# Grains: November WASDE provides some clarity with China the near-term swing factor | Saxo

> The November WASDE, the first in two months after a prolonged US government shutdown, showed corn ending stocks lifted to 2.154 billion bushels with yield trimmed to 186.0 bpa. Wheat balance sheets loosened more than expected while soybeans tightened only modestly.

- Date: 2025-11-04 · published 2025-11-04T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/6938-grains-november-wasde-provides-some-clarity-with-china-the-near-term-swing
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

The report was softer than speculative longs had positioned for, undermining the recent rally and pointing to bearish pressure on corn and wheat, with soybeans supported only mildly while Chinese buying remains unconfirmed.

## Read by commodity

- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2025-11-17 | [Grains: November WASDE provides some clarity with China the near-term swing factor \| Saxo Bank](https://feedsoft.ai/events/7894-grains-november-wasde-provides-some-clarity-with-china-the-near-term-swing.md) | +0.7% | +2.3% |
| CORN | 2017-09-12 | [September WASDE throws grains in the red \| Farm Progress](https://feedsoft.ai/events/68899-september-wasde-throws-grains-in-the-red-farm-progress.md) | +0.9% | +3.8% |
| CORN | 2025-11-14 | [USDA Provides Fresh Data with November WASDE Report and Flash Sales Data \| American Ag Network](https://feedsoft.ai/events/21890-usda-provides-fresh-data-with-november-wasde-report-and-flash-sales-data.md) | -0.8% | -0.3% |
| CORN | 2026-03-10 | [WASDE Non-Event but Corn, Wheat Lower With Plunging Crude Oil: Is the Top in the Grains? - AgWeb](https://feedsoft.ai/events/10384-wasde-non-event-but-corn-wheat-lower-with-plunging-crude-oil-is-the-top-in-the.md) | +3.2% | +2.8% |
| CORN | 2025-12-01 | [November WASDE shows mixed crop prices](https://feedsoft.ai/events/21541-november-wasde-shows-mixed-crop-prices.md) | +0.3% | +0.3% |
| WHEAT | 2025-11-17 | [Grains: November WASDE provides some clarity with China the near-term swing factor \| Saxo Bank](https://feedsoft.ai/events/7894-grains-november-wasde-provides-some-clarity-with-china-the-near-term-swing.md) | +1.7% | +1.3% |
| WHEAT | 2026-03-10 | [WASDE Non-Event but Corn, Wheat Lower With Plunging Crude Oil: Is the Top in the Grains? - AgWeb](https://feedsoft.ai/events/10384-wasde-non-event-but-corn-wheat-lower-with-plunging-crude-oil-is-the-top-in-the.md) | -1.3% | -1.1% |
| WHEAT | 2018-11-09 | [November WASDE puts damper on grain markets — This week in the grain markets - RealAgriculture](https://feedsoft.ai/events/61983-november-wasde-puts-damper-on-grain-markets-this-week-in-the-grain-markets.md) | -0.4% | +1.0% |

## Sources

- home.saxo: https://www.home.saxo/content/articles/commodities/grains-november-wasde-provides-some-clarity-with-china-the-near-term-swing-factor-17112025

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