Soybean Oil · U.S.
WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10
November 2026 WASDE · Million pounds
Ending stocks 2026/27 Proj.
1,698
−99 vs last month · mil. lbs
Stocks-to-use 2026/27
5.1%
−0.3 pt vs last month
Where it sits in history
0 of 17
past seasons were tighter (final values)
Old crop 2025/26
1,458
−199 ending stocks vs last month
Balance sheet
Million pounds · change vs October 2026 under each value
| Line | 2024/25 | 2025/26 Est. | 2026/27 Proj. |
|---|---|---|---|
| Beginning stocks | 1,551 | 1,747 | 1,458 −199 |
| Production | 29,218 | 30,576 −139 | 32,945 |
| Imports | 362 | 528 +3 | 700 |
| Total supply | 31,131 | 32,851 −136 | 35,103 −199 |
| Domestic use | 26,912 | 30,411 +56 | 33,005 −100 |
| Exports | 2,472 | 982 +7 | 400 |
| Total use | 29,384 | 31,393 +63 | 33,405 −100 |
| Ending stocks | 1,747 | 1,458 −199 | 1,698 −99 |
| Stocks-to-use (%)% | 5.9 | 4.6 −0.6 | 5.1 −0.3 |
| Season-average farm priceCents per lb | 47.59 | 64.08 | 68.00 −2.00 |
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 (mil. lbs) |
|---|---|
| Oct estimate | 1,797 |
| Beginning stocks | −199 |
| Domestic use | +100 |
| Nov estimate | 1,698 |
How USDA's estimate evolved
Million pounds. 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 | 1,513 | 1,706 | 1,831 | 1,842 | 1,531 | 1,897 |
| Jun | 1,503 | 1,681 | 1,831 | 1,827 | 1,531 | 1,877 |
| Jul | 1,488 | 1,661 | 1,836 | 1,777 | 1,671 | 1,877 |
| Aug | 1,453 | 1,811 | 1,831 | 1,777 | 1,721 | 1,877 |
| Sep | 1,478 | 1,826 | 1,821 | 1,787 | 1,736 | 1,877 |
| Oct | 1,798 | 1,846 | 1,736 | 1,787 | — | 1,797 |
| Nov | 1,912 | 1,859 | 1,577 | 1,536 | 1,726 | 1,698 |
| Dec | 1,916 | 1,901 | 1,577 | 1,506 | 1,726 | — |
| Jan | 1,916 | 1,901 | 1,577 | 1,531 | 1,752 | — |
| Feb | 2,076 | 1,936 | 1,577 | 1,531 | 1,752 | — |
| Mar | 2,076 | 1,936 | 1,582 | 1,531 | 1,782 | — |
| Apr | 1,976 | 1,936 | 1,627 | 1,451 | 1,842 | — |
| May (yr 2) | 1,976 | 1,936 | 1,677 | 1,451 | 1,857 | — |
| Jun (yr 2) | 1,951 | 1,936 | 1,662 | 1,451 | 1,837 | — |
| Jul (yr 2) | 1,951 | 1,936 | 1,612 | 1,451 | 1,837 | — |
| Aug (yr 2) | 2,101 | 1,881 | 1,612 | 1,501 | 1,837 | — |
| Sep (yr 2) | 2,151 | 1,861 | 1,622 | 1,561 | 1,837 | — |
| Oct (yr 2) | 2,051 | 1,761 | 1,622 | — | 1,657 | — |
| Nov (yr 2) | 1,999 | 1,602 | 1,501 | 1,751 | 1,458 | — |
| Dec (yr 2) | 1,991 | 1,602 | 1,501 | 1,751 | — | — |
| Jan (yr 2) | 1,991 | 1,602 | 1,501 | 1,747 | — | — |
| Feb (yr 2) | 1,991 | 1,602 | 1,501 | 1,747 | — | — |
| Mar (yr 2) | 1,991 | 1,607 | 1,551 | 1,747 | — | — |
| Apr (yr 2) | 1,991 | 1,607 | 1,551 | 1,747 | — | — |
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 | 15.5% | 2,861 | final |
| 2009/10 | 17.8% | 3,406 | final |
| 2010/11 | 12.1% | 2,425 | final |
| 2011/12 | 12.8% | 2,540 | final |
| 2012/13 | 8.2% | 1,705 | final |
| 2013/14 | 5.6% | 1,165 | final |
| 2014/15 | 8.8% | 1,855 | final |
| 2015/16 | 7.5% | 1,687 | final |
| 2016/17 | 7.6% | 1,711 | final |
| 2017/18 | 8.4% | 1,995 | final |
| 2018/19 | 7.2% | 1,775 | final |
| 2019/20 | 7.4% | 1,853 | final |
| 2020/21 | 8.5% | 2,131 | final |
| 2021/22 | 7.5% | 1,991 | final |
| 2022/23 | 6.0% | 1,607 | final |
| 2023/24 | 5.6% | 1,551 | final |
| 2024/25 | 5.9% | 1,747 | final |
| 2025/26 | 4.6% | 1,458 | est |
| 2026/27 | 5.1% | 1,698 | proj |