# WASDE 11/2026 agriculture: Wheat drought +4/6 — Soybeans face high inventories and crowded positioning

> Ahead of the November 10 WASDE report, US winter wheat was rated only 44% good to excellent, below the five-year average of 48%, and Kansas remained dry. Soybeans faced pressure from a fund long position at the 81st percentile, a WASDE forecast for ending stocks rising to 336 million bushels, and a record Brazilian 2026/27 crop of 181.6 million tonnes. Crude oil fell sharply while soybean oil dipped only 0.87%, supported by biofuel mandates.

- Date: 2026-11-10 · published 2026-11-12T01:36:42.642Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/94686-wasde-11-2026-agriculture-wheat-drought-4-6-soybeans-face-high-inventories-and
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A poor US wheat crop and disrupted Black Sea exports support wheat prices, while higher soybean stocks and record Brazilian output weigh on soybeans and meal, which lowers feed protein costs for buyers.

## Read by commodity

- SBO: neutral
- SOY: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-07-12 | [July WASDE optimistic for wheat but less so for corn and soybeans - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/46005-july-wasde-optimistic-for-wheat-but-less-so-for-corn-and-soybeans-agweek-1.md) | -0.8% | +0.2% |
| WHEAT | 2017-08-31 | [StatsCan production report: canola and wheat production down but soybeans production up big - RealAgriculture](https://feedsoft.ai/events/69432-statscan-production-report-canola-and-wheat-production-down-but-soybeans.md) | +0.5% | -2.7% |
| WHEAT | 2024-06-12 | [WASDE: Soybean ending stock expectations increased, while wheat lower and corn steady \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/29691-wasde-soybean-ending-stock-expectations-increased-while-wheat-lower-and-corn.md) | -2.1% | -3.3% |
| WHEAT | 2021-08-13 | [Drought Scorches U.S. Corn, Soy, and Wheat Crops](https://feedsoft.ai/events/45410-drought-scorches-u-s-corn-soy-and-wheat-crops.md) | +1.6% | +3.2% |
| WHEAT | 2022-04-08 | [April WASDE within expectations on U.S. balance sheet; global corn and wheat adjusted - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/41797-april-wasde-within-expectations-on-u-s-balance-sheet-global-corn-and-wheat.md) | -2.0% | +4.8% |
| SOY | 2017-08-31 | [StatsCan production report: canola and wheat production down but soybeans production up big - RealAgriculture](https://feedsoft.ai/events/69432-statscan-production-report-canola-and-wheat-production-down-but-soybeans.md) | +4.4% | +4.0% |
| SOY | 2026-08-12 | [USDA August WASDE Calls for Lower Yields, Higher Harvested Area for Corn and Soybeans \| Agriculture of America](https://feedsoft.ai/events/17858-usda-august-wasde-calls-for-lower-yields-higher-harvested-area-for-corn-and.md) | +4.6% | +12.9% |
| SOY | 2023-07-13 | [Bearish WASDE Report Impacting Corn, Soybeans, and Wheat](https://feedsoft.ai/events/34985-bearish-wasde-report-impacting-corn-soybeans-and-wheat.md) | +0.2% | -3.8% |

## Sources

- brain.baselify.vn: https://brain.baselify.vn/blog/wasde-11-2026-nong-san-lua-mi-kho-han-4-6-dau-nanh-doi-mat-ton-kho-cao-va-vi-the-qua-dong

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