corn Drops Further on Higher US & Brazil Yield Projections

• Price Movements: The September 2026 corn contract dropped -2.2 USD/ton to 171.9 USD/ton. Long-term deferred contracts for December 2026 and March 2027 fell by -2.1 USD/ton and -2.3 USD/ton, settling at 181.1 USD/ton and 187.2 USD/ton respectively. On the Dalian Commodity Exchange (China), September 2026 corn dipped slightly by -0.3 USD/ton to close at 332.6 USD/ton.
• Weather Factors & Yield Estimates: Widespread rainfall across the US Midwest (particularly in Iowa and Illinois) during a critical growth stage alleviated heat stress concerns. Agricultural consultancy StoneX raised its US corn yield forecast to 184.8 bushels/acre, well above the 183 bu/acre published in the latest USDA report.
• South American Supply Pressure: Hedgepoint Global increased its forecast for Brazil's 2026 total corn production to 140 million tons (2 million tons higher than USDA's estimate), while the second-crop (Safrinha) harvest in Central-South Brazil reached 60% completion.

Soybeans & Soybean Meal Face August Weather Pressure

• Price Movements: CBOT soybean futures for September 2026 delivery fell -0.8 USD/ton (to 424.9 USD/ton); November 2026 and January 2027 contracts declined by -1.1 USD/ton and -1.3 USD/ton respectively. CBOT soybean meal adjusted downward sharply by -2.8 to -3.1 USD/ton (September 2026 contract settling at 342.0 USD/ton). CBOT soybean oil registered a steep drop of -10.6 USD/ton down to 1,491.6 USD/ton.
• Market Drivers: August weather forecasts for the US indicate consistent rainfall and mild temperatures—ideal conditions for the crucial soybean pod-filling stage. StoneX projected US soybean yields at a solid 53 bushels/acre. Additionally, a 24-hour pilots' strike at Argentine grain export ports came to an end, allowing port logistics to normalize.

2. Wheat, Vegetable Oils & Freight Market Analysis

CBOT Wheat Rebounds on Black Sea Escalation

• Price Movements: In contrast to the declines in corn and soybeans, CBOT wheat (SRW) for September 2026 delivery gained +1.4 USD/ton to 236.0 USD/ton; December 2026 and March 2027 contracts both added +1.5 USD/ton (reaching 242.9 USD/ton and 249.0 USD/ton respectively).
• Key Drivers: Escalateing Russia-Ukraine conflict continues to disrupt grain export corridors through the Black Sea and the Kerch Strait. Ukrainian officials confirmed that alternative export routes are operating at only about 50% of required capacity, posing a direct threat to global short-term wheat supply.

Vegetable Oils & Energy

• Palm Oil (Bursa Malaysia & Dalian): Palm oil prices on the Bursa Malaysia edged up +0.2 USD/ton to 1,145.4 USD/ton, while the Dalian exchange surged +9.6 USD/ton (reaching 1,385.5 USD/ton). The upward momentum was fueled by strong Malaysian palm oil export data for July (+12.1% to 19.5% MoM) and Indonesia's decision to expand its B50 biodiesel allocation.
• NYMEX WTI Crude Oil: Declined slightly by -0.5 USD/barrel to 75.2 USD/barrel on expectations of easing Middle East tensions.

Freight Indices

• Baltic Dry Index (BDI): The dry bulk shipping index surged significantly by +127 points to reach 3,063 points, reflecting heightened demand for bulk grain and mineral vessel charters.
• Drewry World Container Index (WCI): Held flat at 4,255 USD/40ft cont.

3. Outlook & Market Trends

1. Short-Term (1–2 Weeks): CBOT corn and soybean meal prices are expected to remain under pressure or consolidate near recent bottoms as US crop weather risks subside. However, bargain-buying demand from major importing nations (such as China and the EU) should prevent sharp further drops.

Impact on Vietnam Market: The easing in global commodity benchmarks combined with a slight downward adjustment in USD/VND exchange rates at Vietcombank will help lower landed import costs (CFR/Spot) for corn and soybean meal arriving at Vietnamese ports in late August and September 2026.