Very few changes were made to corn balance sheets in the long-awaited November WASDE report. The U.S. corn yield was trimmed to 186 bushels per acre, down 0.7 bu from September. This was above the average trade estimate, as was the crop size of 16.752 billion bu. Both are record sized. The only change to demand was a 100 million bu increase in exports. Even with a lower yield, this was enough to raise projected ending stocks by 44 mbu to a total of 2.154 bbu. This is a 13.3 percent stocks to use and equates to a $4.00 average cash value, which is up 10 cents from September.

For soybeans, the USDA trimmed the average U.S. yield by 0.6 bushel, putting it at an even 53 bu per acre. This lowered the U.S. crop size by 48 mbu to a 4.25 bbu total. Another 13 mbu of soybeans were removed from the U.S. supply as old crop carryin was reduced as well. This lower supply was partially offset by a 1 mbu reduction to residual demand an a 50 mbu cut to projected exports. The lower supply was still enough to lower the U.S. carryout by 10 mbu, taking it to 290 mbu, 14 mbu below the average trade guess. This took the stocks to use on soybeans to 6.7 percent, a level that indicates a $10.50 average cash value. This was a 50-cent increase from September.

Even fewer alterations were made to U.S. wheat balance sheets this month. The average U.S. wheat yield was bumped up 0.6 bushel to 53.3 bushels per acre. The USDA trimmed harvested wheat acres by 100,000, but added in 700,000 to the planted side. This added 58 mbu of wheat to the U.S. production figure, putting it at 901 mbu, well above the average trade estimate. This is a 43.9 percent stocks to use and equates to an average $5 bushel value. This was a 10-cent reduction from the September estimate.

A few more changes were made to the global side of the report than the domestic side. The world corn carryout is now estimated at 281.34 million metric tons, 1.5 mmt under the average estimate, and just beneath the September figure of 281.4 mmt. This is 10 mmt less corn than last year, and 34 mmt less than the year before that. World soybean carryover is projected at 121.99 mmt, below both the average estimate for 124.2 mmt and the September number of 123.99 mmt. The world wheat ending stocks are now projected at 271.43 mmt. This was well above the average trade guess for 266.1 mmt and September’s 264.06 mmt estimate.

The U.S. beef and pork balance sheets were also little changed this month. Beef production for this year was trimmed 70 million pounds to total 25.76 billion pounds. For 2026, beef production was estimated at 25.39 billion pounds, down 100 million pounds from September’s estimate. Beef exports for 2025 were lowered by 100 million pounds to a 2.63-billion-pound total. For next year, U.S. beef exports are estimated at 2.53 billion pounds, unchanged from September.

Beef imports for both 2025 and 2026 were unchanged this month at 5.36 billion pounds and 4.95 billion pounds, respectively.

Pork production for 2025 was trimmed by 80 million pounds to total 27.49 billion. Pork production in 2026 is expected to be nearly the same at 27.48 billion pounds, down 900 million pounds from the September estimate. Pork exports for this year were left unchanged at 6.98 billion pounds and trimmed 400 million pounds for 2026 to 6.96 billion pounds.

The average steer value for 2025 is now estimated at $225.97 per hundredweight and $246.00 per cwt for 2026. This was a $2.60 lower estimate for this year and a $2.50 cut for next year. The average hog value was lowered by 74 cents per cwt for this year to $69.08, and increased by $1 a cwt for 2026 at $67.

The Brazilian analytical firm CONAB released its updated 2025/26 supply and demand numbers. CONAB now estimates a Brazil soybean crop of 177.6 mmt, just under the prior 177.64 mmt estimate. The firm’s export forecast was left unchanged at 12.1 mmt. Soybean ending stocks are forecast at 13.55 mmt this month, up from last month’s 13.38 mmt.

CONAB is now predicting a Brazil corn crop of 138.84 mmt, up from October’s 138.6 mmt estimate. Corn exports were also left unchanged this month at 46.5 mmt, and ending stocks were increased from 13.35 mmt last month to a current 13.55 mmt.

On the wheat crop, CONAB sees a crop of 7.69 mmt, steady from October. The Brazil wheat import forecast held at 6.63 mmt, and carryout was bumped up from 1.86 mmt to 1.92 mmt.

The National Oilseed Processor Association soybean crush report for October showed record processing for the month. NOPA members processed a huge 227.65 mbu of soybeans in the month, 18 mbu more than expected and well above the prior 206.6 mbu record from December 2024. The October total was up 15 percent from September and 14 percent more than last October. End of October soy oil stocks totaled 1.3 billion pounds, up 5 percent from September’s nine-month low and 21.5 percent more than a year ago. New crop soybean deliveries were a big factor in the higher crush, but so was the addition of two new crush plants in the month. This makes seven new U.S. crush plants for the year.

RISK DISCLAIMER: The risk of loss in trading commodity futures and options is substantial. Before trading, you should carefully consider your financial position to determine if futures trading is appropriate. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results. The information contained in this report is collected from a variety of sources and is believed to be reliable but is not guaranteed to be accurate. This report is provided for informational purposes only and is not furnished for the purpose of, nor is it intended to be relied upon for specific trading in commodities herein named.