USDA adjusts corn yields once again in November WASDE report

fotokostic / Depositphotos.com This month’s 2026/27 U.S. corn outlook is for smaller production, domestic use, exports, and ending stocks. Corn production is forecast at 15.9 billion bushels, down 141 million from last month with a 1.6-bushel reduction in yield to 179.6 bushels per acre. Harvested area for grain remains at 88.5 million acres. With a smaller crop, feed and residual use is lowered 25 million bushels to 6.0 billion. Exports are also lowered this month, down 25 million bushels to 3.3 billion reflecting shipments and sales to date. Corn ending stocks are reduced to 1.8 billion bushels. The season-average corn price received by producers is lowered $0.10 per bushel to$4.60. The U.S. soybean outlook for 2026/27 shows increased production and exports, and lower ending stocks. Soybean production is forecast at 4.6 billion bushels, up 12 million, as higher yields in Minnesota, Iowa, South Dakota, and Nebraska account for most of the change in production. Partly offsetting is lower production for Illinois, Kansas, Missouri, and Arkansas. Soybean exports are raised 25 million bushels based on larger supplies and early season export pace. With slightly higher seed use and unchanged crush, soybean ending stocks are lowered 15 million bushels to 300 million. The U.S. season-average soybean price for 2026/27 is forecast at $12.10 per bushel, up 10 cents from last month. The outlook for 2026/27 U.S. wheat this month is for unchanged supplies, slightly lower domestic use, steady exports, and modestly higher ending stocks. Domestic use is reduced by 3 million bushels, all on lower food use. Projected all wheat ending stocks are raised by 3 million bushels to 743 million but are still 19 percent below last year. The season-average farm price is lowered $0.10 per bushel to $6.20 on NASS prices reported to date and expectations for futures and cash prices for the remainder of the marketing year. USDA’s full WASDE report can be accessed here . Source: USDA