# USDA Reports Point to Muted Grain Price Action Amid Robust Global Stocks and Shifting U.S. Crop Numbers

> USDA’s November Crop Production and WASDE reports raised its forecasts for global wheat production and ending stocks, with higher output projected in Australia, Argentina and Turkey. The agency lowered projected U.S. hard red winter wheat exports, while Black Sea export projections also fell and forecasts for Argentina and Australia’s exports increased.

- Date: 2026-11-11 · published 2026-11-11T15:10:41.384Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/93676-usda-reports-point-to-muted-grain-price-action-amid-robust-global-stocks-and
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Larger global wheat supplies and reduced U.S. HRW export expectations weigh on wheat prices, though lower Black Sea export projections provide some offset. Robust grain stocks overall point to limited near-term price movement.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2025-07-11 | [PF Reaction to USDA Reports \| USDA cuts old-, new-crop corn ending stocks - Pro Farmer](https://feedsoft.ai/events/23714-pf-reaction-to-usda-reports-usda-cuts-old-new-crop-corn-ending-stocks-pro-farmer.md) | -2.3% | -2.1% |
| WHEAT | 2024-03-08 | [PF Report Reaction: USDA cuts global ending stocks for corn, soybeans, wheat and cotton - Pro Farmer](https://feedsoft.ai/events/31133-pf-report-reaction-usda-cuts-global-ending-stocks-for-corn-soybeans-wheat-and.md) | -7.4% | -6.6% |
| WHEAT | 2025-05-28 | [Contrasting regional results point to shifting patterns in Australia’s grain production \| ANZ](https://feedsoft.ai/events/24627-contrasting-regional-results-point-to-shifting-patterns-in-australia-s-grain.md) | +2.5% | -0.2% |
| WHEAT | 2025-03-31 | [USDA reports mixed grain stocks, with wheat up and corn down](https://feedsoft.ai/events/25651-usda-reports-mixed-grain-stocks-with-wheat-up-and-corn-down.md) | -1.5% | +0.8% |
| WHEAT | 2025-10-01 | [USDA Grain Stocks Report Surprises Corn and Wheat - RFD](https://feedsoft.ai/events/9845-usda-grain-stocks-report-surprises-corn-and-wheat-rfd.md) | +0.6% | +6.4% |
| KWHEAT | 2025-11-06 | [U.S. Grain Prices Drop Amid Federal Government Shutdown and Export Reporting Delays](https://feedsoft.ai/events/8215-u-s-grain-prices-drop-amid-federal-government-shutdown-and-export-reporting.md) | -2.7% | -1.9% |
| KWHEAT | 2026-01-15 | [USDA raises projections for US, global wheat ending stocks \| World Grain](https://feedsoft.ai/events/21103-usda-raises-projections-for-us-global-wheat-ending-stocks-world-grain.md) | +0.7% | +6.1% |
| KWHEAT | 2024-09-30 | [USDA Releases Sept. 1 Grain Stocks, Small Grains Summary Reports](https://feedsoft.ai/events/28259-usda-releases-sept-1-grain-stocks-small-grains-summary-reports.md) | +3.7% | -0.8% |

## Sources

- oklahomafarmreport.com: https://www.oklahomafarmreport.com/2026/11/11/usda-reports-point-to-muted-grain-price-action-amid-robust-global-stocks-and-shifting-u-s-crop-numbers/

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