# November 10 USDA Supply/Demand Report Recap - ADM Investor Services

> ADM Investor Services recapped the November 10 USDA report against trade expectations. US corn production came in at 14,507 million bushels versus 14,659 expected, and corn carryout at 1,702 million versus 2,033 expected. Soybean carryout was 190 million bushels versus 235 expected, while world corn and soybean stocks also came in below estimates.

- Date: 2020-11-10 · published 2020-11-10T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/50093-november-10-usda-supply-demand-report-recap-adm-investor-services
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Carryout numbers well below trade expectations signal a tighter supply balance for corn and soybeans, supporting feed grain and soybean meal prices. Record projected corn exports further drain available supplies.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2020-11-16 | 5 | +9.7% | 4.8 | Corn carryout of 1,702M bushels versus 2,033M expected was a large bullish surprise relative to trade expectations. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2026-02-10 | [USDA Report - Drop in US Corn Stocks \| Feb 10.26 - ADM Investor Services](https://feedsoft.ai/events/20548-usda-report-drop-in-us-corn-stocks-feb-10-26-adm-investor-services.md) | +0.7% | +1.9% |
| CORN | 2024-09-30 | [SEP 30.24 USDA Quarterly Stocks Report - ADM Investor Services](https://feedsoft.ai/events/28251-sep-30-24-usda-quarterly-stocks-report-adm-investor-services.md) | +1.0% | -0.6% |
| CORN | 2025-07-11 | [July 11.25 USDA WASDE - Somewhat Supportive - ADM Investor Services](https://feedsoft.ai/events/23711-july-11-25-usda-wasde-somewhat-supportive-adm-investor-services.md) | -0.7% | -1.5% |
| CORN | 2024-11-21 | [Commodities Overview November 2024 Edition - ADM Investor Services](https://feedsoft.ai/events/11135-commodities-overview-november-2024-edition-adm-investor-services.md) | -3.5% | +1.6% |
| CORN | 2022-05-12 | [USDA Supply/Demand Summary - May 2022 — The Hightower Report](https://feedsoft.ai/events/41351-usda-supply-demand-summary-may-2022-the-hightower-report.md) | -0.3% | -0.9% |
| SOY | 2024-09-30 | [SEP 30.24 USDA Quarterly Stocks Report - ADM Investor Services](https://feedsoft.ai/events/28251-sep-30-24-usda-quarterly-stocks-report-adm-investor-services.md) | -2.6% | -7.3% |
| SOY | 2024-11-21 | [Commodities Overview November 2024 Edition - ADM Investor Services](https://feedsoft.ai/events/11135-commodities-overview-november-2024-edition-adm-investor-services.md) | -0.2% | -2.8% |
| SOY | 2026-05-12 | [USDA May 12 Bullish Wheat, Supportive Beans, Neutral Corn - ADM Investor Services](https://feedsoft.ai/events/19195-usda-may-12-bullish-wheat-supportive-beans-neutral-corn-adm-investor-services.md) | +1.1% | -7.2% |

## Sources

- admis.com: https://www.admis.com/november-10-usda-supply-demand-report-recap/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.