US and the World
It is that time of year when farmers reach the proverbial finish line, of getting that crop in the bin. The harvest of 2025 has been abundant, and it is also taking place in a very timely fashion with very good weather across the North American corn belt. At the same time there’s been a bit of a dearth of market information as the US government shutdown has meant very little in terms of information coming out from USDA. However, this all changed on November the 14th when despite the continuing governing shutdown, the USDA released their latest WASDE report.
For market watchers it was a long two months without USDA numbers. Many were expecting much lower numbers in this November report. However, it seems like big supply is still winning. The USDA actually lowered corn yield .7 bushels per acre to 186 bushels per acre. This was much lower than pre report expectations. This put US domestic production at 16.752 billion bushels above the previous record of 15.34 billion bushels from two years ago. Planted acreage was maintained at 98.7 million acres with harvested acreage at 90 million acres. The corn ending stocks for this year were raised 44 million bushels to 2.154 billion bushels. The 2024/2025 Brazilian corn production was raised to 136 MMT, while Argentinian production was maintained at 50 MMT.
On the soybean side of the ledger the USDA reduced soybean yields by .5 bushels per acre to 53 bushels per acre. Harvested acreage was left unchanged from September at 80.3 million acres. This put total US production at 4.253 billion bushels a slight decrease from September. At the end of the day the USDA reduced their ending stocks to 290 million bushels which is a drop from 300 million bushels in September. Brazilian soybean production is set at 175 MMT and 48.5 MMT for Argentina. This is unchanged from September. The US wheat production is set at 1.985 billion bushels which is unchanged from the September small grains report.