WASHINGTON, D.C. (RFD-TV) — The USDA’s November WASDE report points to a well-supplied outlook across major U.S. crops, with corn, soybeans, wheat, and cotton all showing comfortable production levels heading into 2025. The update reflects strong yields, steady acreage, and demand that remains firm enough to support movement but not tight enough to draw down carryout significantly.
Corn remains the most significant driver of overall supply. USDA trimmed yield to 186 bushels per acre and lowered production slightly to 16.8 billion bushels, but larger beginning stocks more than offset those reductions. Exports were raised to 3.1 billion bushels on record fall shipment pace, pushing total demand higher. Even so, ending stocks increased to 2.2 billion bushels, and USDA raised the season-average price to $4.00 per bushel.
Soybean supplies tightened modestly due to lower carry-in and a smaller crop. Production is now estimated at 4.3 billion bushels with a 53-bushel yield, down slightly from prior expectations. USDA trimmed exports by 50 million bushels to 1.64 billion as U.S. price advantages narrowed against Brazil and Argentina. Ending stocks slipped only marginally, but stronger prices led USDA to raise the season-average price to $10.50 per bushel.
Wheat posted one of the report’s biggest supply increases. A record all-wheat yield lifted production to 1.985 billion bushels, up 58 million. With domestic use unchanged, nearly all the added supply flowed straight into ending stocks. USDA lowered the season-average price to $5.00 per bushel, reflecting both stronger production and softer market expectations for the remainder of the marketing year.
Cotton saw another sizable production increase as improved yields across most major states pushed output to 14.1 million bales — nearly 900,000 above September. USDA lifted exports to 12.2 million bales but raised ending stocks almost 20% to 4.3 million, generating a burdensome stocks-to-use ratio near 31%. The season-average upland price was lowered to 62 cents per pound as abundant supplies continue to weigh on the market.
Farm-Level Takeaway: Strong U.S. yields and steady demand leave most major crops well supplied, keeping price pressure in place unless usage strengthens or weather shifts outlooks.
Tony St. James, RFD-TV Markets Specialist
Sen. Roger Marshall, a founding member and chairman of the Make America Healthy Again caucus, joined us with his thoughts on the commission’s latest report and the key ag-related issues.
September 17, 2025 04:36 PM
·
Produce markets are in transition as fall approaches, with leafy greens and berries under pressure, while vegetables like celery, broccoli, and cauliflower are finding firmer ground.
September 17, 2025 04:07 PM
·
Grain shippers face lower freight values thanks to weak soybean exports and strong rail service, but barge traffic and forward Gulf loadings suggest continued uncertainty as harvest ramps up.
September 17, 2025 04:01 PM
·
The Fertilizer Research Act, reintroduced by Sens. Grassley, Ernst, and Baldwin, would direct the USDA to study and publish public reports on competition and pricing trends in the fertilizer market.
September 16, 2025 05:08 PM
·
Allowing year-round sales of E15 nationally could deliver billions in economic gains, according to a new study from the Renewable Fuels Association and National Corn Growers Association.
September 16, 2025 02:29 PM
·
Farmers await concrete trade commitments from China. Until then, export prospects for soybeans, corn, and sorghum remain uncertain against strong South American competition.
September 16, 2025 11:04 AM
·
U.S. trade talks with China resume, but meat industry leaders say dealing with shifting demand and market uncertainty is nothing new in this side of the ag sector.
September 15, 2025 12:57 PM
·
Year-round sales of E-15 are another major topic on Capitol Hill, which, according to Rep. Adrian Smith (R-NE), is one issue up for debate this session with significant bipartisan support.
September 15, 2025 12:09 PM
·
American Soybean Association President Caleb Ragland joins us to share his reaction to September’s WASDE and discuss the trade uncertainty between China and his industry.
September 12, 2025 02:13 PM
·
