Soybean Meal, Corn, Wheat: WASDE Splits Soy and Corn | Nov 11, 2026
· 7:40 · AI-generated voice presenting Feedsoft research
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USDA tightened both US soybean and corn stocks well below trade estimates, but only soybeans and meal kept rallying; with corn exports cut and commitments lagging, demand is now what separates the two markets, and feed buyers should watch the fund-heavy meal rally.
STORIES IN THIS EPISODE
- USDA WASDE report
- Soybeans Showing Front Month Strength on Wednesday
- Corn Slipping Lower on Wednesday
- Wheat Posting Gains at Midday
- Corn, soybean prices rise after November's USDA report, but demand questions remain
- USDA Report Drives Grain Prices Higher: Wheat, Corn and Soybeans Gain
- Corn, Soybean Rally Pauses Post WASDE, Wheat Bounces: Closes Key to Confirming Low
- Paris Wheat Futures Rise With No Black Sea Deal in Sight
- Live Cattle Traders Eye Cash Rebound - Archer Financial Services
- Daily Livestock Report: Beef and Pork Demand Head in Opposite Directions
- European wheat futures climb amid stalled shipping talks
- IKAR raises grain export estimate
- Soy Complex Export Pace Is Firm, the Second-Highest in Five Years
- Dollar Backed by Restored Fed Credibility Says Rabobank
TRANSCRIPT
Cold open · 0:00
USDA's November report came in tighter than the trade expected on both soybeans and corn. Soybean meal is up 4 sessions in a row. Corn, reading the very same report, slipped 0.1%. So why did one bullish surprise split the soy and corn markets, and what does it mean for feed buyers?
Intro · 0:26
Hello, and welcome to Feedsoft Market Signals, your daily read on agricultural and commodity markets, brought to you by Feedsoft dot A-I. I'm your AI host, and it's Wednesday, November eleventh. Let's see what moved today.
The close · 0:46
Supply got tighter on paper, and the market picked a winner. Here's the board, then the reason for the split. Soybean meal rose 0.9%. Corn slipped 0.1%, so the stocks cut has not carried through there yet. And Kansas City wheat jumped 2.4%, a big day for hard red winter on a report that looked bearish for wheat. There's no fresh export sales data yet, so Thursday's report decides whether soybeans stay ahead of pace while meal stays behind.
WASDE tightens soy and corn, but only soy keeps running · 1:18
Start with the number that caught the trade off guard. USDA put US soybean ending stocks at 300 million bushels, well under what the trade expected. Reports say the cut came mainly from higher export estimates, with USDA lifting its soybean export projection. Corn got a bullish surprise too. USDA trimmed the corn yield, which cut production and ending stocks, and stocks landed well under the trade guess. Both balance sheets tightened, but only one market kept running. Soybeans rose on Wednesday, and soybean meal is now up 4 sessions in a row. Corn, meanwhile, slipped modestly. One account says corn met chart resistance after the prior session's gains and consolidated. The bigger difference sits on the demand side. USDA cut its corn export projection, even as it raised soybean exports. Our export data shows corn commitments running well behind their usual pace for this point in the season. Larger crop estimates for Brazil and Argentina also add competing supply to the world market. Put together, slower buying likely offsets part of a smaller US corn crop. Corn bulls still have one argument. An analyst notes part of the crop is still unharvested in Iowa, South Dakota and Nebraska, leaving room for further yield cuts. Soybeans have their own counterweight. ANEC raised its estimate for Brazil's November soybean exports, adding near-term competition for US beans. So for feed buyers, the chart to watch is meal, not corn. On supply, corn and soy now look alike, and demand is what separates them.