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The November USDA report raised projected U.S. ending wheat stocks to 743 million bushels, lowered soybean stocks to 300 million bushels, and cut U.S. corn production to 15.893 billion bushels. Globally, the report increased projected wheat production and ending stocks; U.S. winter wheat planting was 89% complete as of November 8, while 49% of the crop was rated good to excellent.
The reduced U.S. corn production estimate and lower soybean stocks tighten expected supplies and are supportive of those prices. Higher wheat production and stocks add supply pressure, although Black Sea export uncertainty could provide support.
vncommodities.vnNov 11, 2026After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 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.
