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"NOTE: Due to lapse in government funding from October 1 through November 12, some U.S. data sources that are typically used were not available for the November 2025 WASDE. Changes to the U.S. balance sheets continue to reflect all U.S. government data available at the time of publication, but this month, in some cases, that information was limited.
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COARSE GRAINS: This month’s 2025/26 U.S. corn outlook is for increases in supply, exports, and ending stocks. Total supply is 144 million bushels higher as larger beginning stocks are partially offset by lower production. Beginning stocks are 207 million bushels higher based on the September 30 Grain Stocks report. Corn production is forecast at 16.8 billion bushels, down 62 million from September on a 0.7-bushel reduction in yield to 186.0 bushels per acre. Harvested area for grain is unchanged at 90.0 million acres. Total use is up 100 million bushels reflecting a higher export forecast. Exports are raised 100 million bushels to 3.1 billion reflecting shipments to date. Inspection data imply exports set a monthly record during September and again in October. With supply rising more than use, corn ending stocks are up 44 million bushels to 2.2 billion. The season-average corn price received by producers is raised 10 cents to $4.00 per bushel.
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U.S. soybean exports are forecast at 1.64 billion bushels, down 50 million from the previous forecast due to lower supplies and higher exports by Brazil and Argentina. In September, Argentina temporarily reduced export taxes leading to an influx of export registrations during the peak U.S. export season. Further, since the last report, the U.S. entered a trade deal with China, which led to higher U.S. prices and narrowed the price spread between U.S. and other major exporters. While U.S. soybean exports are expected to rise to China for the rest of the marketing year, these higher shipments could be offset by reductions to other markets where the United States no longer holds a large price discount compared to other exporters. U.S. soybean crush is unchanged and ending stocks are forecast down marginally. The U.S. seasonaverage soybean price for 2025/26 is raised $0.50 to $10.50 per bushel. The soybean meal price is raised $20 to $300 per short ton. The soybean oil price is unchanged at 53 cents per pound.
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WHEAT: The outlook for 2025/26 U.S. wheat this month is for larger supplies and higher ending stocks, with no change to use. Supplies are raised on greater production, up 58 million bushels to 1,985 million, on a record all wheat yield based on the September 30 Small Grains Summary. The season-average farm price is lowered $0.10 per bushel to $5.00 as larger global supplies reduce price expectations for the remainder of the marketing year.
Attachments
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 wasde1125.pdf (850KB - 29 downloads)
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Here's the report
