Wheat · U.S.
WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10
November 2026 WASDE · Million bushels
Ending stocks 2026/27 Proj.
743
+3 vs last month · mil. bu
Stocks-to-use 2026/27
40.0%
+0.2 pt vs last month
Where it sits in history
10 of 17
past seasons were tighter (final values)
Old crop 2025/26
920
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 | 46.3 | 45.5 | 42.5 |
| Area harvestedMillion acres | 38.6 | 37.3 | 31.9 |
| YieldBushels per acre | 51.2 | 53.3 | 48.1 |
| Beginning stocks | 696 | 855 | 920 |
| Production | 1,979 | 1,989 | 1,534 |
| Imports | 150 | 125 | 145 |
| Total supply | 2,825 | 2,969 | 2,599 |
| Feed & residual | 111 | 124 | 90 |
| Domestic use | 1,141 | 1,141 | 1,106 −3 |
| Exports | 829 | 908 | 750 |
| Total use | 1,970 | 2,049 | 1,856 −3 |
| Ending stocks | 855 | 920 | 743 +3 |
| Stocks-to-use (%)% | 43.4 | 44.9 | 40.0 +0.2 |
| Season-average farm price$ per bushel | 5.52 | 5.06 | 6.20 −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 | 740 |
| Domestic use | +3 |
| Nov estimate | 743 |
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 | 774 | 619 | 556 | 766 | 923 | 762 |
| Jun | 770 | 627 | 562 | 758 | 898 | 744 |
| Jul | 665 | 639 | 592 | 856 | 890 | 722 |
| Aug | 627 | 610 | 615 | 828 | 869 | 717 |
| Sep | 615 | 610 | 615 | 828 | 844 | 717 |
| Oct | 580 | 576 | 670 | 812 | — | 740 |
| Nov | 583 | 571 | 684 | 815 | 901 | 743 |
| Dec | 598 | 571 | 659 | 795 | 901 | — |
| Jan | 628 | 567 | 648 | 798 | 926 | — |
| Feb | 648 | 568 | 658 | 794 | 931 | — |
| Mar | 653 | 568 | 673 | 819 | 931 | — |
| Apr | 678 | 598 | 698 | 846 | 938 | — |
| May (yr 2) | 655 | 598 | 688 | 841 | 935 | — |
| Jun (yr 2) | 655 | 598 | 688 | 841 | 935 | — |
| Jul (yr 2) | 660 | 580 | 702 | 851 | 920 | — |
| Aug (yr 2) | 660 | 580 | 702 | 851 | 920 | — |
| Sep (yr 2) | 660 | 580 | 702 | 851 | 920 | — |
| Oct (yr 2) | 669 | 582 | 696 | — | 920 | — |
| Nov (yr 2) | 669 | 582 | 696 | 851 | 920 | — |
| Dec (yr 2) | 669 | 582 | 696 | 851 | — | — |
| Jan (yr 2) | 698 | 570 | 696 | 855 | — | — |
| Feb (yr 2) | 698 | 570 | 696 | 855 | — | — |
| Mar (yr 2) | 698 | 570 | 696 | 855 | — | — |
| Apr (yr 2) | 698 | 570 | 696 | 855 | — | — |
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 | 28.9% | 657 | final |
| 2009/10 | 48.4% | 976 | final |
| 2010/11 | 35.7% | 862 | final |
| 2011/12 | 33.3% | 743 | final |
| 2012/13 | 29.9% | 718 | final |
| 2013/14 | 24.2% | 590 | final |
| 2014/15 | 37.3% | 752 | final |
| 2015/16 | 50.0% | 976 | final |
| 2016/17 | 53.2% | 1,181 | final |
| 2017/18 | 55.5% | 1,099 | final |
| 2018/19 | 53.0% | 1,080 | final |
| 2019/20 | 49.3% | 1,028 | final |
| 2020/21 | 40.0% | 845 | final |
| 2021/22 | 35.2% | 674 | final |
| 2022/23 | 30.4% | 570 | final |
| 2023/24 | 38.3% | 696 | final |
| 2024/25 | 43.4% | 855 | final |
| 2025/26 | 44.9% | 920 | est |
| 2026/27 | 40.0% | 743 | proj |