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WASDE · November 2026

WASDE #677 · released Nov 10, 2026 · next WASDE Dec 10

CornSoybeansSoybean MealSoybean OilWheatCotton
Chapter 01 · WASDE · W1 · changes vs last month

What changed

  1. U.S. soybean meal ending stocks, 2025/26Headline−117 thou. short tons (−26.0%)333 thou. short tons2.3× the typical revision for this month (median |Δ| 50, n = 45)
  2. U.S. corn ending stocks, 2026/27−91 mil. bu (−4.9%)1,758 mil. bu1.2× the typical revision for this month (median |Δ| 73, n = 45)
  3. U.S. soybean ending stocks, 2026/27−15 mil. bu (−4.8%)300 mil. bu0.5× the typical revision for this month (median |Δ| 30, n = 45)
  4. U.S. wheat ending stocks, 2026/27+3 mil. bu (+0.4%)743 mil. bu0.4× the typical revision for this month (median |Δ| 7, n = 45)
WASDE · what changed

Biggest revisions vs October

All changes (Excel) →
  1. World ex-China wheat ending stocks, 2026/27
    +4.78 MMT
    Raised to 161.6 MMT · +3.1% · 4th consecutive raise
  2. U.S. soybean meal ending stocks, 2025/26
    −117 thou. short tons
    Cut to 333 thou. short tons · −26.0%
  3. Ukraine corn ending stocks, 2026/27
    +2.00 MMT
    Raised to 7.53 MMT · +36.2% · 4th consecutive raise
  4. U.S. soybean oil ending stocks, 2025/26
    −199 mil. lbs
    Cut to 1,458 mil. lbs · −12.0% · 2nd consecutive cut
  5. World ex-China soybean oil ending stocks, 2026/27
    −0.33 MMT
    Cut to 5.72 MMT · −5.5% · 2nd consecutive cut
  6. U.S. soybean meal ending stocks, 2026/27
    −50 thou. short tons
    Cut to 400 thou. short tons · −11.1%

Bar length: headline score (size and surprise of the revision), relative to the top one.

Chapter 02 · WASDE · W2 · stocks-to-use rank

Tight or loose?

WASDE · November 2026

U.S. corn stocks-to-use, 2026/27

10.8%

9th tightest of 17 seasons 2010/11–2026/27 (incl. current)

tighter than 50% of the other seasons

middle thirdn = 17
Source: WASDE November 2026Open the chart →
0%5%10%15%20%2010/11: 9%2011/12: 8%2012/13: 7%2013/14: 9%2014/15: 13%2015/16: 13%2016/17: 16%2017/18: 14%2018/19: 16%2019/20: 14%2020/21: 8%2021/22: 9%2022/23: 10%2023/24: 12%2024/25: 10%2025/26: 13%2026/27: 11%10/1112/1314/1516/1718/1920/2122/2324/2526/27
Show data table
U.S. corn stocks-to-use, 2026/27 stocks-to-use by marketing year since 2010/11; 2026/27: 10.8%.
Marketing yearStocks-to-use
2010/118.64%
2011/127.89%
2012/137.41%
2013/149.16%
2014/1512.59%
2015/1612.71%
2016/1715.65%
2017/1814.46%
2018/1915.54%
2019/2013.74%
2020/218.33%
2021/229.24%
2022/239.92%
2023/2411.78%
2024/2510.25%
2025/2612.73%
2026/2710.82%
WASDE · November 2026

U.S. soybean stocks-to-use, 2026/27

6.5%

9th tightest of 17 seasons 2010/11–2026/27 (incl. current)

tighter than 50% of the other seasons

middle thirdn = 17
Source: WASDE November 2026Open the chart →
0%10%20%30%2010/11: 7%2011/12: 5%2012/13: 5%2013/14: 3%2014/15: 5%2015/16: 5%2016/17: 7%2017/18: 10%2018/19: 23%2019/20: 13%2020/21: 6%2021/22: 6%2022/23: 6%2023/24: 8%2024/25: 7%2025/26: 7%2026/27: 7%10/1112/1314/1516/1718/1920/2122/2324/2526/27
Show data table
U.S. soybean stocks-to-use, 2026/27 stocks-to-use by marketing year since 2010/11; 2026/27: 6.5%.
Marketing yearStocks-to-use
2010/116.55%
2011/125.36%
2012/134.53%
2013/142.65%
2014/154.95%
2015/164.99%
2016/177.17%
2017/1810.19%
2018/1922.89%
2019/2013.28%
2020/215.71%
2021/226.14%
2022/236.13%
2023/248.33%
2024/257.35%
2025/267.34%
2026/276.50%
WASDE · November 2026

U.S. wheat stocks-to-use, 2026/27

40.0%

10th tightest of 17 seasons 2010/11–2026/27 (incl. current)

tighter than 44% of the other seasons

middle thirdn = 17
Source: WASDE November 2026Open the chart →
0%20%40%60%2010/11: 36%2011/12: 33%2012/13: 30%2013/14: 24%2014/15: 37%2015/16: 50%2016/17: 53%2017/18: 55%2018/19: 53%2019/20: 49%2020/21: 40%2021/22: 35%2022/23: 30%2023/24: 38%2024/25: 43%2025/26: 45%2026/27: 40%10/1112/1314/1516/1718/1920/2122/2324/2526/27
Show data table
U.S. wheat stocks-to-use, 2026/27 stocks-to-use by marketing year since 2010/11; 2026/27: 40.0%.
Marketing yearStocks-to-use
2010/1135.66%
2011/1233.30%
2012/1329.92%
2013/1424.22%
2014/1537.32%
2015/1650.03%
2016/1753.15%
2017/1855.48%
2018/1952.97%
2019/2049.26%
2020/2140.03%
2021/2235.23%
2022/2330.38%
2023/2438.35%
2024/2543.40%
2025/2644.90%
2026/2740.03%
Chapter 03 · WASDE · W3/W4 · ranks

How unusual was this month’s revision?

WASDE · November 2026

U.S. corn ending stocks: November revision, 2026/27

−91mil. bu

4th largest revision of 15 seasons at this point of the cycle

n = 15
Source: WASDE November 2026Open the chart →
WASDE · November 2026

U.S. soybean ending stocks: November revision, 2026/27

−15mil. bu

11th largest revision of 15 seasons at this point of the cycle

n = 15
Source: WASDE November 2026Open the chart →
WASDE · November 2026

U.S. wheat ending stocks: November revision, 2026/27

+3mil. bu

13th largest revision of 15 seasons at this point of the cycle

n = 15
Source: WASDE November 2026Open the chart →
WASDE · November 2026

Brazil’s share of soybean exports, 2026/27

66.0%of the exports of Argentina, Brazil, Paraguay, United States

2nd highest of 17 seasons

n = 17
  • · Brazil and Argentina use local marketing years
  • · Share of the exporters listed in the WASDE table only
Source: WASDE November 2026Open the chart →

Commodity views

Balance sheets, drivers, revision paths and stocks-to-use, U.S. and world.

Corn →Soybeans →Soybean Meal →Soybean Oil →Wheat →Cotton →Data →