By Trent Klarenbach, BSA AgEc, PAg
November 10, 2026
The November WASDE came out today, and the U.S. numbers were tighter than the trade expected.
U.S. corn ending stocks came in below the surveyed figure.
U.S. soybean ending stocks fell from October.
World wheat and world corn ending stocks both rose.
The numbers at a glance
U.S. figure | WASDE Nov. 10 | Survey | Change from Oct. |
|---|---|---|---|
Corn production (million bu) | 15,893 | 15,944 | -141 |
Corn ending stocks (million bu) | 1,758 | 1,826 | -91 |
Corn yield (bu/ac) | 179.6 | ~180.5 | -1.6 |
Soybean production (million bu) | 4,574 | 4,601 | +12 |
Soybean ending stocks (million bu) | 300 | 336 (280-404 range) | -15 |
Soybean yield (bu/ac) | 53.3 | ~53.5 | +0.2 |
Wheat ending stocks (million bu) | 743 | 747 | +3 |
Survey figures are from the Wall Street Journal analyst survey via Price Group, published November 6, 2026.
Survey yields marked ~ are approximate, as reported.
Corn
USDA put U.S. corn production at 15,893 million bushels, down 141 million from October.
The yield estimate fell to 179.6 bushels per acre, from 181.2 in October.
That was below the roughly 180.5 bushels per acre the trade expected.
Ending stocks were cut 91 million bushels to 1,758 million.
That is 68 million bushels below the surveyed figure of 1,826 million.
Soybeans
Soybean production rose 12 million bushels to 4,574 million.
Yield came in at 53.3 bushels per acre, up 0.2 from October and just below the roughly 53.5 expected.
USDA raised exports 25 million bushels to 1,720 million.
Ending stocks still fell 15 million bushels to 300 million.
That is near the low end of the 280 to 404 million bushel range analysts were watching.
Wheat and world stocks
U.S. wheat ending stocks were 743 million bushels, up 3 million from October.
The larger change was in the world figures.
World wheat production rose 5.12 million tonnes to 827.51 million tonnes.
World wheat ending stocks rose 4.78 million tonnes to 280.82 million tonnes.
World corn ending stocks rose 1.50 million tonnes to 281.94 million tonnes, despite the cut to U.S. corn stocks, because of bigger beginning stocks.
World soybean ending stocks fell 0.78 million tonnes to 123.50 million tonnes.
The bottom line
The U.S. corn and soybean balance sheets tightened this month.
The world wheat and corn balance sheets loosened.
Prairie Grain Intelligence will keep watching how the market weighs the two.
Source: Figures are from the November 10, 2026 WASDE release, as reported on release day.
Survey figures are expectations published before the release; they are not WASDE actuals.
Changes shown are from the October WASDE unless stated otherwise.
Klarenbach Research is independent, takes no commissions and does not execute trades.
