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Your November 2025 WASDE Recap

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The USDA released its November WASDE report on Friday, offering the latest supply and demand forecasts for the U.S. and the world after the October report was delayed.

November WASDE Results 2025

Corn clip art

The WASDE report lowered the 2025/26 corn yield slightly, pushing production lower to 16.75 billion bushels. Corn export demand was raised by 100 million bushels to a record 3.075 billion. Ending stocks were raised to 2.154 billion bushels after factoring in higher beginning stocks due to the Sept. 30 Quarterly Grain Stocks report. 

Soybeans clip artThe 2025/26 soybean carryout was lowered by 10 million bushels to 290 million. Exports were lowered by 50 million bushels despite expected buying from China. The USDA noted that higher prices will lower the competitive edge the U.S. had over South America for other major importers. Soybean crush was left unchanged. 

Wheat clip artThe domestic wheat carryout was raised by 57 million bushels to 901 million, landing well above market expectations. The increase was led by an upward revision in all wheat production. Global wheat ending stocks were raised by 7.3 million tons to a three-year high of 271.43 million. 

Cotton clip artCotton ending stocks were raised by 700,000 bales to 4.30 million. The forecast for production was raised by almost 900,000 bales to 14.12 million due to increased yield for harvested acres. That raised the U.S. stocks-to-use ratio to 31 percent, the highest since the 2019/20 season. 

Dairy clip art The milk production forecast for 2025 was raised to 231.4 billion pounds, up 1.4 billion pounds compared to the previous report. Production for 2026 was raised to a record of 234.3 billion pounds, up from the previous forecast of 231.3 billion. Dairy product exports are expected to benefit from the higher milk production.

rice clip art

The agency lowered the 2025/26 U.S. rice ending stocks forecast to 51.9 million cwt, compared to 53.4 million in the September report. The increase was due to a downward revision in the production estimate. However, demand was left unchanged. Still, the U.S. carryout remained the second-highest out of the past 10 years. 

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