Corn · U.S.
WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10
November 2026 WASDE · Million bushels
Ending stocks 2026/27 Proj.
1,758
−91 vs last month · mil. bu
Stocks-to-use 2026/27
10.8%
−0.5 pt vs last month
Where it sits in history
8 of 17
past seasons were tighter (final values)
Old crop 2025/26
2,095
unch. ending stocks vs last month
Balance sheet
Million bushels · change vs October 2026 under each value
| Line | 2024/25 | 2025/26 Est. | 2026/27 Proj. |
|---|---|---|---|
| Area plantedMillion acres | 90.9 | 98.7 | 96.8 |
| Area harvestedMillion acres | 83.0 | 90.9 | 88.5 |
| YieldBushels per acre | 179.3 | 186.5 | 179.6 −1.6 |
| Beginning stocks | 1,763 | 1,551 | 2,095 |
| Production | 14,892 | 16,964 | 15,893 −141 |
| Imports | 22 | 31 | 25 |
| Total supply | 16,677 | 18,546 | 18,013 −141 |
| Feed & residual | 5,435 −2 | 6,118 −1 | 5,975 −25 |
| Food, seed & industrial | 6,818 +2 | 6,904 +1 | 7,005 |
| of which ethanol | 5,437 | 5,548 +1 | 5,650 |
| Domestic use | 12,253 | 13,022 | 12,980 −25 |
| Exports | 2,873 | 3,429 | 3,275 −25 |
| Total use | 15,126 | 16,451 | 16,255 −50 |
| Ending stocks | 1,551 | 2,095 | 1,758 −91 |
| Stocks-to-use (%)% | 10.3 | 12.7 | 10.8 −0.5 |
| Season-average farm price$ per bushel | 4.24 | 4.16 | 4.60 −0.10 |
Why ending stocks changed
Each bar is a line's effect on ending stocks: more domestic use or exports lowers stocks, so they appear with the opposite sign of the balance-sheet change.
Show data table
| Step | Effect on ending stocks (mil. bu) |
|---|---|
| Oct estimate | 1,849 |
| Production · yield | −141 |
| Domestic use | +25 |
| Exports | +25 |
| Nov estimate | 1,758 |
How USDA's estimate evolved
Million bushels. Month 0 is the first projection in May; after 12 months the projection becomes an estimate. Blue: 2026/27; grey: 2021/22–2025/26.
Show data table
| Month of cycle | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 | 2026/27 |
|---|---|---|---|---|---|---|
| May | 1,507 | 1,360 | 2,222 | 2,102 | 1,800 | 1,957 |
| Jun | 1,357 | 1,400 | 2,257 | 2,102 | 1,750 | 1,960 |
| Jul | 1,432 | 1,470 | 2,262 | 2,097 | 1,660 | 1,790 |
| Aug | 1,242 | 1,388 | 2,202 | 2,073 | 2,117 | 1,653 |
| Sep | 1,408 | 1,219 | 2,221 | 2,057 | 2,110 | 1,567 |
| Oct | 1,500 | 1,172 | 2,111 | 1,999 | — | 1,849 |
| Nov | 1,493 | 1,182 | 2,156 | 1,938 | 2,154 | 1,758 |
| Dec | 1,493 | 1,257 | 2,131 | 1,738 | 2,029 | — |
| Jan | 1,540 | 1,242 | 2,162 | 1,540 | 2,227 | — |
| Feb | 1,540 | 1,267 | 2,172 | 1,540 | 2,127 | — |
| Mar | 1,440 | 1,342 | 2,172 | 1,540 | 2,127 | — |
| Apr | 1,440 | 1,342 | 2,122 | 1,465 | 2,127 | — |
| May (yr 2) | 1,440 | 1,417 | 2,022 | 1,415 | 2,142 | — |
| Jun (yr 2) | 1,485 | 1,452 | 2,022 | 1,365 | 2,145 | — |
| Jul (yr 2) | 1,510 | 1,402 | 1,877 | 1,340 | 2,020 | — |
| Aug (yr 2) | 1,530 | 1,457 | 1,867 | 1,305 | 1,945 | — |
| Sep (yr 2) | 1,525 | 1,452 | 1,812 | 1,325 | 1,922 | — |
| Oct (yr 2) | 1,377 | 1,361 | 1,760 | — | 2,095 | — |
| Nov (yr 2) | 1,377 | 1,361 | 1,760 | 1,532 | 2,095 | — |
| Dec (yr 2) | 1,377 | 1,361 | 1,760 | 1,532 | — | — |
| Jan (yr 2) | 1,377 | 1,360 | 1,763 | 1,551 | — | — |
| Feb (yr 2) | 1,377 | 1,360 | 1,763 | 1,551 | — | — |
| Mar (yr 2) | 1,377 | 1,360 | 1,763 | 1,551 | — | — |
| Apr (yr 2) | 1,377 | 1,360 | 1,763 | 1,551 | — | — |
Stocks-to-use by marketing year
Grey: final value of completed seasons; blue: 2026/27 projection; mid-tone: 2025/26 estimate. n = 17 final seasons. Ending stocks ÷ total use (domestic + exports).
Show data table
| Marketing year | Stocks-to-use | Ending stocks | Status |
|---|---|---|---|
| 2008/09 | 13.9% | 1,673 | final |
| 2009/10 | 13.1% | 1,708 | final |
| 2010/11 | 8.6% | 1,128 | final |
| 2011/12 | 7.9% | 989 | final |
| 2012/13 | 7.4% | 821 | final |
| 2013/14 | 9.2% | 1,232 | final |
| 2014/15 | 12.6% | 1,731 | final |
| 2015/16 | 12.7% | 1,737 | final |
| 2016/17 | 15.7% | 2,293 | final |
| 2017/18 | 14.5% | 2,140 | final |
| 2018/19 | 15.5% | 2,221 | final |
| 2019/20 | 13.7% | 1,919 | final |
| 2020/21 | 8.3% | 1,235 | final |
| 2021/22 | 9.2% | 1,377 | final |
| 2022/23 | 9.9% | 1,360 | final |
| 2023/24 | 11.8% | 1,763 | final |
| 2024/25 | 10.3% | 1,551 | final |
| 2025/26 | 12.7% | 2,095 | est |
| 2026/27 | 10.8% | 1,758 | proj |