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The USDA's November report puts 2026/27 global soybean production at about 443 million tonnes, slightly below October, and cuts world ending stocks by almost 1 million tonnes to 124 million. US exports are raised by about 1 million tonnes to nearly 47 million, which lowers US ending stocks from 8.6 to 8.2 million tonnes despite a slightly larger crop.
Brazil's estimates are unchanged at 186 million tonnes.
Higher US export demand and lower US carryout tighten the balance sheet relative to pre-report expectations, supporting Chicago soybean prices. Unchanged Brazilian supply limits how far the global tightening can lift prices.
topagrar.comAlfons DeterNov 15, 2026After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
