November WASDE Analysis 11/10/2026

The November WASDE supports a neutral-to-bullish outlook for corn and soybeans, while wheat faces looser global supply.

• USDA cut the 2026/27 U.S. corn yield by 1.6 bushels per acre to 179.6, reducing production by 141 million bushels to 15,893 million and ending stocks by 91 million to 1,758 million.
• U.S. corn ending stocks equal 10.8% of annual use, while USDA lowered its season-average price forecast by $0.10 to $4.60 per bushel; corn and soybean futures also broke above daily trendline resistance.
• Soybean ending stocks fell 15 million bushels to 300 million as exports rose 25 million to 1,720 million, leaving stocks at 6.5% of annual use and lifting the price forecast by $0.10 to $12.10 per bushel.
• World corn ending stocks rose 1.5 million tons to 281.94 million, supported by crop increases of 2.0 million tons each for Argentina and Brazil, while world stocks-to-use remains near its lowest level in a decade.
• Wheat ending stocks rose 3 million bushels in the United States and 4.8 million tons globally, as larger crops in Argentina, Australia, Kazakhstan and Ukraine outweighed lower Russian and Ukrainian export forecasts.

Takeaway: The smaller U.S. corn crop, tight global corn stocks and lower soybean inventories could tilt grain prices higher, although South American planting, the Black Sea conflict and the January 12 USDA production update remain decisive risks.