The USDA November Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports made modest adjustments to U.S. corn and soybean output while leaving wheat production unchanged. Corn yield was lowered slightly to 186 bushels per acre. This reduced production to 16.75 billion bushels.

Despite the reduction, the crop remains historically large. The USDA raised old-crop ending stocks by 207 million bushels. The 2025-26 beginning stocks rose to 1.532 billion bushels and new-crop ending stocks came in at 2.154 billion bushels. The farmgate price was $4 a bushel.

Exports were the only demand category raised, while domestic use projections remained steady. Globally, the USDA trimmed 2025-26 corn ending stocks and slightly reduced production. However, Brazil’s 2024-25 crop forecast increased to 136 million metric tons.

Soybean yield dropped to 53 billion bushels. This reduced production to 4.253 billion bushels. The USDA lowered export projections to 1.635 billion bushels but held crush steady at 2.555 billion bushels.

Soybean ending stocks fell to 290 million bushels. The farmgate price increased to $10.50.

Global ending stocks also declined modestly, with production estimates for Brazil and Argentina unchanged from September.

Wheat production stayed at 1.985 billion bushels, but ending stocks climbed to 901 million bushels. The USDA lowered the farmgate price to $5.00. Global wheat production and stocks rose, with higher output expected in Argentina, Australia, Russia and the EU.

The USDA reduced beef and pork production estimates for 2025 and 2026 due to slower slaughter speeds and lighter inventories. Cattle and hog price forecasts were also trimmed in several upcoming quarters, signaling weaker near-term market support.

Read more from the November USDA reports here.