THE PROTEIN PULSE PODCAST Special Report | September 11, 2026 | Your daily market update on all things protein: The crop is still big. The cushion is getting smaller.

Special Report | September 11, 2026

The crop is still big. The cushion is getting smaller.

Your daily market update on all things protein

HOST: Welcome to The Protein Pulse Podcast — your daily market update on all things protein. This is a Special Report for September 11, 2026, from The Sparks Group. USDA cut corn yield, production, and ending stocks — and raised feed-cost expectations.

SHAWN: USDA didn’t create a feed shortage today. But it took another meaningful piece of the cushion away. Corn yield dropped two point two bushels. Production lost two hundred thirteen million bushels. Ending stocks fell another eighty-six million, and USDA added thirty cents to the farm-price forecast. Soybeans produced more, but stronger exports absorbed the increase. Ending stocks moved lower, soybeans went up sixty cents, and soybean meal jumped thirty dollars a short ton. For protein producers, that is the part of this report I would not overlook. Beef supply is still tight. Chicken is still adding pounds. Pork remains comparatively balanced. But the feed side of the equation is no longer getting cheaper by default. The crop is still big. The cushion is not as big as it was.

HOST: September tightened the feed outlook again.

SHAWN: USDA cut corn yield from one hundred eighty point seven to one hundred seventy-eight point five bushels an acre. Production fell two hundred thirteen million bushels to fifteen point eight hundred billion. Ending stocks dropped eighty-six million bushels to one point five six seven billion. The season-average farm-price forecast rose thirty cents to four eighty. Exports stayed at three point two seven five billion bushels. Soybean production increased slightly to four point five three five billion, but stronger exports pulled ending stocks down to three hundred ten million bushels. USDA raised soybeans to twelve dollars and soybean meal to three hundred forty dollars a short ton. On the protein side, USDA lowered beef and pork production, raised expected twenty twenty-six beef imports on stronger South American shipments, and increased the twenty twenty-seven broiler-production outlook.

HOST: Corn is the headline. Big crop. Smaller cushion.

SHAWN: Harvested acreage slipped from eighty-eight point six to eighty-eight point five million acres. Beginning stocks were cut from one point nine four five billion to one point nine two two billion. USDA left ethanol use unchanged at five point six billion and cut feed and residual from six point one hundred billion to five point nine five zero billion. Even with lower feed use, carryout still fell eighty-six million bushels. This is still a large crop. The balance sheet has less room in it. USDA maintained strong export demand, reduced feed use, and still took more out of stocks. For livestock and poultry producers, the feed outlook is less forgiving than it looked earlier this summer.

HOST: Soybeans tightened for a different reason.

SHAWN: Production rose from four point five one nine billion to four point five three five billion. Yield ticked up to fifty-two point eight. Harvested area eighty-five point nine million acres. Exports were raised from one point six six zero billion to one point six eight five billion. That pushed ending stocks from three hundred twenty million to three hundred ten million. Crush stayed at two point seven eight zero billion. More beans did not translate into cheaper protein feed. For poultry and pork margins, the thirty-dollar-per-short-ton meal increase is the number that matters most.

HOST: Wheat. U.S. balance sheet essentially unchanged.

SHAWN: Production remains one point five three one billion bushels. Exports seven hundred seventy-five million. Ending stocks seven hundred seventeen million. USDA raised the farm price from six twenty to six forty. Globally, wheat moved the other direction from corn. Production increased to eight hundred twenty-two point four three million metric tons and ending stocks to two hundred seventy-six point two nine, helped by larger crops in Australia, Canada, and Ukraine. Wheat is not the major feed story this month. But the higher U.S. price forecast reinforces the point: September was not a more bearish feed report.

HOST: Global corn tightened with the U.S. sheet.

SHAWN: World production fell from one thousand two hundred ninety-eight point eight eight million metric tons to one thousand two hundred ninety point nine five. World ending stocks from two hundred seventy-four point six six to two hundred seventy-two point one zero. Brazilian production stayed at one hundred thirty-nine million metric tons, but exports were cut from forty-four to forty-three as more corn stays home. Russia’s crop was also reduced. September removed corn supply cushion both domestically and globally.

HOST: Beef. Production lower. Imports higher.

SHAWN: USDA cut twenty twenty-six beef production from twenty-five point zero three five billion pounds to twenty-four point nine four five billion — ninety million pounds lower than August. Twenty twenty-seven production was cut from twenty-five point zero four eight billion to twenty-four point nine zero three billion. Twenty twenty-six beef imports rose from six point one three two billion pounds to six point two six two billion — up one hundred thirty million pounds. USDA cited stronger expected shipments from South America while the expanded quota allows qualifying beef to enter at reduced tariffs through November. The cattle-supply problem has not changed. The sourcing equation has. More imported lean can affect grind economics even while domestic beef production remains constrained.

HOST: Chicken still owns the supply-growth advantage.

SHAWN: Twenty twenty-six broiler production was left essentially unchanged at forty-nine point zero nine zero billion pounds — still nearly one point six billion pounds above twenty twenty-five. For twenty twenty-seven, USDA raised production from forty-nine point three six six billion to forty-nine point four six five billion. Per-capita disappearance is projected at one hundred six point eight pounds in twenty twenty-six and one hundred seven point seven in twenty twenty-seven. Those additional pounds are now being produced against a somewhat firmer feed-cost outlook.

HOST: Pork. Supply trimmed. Exports softer.

SHAWN: Twenty twenty-six pork production fell from twenty-seven point eight nine two billion pounds to twenty-seven point seven eight seven billion. Exports were cut from seven point one seven five billion to seven point one one zero billion. For twenty twenty-seven, production fell to twenty-eight point zero eight six billion and exports to seven point one nine zero billion. This remains a different setup from beef. USDA removed production and also reduced export demand. That keeps pork comparatively balanced domestically while putting more attention on feed costs and margins.

HOST: The quota is now in the balance sheet.

SHAWN: Expanded quota, stronger South American shipments, higher U.S. beef imports, more lean available to the grind complex. The quota does not create cattle. It does create another source of lean.

HOST: What I’m watching. Does one hundred seventy-eight point five corn yield hold. USDA kept corn exports at three point two seven five billion despite the smaller crop. Soybean meal at three hundred forty changes the margin conversation. South American beef arrivals — USDA has now raised the official import forecast. Firmer feed expectations matter most to chicken and pork. And USDA lowered cattle-price expectations even while reducing beef production.

SHAWN: Bottom line. September did not create a feed shortage. It reduced the cushion. USDA removed two hundred thirteen million bushels of corn production, cut ending stocks another eighty-six million, and raised the corn-price forecast thirty cents. Soybean production increased, but stronger exports reduced stocks and pushed meal thirty dollars a short ton higher. For protein producers, the feed backdrop is no longer automatically getting cheaper. Beef remains tight. Imports become more relevant. Pork stays comparatively balanced. Chicken keeps adding pounds. The crop is still big. The cushion is getting smaller. Stay disciplined.

HOST: That’s The Protein Pulse Special Report for September 11, 2026. From Shawn Sparks and The Sparks Group. For sourcing, procurement, and market intelligence, visit TheSparks.Group.

SHAWN: Stay disciplined.