Soybean Meal · U.S.
WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10
November 2026 WASDE · Thousand short tons
Ending stocks 2026/27 Proj.
400
−50 vs last month · thou. short tons
Stocks-to-use 2026/27
0.6%
−0.1 pt vs last month
Where it sits in history
4 of 17
past seasons were tighter (final values)
Old crop 2025/26
333
−117 ending stocks vs last month
Balance sheet
Thousand short tons · change vs October 2026 under each value
| Line | 2024/25 | 2025/26 Est. | 2026/27 Proj. |
|---|---|---|---|
| Beginning stocks | 453 | 398 | 333 −117 |
| Production | 58,443 | 62,608 −304 | 65,800 |
| Imports | 806 | 1,003 −12 | 1,000 |
| Total supply | 59,703 | 64,009 −316 | 67,133 −117 |
| Domestic use | 41,232 | 43,375 | 44,033 −67 |
| Exports | 18,073 | 20,302 −198 | 22,700 |
| Total use | 59,305 | 63,677 −198 | 66,733 −67 |
| Ending stocks | 398 | 333 −117 | 400 −50 |
| Stocks-to-use (%)% | 0.7 | 0.5 −0.2 | 0.6 −0.1 |
| Season-average farm price$ per short ton | 300.33 | 325.32 | 340.00 |
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 (thou. short tons) |
|---|---|
| Oct estimate | 450 |
| Beginning stocks | −117 |
| Domestic use | +67 |
| Nov estimate | 400 |
How USDA's estimate evolved
Thousand short tons. 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 | 450 | 500 | 400 | 450 | 475 | 450 |
| Jun | 450 | 500 | 400 | 450 | 475 | 450 |
| Jul | 500 | 500 | 400 | 450 | 475 | 450 |
| Aug | 500 | 500 | 400 | 450 | 475 | 450 |
| Sep | 500 | 450 | 400 | 450 | 475 | 450 |
| Oct | 400 | 450 | 400 | 450 | — | 450 |
| Nov | 400 | 350 | 400 | 450 | 475 | 400 |
| Dec | 400 | 350 | 400 | 450 | 475 | — |
| Jan | 400 | 350 | 400 | 450 | 450 | — |
| Feb | 400 | 350 | 400 | 450 | 450 | — |
| Mar | 400 | 350 | 400 | 450 | 450 | — |
| Apr | 400 | 350 | 400 | 450 | 450 | — |
| May (yr 2) | 400 | 350 | 400 | 450 | 450 | — |
| Jun (yr 2) | 400 | 350 | 400 | 450 | 450 | — |
| Jul (yr 2) | 400 | 350 | 400 | 450 | 450 | — |
| Aug (yr 2) | 400 | 350 | 400 | 450 | 450 | — |
| Sep (yr 2) | 400 | 350 | 400 | 450 | 450 | — |
| Oct (yr 2) | 400 | 350 | 400 | — | 450 | — |
| Nov (yr 2) | 311 | 371 | 453 | 450 | 333 | — |
| Dec (yr 2) | 311 | 371 | 453 | 450 | — | — |
| Jan (yr 2) | 311 | 371 | 453 | 398 | — | — |
| Feb (yr 2) | 311 | 371 | 453 | 398 | — | — |
| Mar (yr 2) | 311 | 371 | 453 | 398 | — | — |
| Apr (yr 2) | 311 | 371 | 453 | 398 | — | — |
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 | 0.6% | 235 | final |
| 2009/10 | 0.7% | 302 | final |
| 2010/11 | 0.9% | 350 | final |
| 2011/12 | 0.7% | 300 | final |
| 2012/13 | 0.7% | 275 | final |
| 2013/14 | 0.6% | 250 | final |
| 2014/15 | 0.6% | 260 | final |
| 2015/16 | 0.6% | 264 | final |
| 2016/17 | 0.9% | 401 | final |
| 2017/18 | 1.1% | 555 | final |
| 2018/19 | 0.8% | 402 | final |
| 2019/20 | 0.7% | 341 | final |
| 2020/21 | 0.7% | 341 | final |
| 2021/22 | 0.6% | 311 | final |
| 2022/23 | 0.7% | 371 | final |
| 2023/24 | 0.8% | 453 | final |
| 2024/25 | 0.7% | 398 | final |
| 2025/26 | 0.5% | 333 | est |
| 2026/27 | 0.6% | 400 | proj |