WASDE Report | USDA
Summary: The November 2026 WASDE report (WASDE-677) details adjustments to U.S. and global commodity production, trade, and ending stocks, including downward revisions for U.S. corn and cotton production and upward adjustments for U.S. soybean production.
The November 10, 2026, World Agricultural Supply and Demand Estimates (WASDE-677) report provides comprehensive analysis of agricultural commodity markets. Key highlights include: U.S. wheat ending stocks are raised slightly; U.S. corn production is forecast lower at 15.9 billion bushels; U.S. rice supplies are reduced due to lower yields; and U.S. soybean production is increased to 4.6 billion bushels. The report also covers global adjustments, noting higher wheat supplies in Argentina and Australia, and increased coarse grain trade. Sugar data for 2025/26 was finalized, and 2026/27 projections were adjusted for U.S. and Mexico. Livestock, poultry, and dairy forecasts reflect shifts in production, trade, and pricing, with increased milk production forecasts for 2026 and 2027. Cotton production forecasts were lowered for both the U.S. and globally.
Document outline
1. Wheat: U.S. and Global Outlook 2. Coarse Grains: U.S. Corn and Global Outlook 3. Rice: U.S. and Global Outlook 4. Oilseeds: U.S. Soybean and Global Outlook 5. Sugar: U.S. 2025/26 Final Data and 2026/27 Outlook; Mexico 2026/27 Outlook 6. Livestock, Poultry, and Dairy: 2026/2027 Production and Price Forecasts 7. Cotton: U.S. and Global Balance Sheets 8. Interagency Commodity Estimates Committees