Nov 14.25 USDA Report – Neutral/Bearish Corn & Wheat

USDA WASDE PRODUCTION  HIGHLIGHTS

Relative to expectations today’s data was bearish wheat, neutral to bearish corn, neutral to friendly soybeans however not friendly enough after $1.50 runup from the late summer lows.

Corn:

  • US Production cut 62 mil. bu. to 16.752 bil., 195 mil. above expectations
  • US yield at record 186 bpa, while down from 186.7 bpa in Sept-25
  • Old crop 24/25 feed usage cut sharply raising stocks to 1.532 bil. bu. 
  • New crop 25/26 demand up 100 mil. bu. on higher exports
  • US 25/26 ending stocks at 2.154 bil. were up 44 mil., slightly above expectations
  • Brazil’s 24/25 production was increased 5 mmt to 136 mmt.
  • Global 25/26 stocks little changed at 281 mmt, slightly below expectations

Soybeans

  • US Production cut 48 mil. bu. to 4.253 bil., 13 mil. below expectations
  • US yield at record 53 bpa, however down from 53.5 bpa in Sept-25
  • Old crop 24/25 crush raised 15 mil. bu. lowering stocks to 316 mil. bu. 
  • New crop 25/26 demand lowered 51 mil. on lower exports
  • US 25/26 ending stocks at 290 mil. were down 10 mil., slightly below expectations
  • Brazil’s 24/25 production up 2.5 mmt to 171.5 mmt.  No changes to new crop
  • Argentine 25/26 exports increased 2.25 to 8.25 mmt.
  • Global 25/26 stocks cut 2 mmt to 122 mmt, below expectations of no change

Wheat

  • 2025/26 ending stocks increased 57 mil. bu. to 901 mil., 35 mil. above expectations
  • Stock increase due to higher production for Sept. 30th, no change in demand
  • Global stocks surged 7.3 mmt to 271.4 mmt, well above expectations
  • Global production up 12.7 mmt to 829 mmt
  • Production increased in Argentina, Australia, Canada, EU, Russia, Kazakhstan and US
USDA Nov 14 Infographic

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