Glacier FarmMedia — Soybean and corn yields in the United States were revised downward from earlier estimates in updated supply/demand tables from the United States Department of Agriculture released Nov. 14. The report marked the first official estimates since September, after the October report was cancelled due to the U.S. government shutdown.
Soybeans
U.S. soybean yields were estimated at 53.0 bushels per acre, which compares with the September estimate of 53.5 bu./ac. and was down slightly from average pre-report trade estimates around 53.1 bu./ac. Total soybean production at 4.253 billion bushels compares with 4.651 billion bushels in September and 4.744 billion bushels a year ago.
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Soybean ending stocks for 2025/26 were forecast at 290 million bushels, which was down by 10 million from the September estimate.
Corn
Corn yields were lowered to 186.0 bu./ac. from 186.7 bu./ac. in September. Average trade estimates around 184.0 bu./ac. had called for a larger cut to yields and the immediate market reaction was bearish.
U.S. corn production at 16.752 billion bushels was down by 62 million from September but still about 200 million bushels above average trade estimates.
Projected U.S. corn ending stocks for 2025/26 were raised to 2.154 billion bushels, from 2.110 billion in September.
World carryout
Global corn ending stocks for 2025/26 were estimated at 281.24 million tonnes by the USDA, which was down from 281.40 million in September and about 1.5 million tonnes below average trade estimates.
World soybean ending stocks were down by two million tonnes from September at 121.99 million tonnes.
Wheat ending stocks, at 271.43 million tonnes, were up by 7.37 million tonnes from September and roughly five million tonnes above average trade estimates.
