Soybeans · U.S.
WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10
November 2026 WASDE · Million bushels
Ending stocks 2026/27 Proj.
300
−15 vs last month · mil. bu
Stocks-to-use 2026/27
6.5%
−0.4 pt vs last month
Where it sits in history
10 of 17
past seasons were tighter (final values)
Old crop 2025/26
315
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 | 87.3 | 81.2 | 86.9 |
| Area harvestedMillion acres | 86.2 | 80.4 | 85.9 |
| YieldBushels per acre | 50.7 | 53.0 | 53.3 +0.2 |
| Beginning stocks | 342 | 325 | 315 |
| Production | 4,374 | 4,261 | 4,574 +12 |
| Imports | 30 | 22 | 25 |
| Total supply | 4,746 | 4,608 | 4,914 +12 |
| Crush | 2,445 | 2,646 | 2,780 |
| Domestic use | 2,529 | 2,778 | 2,894 +2 |
| Exports | 1,892 | 1,515 | 1,720 +25 |
| Total use | 4,421 | 4,293 | 4,614 +27 |
| Ending stocks | 325 | 315 | 300 −15 |
| Stocks-to-use (%)% | 7.4 | 7.3 | 6.5 −0.4 |
| Season-average farm price$ per bushel | 10.00 | 10.50 | 12.10 +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 | 315 |
| Production · yield | +12 |
| Domestic use | −2 |
| Exports | −25 |
| Nov estimate | 300 |
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 | 140 | 310 | 335 | 445 | 295 | 310 |
| Jun | 155 | 280 | 350 | 455 | 295 | 310 |
| Jul | 155 | 230 | 300 | 435 | 310 | 310 |
| Aug | 155 | 245 | 245 | 560 | 290 | 320 |
| Sep | 185 | 200 | 220 | 550 | 300 | 310 |
| Oct | 320 | 200 | 220 | 550 | — | 315 |
| Nov | 340 | 220 | 245 | 470 | 290 | 300 |
| Dec | 340 | 220 | 245 | 470 | 290 | — |
| Jan | 350 | 210 | 280 | 380 | 350 | — |
| Feb | 325 | 225 | 315 | 380 | 350 | — |
| Mar | 285 | 210 | 315 | 380 | 350 | — |
| Apr | 260 | 210 | 340 | 375 | 350 | — |
| May (yr 2) | 235 | 215 | 340 | 350 | 340 | — |
| Jun (yr 2) | 205 | 230 | 350 | 350 | 340 | — |
| Jul (yr 2) | 215 | 255 | 345 | 350 | 330 | — |
| Aug (yr 2) | 225 | 260 | 345 | 330 | 325 | — |
| Sep (yr 2) | 240 | 250 | 340 | 330 | 325 | — |
| Oct (yr 2) | 274 | 268 | 342 | — | 315 | — |
| Nov (yr 2) | 274 | 268 | 342 | 316 | 315 | — |
| Dec (yr 2) | 274 | 268 | 342 | 316 | — | — |
| Jan (yr 2) | 274 | 264 | 342 | 325 | — | — |
| Feb (yr 2) | 274 | 264 | 342 | 325 | — | — |
| Mar (yr 2) | 274 | 264 | 342 | 325 | — | — |
| Apr (yr 2) | 274 | 264 | 342 | 325 | — | — |
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 | 4.5% | 138 | final |
| 2009/10 | 4.5% | 151 | final |
| 2010/11 | 6.6% | 215 | final |
| 2011/12 | 5.4% | 169 | final |
| 2012/13 | 4.5% | 141 | final |
| 2013/14 | 2.6% | 92 | final |
| 2014/15 | 4.9% | 191 | final |
| 2015/16 | 5.0% | 197 | final |
| 2016/17 | 7.2% | 302 | final |
| 2017/18 | 10.2% | 438 | final |
| 2018/19 | 22.9% | 909 | final |
| 2019/20 | 13.3% | 525 | final |
| 2020/21 | 5.7% | 257 | final |
| 2021/22 | 6.1% | 274 | final |
| 2022/23 | 6.1% | 264 | final |
| 2023/24 | 8.3% | 342 | final |
| 2024/25 | 7.4% | 325 | final |
| 2025/26 | 7.3% | 315 | est |
| 2026/27 | 6.5% | 300 | proj |