The USDA's November WASDE report reduced the 2026 corn crop forecast by 141 million bushels due to lower yields, while raising soybean exports by 25 million bushels on stronger supplies and early-season sales pace.
- Corn production cut to 15.893 billion bushels with yield falling 1.6 bushels to 179.6 per acre
- Corn ending stocks dropped 91 million bushels to 1.758 billion, down from 1.849 billion last month
- Soybean exports raised 25 million bushels to 1.72 billion on larger supplies and strong early-season demand
- Corn season-average farm price fell 10 cents to $4.60 per bushel
- Global coarse grain stocks rose on larger crops in Argentina and Brazil, offsetting U.S. corn losses
The U.S. Department of Agriculture (USDA) cut its 2026 corn crop forecast by 141 million bushels Tuesday, trimming feed use, exports and ending stocks, while raising soybean exports and leaving U.S. wheat stocks slightly larger.
The November World Agricultural Supply and Demand Estimates (WASDE) report, approved by the World Agricultural Outlook Board, puts corn production at 15.893 billion bushels. Yield fell 1.6 bushels to 179.6 bushels per acre on unchanged harvested area of 88.5 million acres. Corn ending stocks drop 91 million bushels to 1.758 billion, down from 2.095 billion a year earlier.
A smaller crop means less corn to go around. USDA lowered feed and residual use 25 million bushels to 5.975 billion and cut exports 25 million bushels to 3.275 billion on shipments and sales to date. Corn used for ethanol and coproducts held at 5.65 billion bushels. The season-average farm price fell 10 cents to $4.60 per bushel.
Sorghum took a sharper hit in the tables. Yield fell to 52.4 bushels per acre from 55.7 bushels last month, cutting production 17 million bushels to 274 million. Exports dropped 35 million bushels to 125 million, while feed and residual use rose 10 million bushels to 70 million. Globally, coarse grain ending stocks rose 2.9 million metric tons to 316.2 million, led by larger corn stocks in Ukraine and China, as bigger corn crops in Argentina and Brazil offset U.S. losses.
Soybeans moved the other way. Production rose 12 million bushels to 4.574 billion on a 53.3-bushel yield, with higher output in Minnesota, Iowa, South Dakota and Nebraska outweighing declines in Illinois, Kansas, Missouri and Arkansas. Exports were raised 25 million bushels to 1.72 billion on larger supplies and early-season pace. With crush unchanged at 2.78 billion bushels, ending stocks fall 15 million bushels to 300 million.
That leaves processors with steady crush volumes but mixed product prices. The season-average soybean price rose 10 cents to $12.10 per bushel, and soybean meal held at $340 per short ton. Soybean oil was lowered 2 cents to 68 cents per pound, with biofuel use of soybean oil unchanged at 17.8 billion pounds.
Wheat changes were modest. Domestic use fell 3 million bushels, all on food use, after the National Agricultural Statistics Service reported a 2% year-over-year decline in wheat ground for flour in the July-September quarter. Exports held at 750 million bushels, but USDA raised white wheat on strong sales to Asian buyers and cut hard red winter wheat, now projected at the second-lowest export level on record. Ending stocks rose 3 million bushels to 743 million, still 19% below last year, and the farm price fell 10 cents to $6.20.
Global wheat supplies rose 6.4 million metric tons to 1.11 billion on larger crops in Argentina, Australia, Kazakhstan and Ukraine. USDA cut Russia and Ukraine exports 1 million metric tons each, to 39 million and 11.5 million, citing the conflict in the Black Sea region. World wheat ending stocks rose 4.8 million metric tons to 280.8 million.
The next WASDE report is scheduled for Dec. 10, 2026.
