By DTN Staff

This article was originally published at 11:05 a.m. CST on Tuesday, Nov. 10. It was last updated with additional information at 11:34 a.m. CST on Tuesday, Nov. 10.

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OMAHA (DTN) -- USDA on Tuesday lowered U.S. corn yield to 179.6 bushels per acre but raised the soybean yield to 53.3 bushels per acre.

The moves dropped corn production by 141 million bushels (mb) to 15.893 billion bushels (bb). Soybean production rose by 12 mb to 4.574 bb.

USDA released its November Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Tuesday.

Tuesday's U.S. ending stocks estimates were bullish for corn, bullish for soybeans and neutral for wheat, said DTN Lead Analyst Rhett Montgomery. Tuesday's world ending stocks estimates from USDA were neutral for corn, slightly bullish for soybeans and neutral for wheat, he said.

Stay tuned throughout the morning and refresh this page often. We will be sending a series of updates with the important highlights from Tuesday's reports, including commentary from our analysts.

You can also view the full reports here:

-- Crop Production: https://www.nass.usda.gov/…

-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

USDA puts the corn yield was 179.6 bpa, down from 181.2 bpa last month. Production was lowered to 15.893 billion bushels, down from 16.034 bb last month.

Planted acres for the 2026-27 corn crop were 96.8 million acres (ma). Harvested acres were 88.5 ma.

Beginning stocks for the crop came in at 2.095 billion bushels.

On the demand side, 2026-27 total feed and residual use was 5.975 bb, down from 6 bb. Ethanol use is projected at 5.65 bb. Total domestic use is forecast at 12.98 bb, down from 13.005 bb.

Corn exports for the 2026-27 crop were lowered to 3.275 bb, down from 3.3 bb.

Total usage comes in at 16.255 bb, down from 16.305 bb.

Ending stocks for the 2026-27 crop were lowered to 1.758 bb, down from 1.849 bb.

The farmgate price for the 2026-27 crop is projected at $4.60 a bushel, down 10 cents from last month.

Globally, USDA projects beginning stocks for the 2026-27 corn crop at 308.31 million metric tons (mmt). Projected global ending stocks for the 2026-27 crop came in at 281.94 mmt. In the European Union, USDA pegged production at 47.5 mmt, down from 48 mmt with imports at 22.5 mmt. Ukraine's production was projected at 31.8 mmt with exports at 20 mmt.

The 2025-26 global corn numbers: Brazil's production for the 2025-26 crop was raised 3 mmt to 144.5 mmt with exports at 38 mmt. Argentina's production was projected at 64 mmt with exports at 45 mmt. Ukraine's production was 30.9 mmt with exports at 22.24 mmt.

SOYBEANS

For the 2026-27 marketing year, USDA estimates farmers will grow 4.574 bb of soybeans, up 12 mb from last month. USDA raised the yield estimate to 53.3 bpa, up from 53.1 bpa last month. Planted acres at 86.9 million acres with harvest at 85.9 million acres.

Domestic ending stocks came in at 300 million bushels, down 15 mb from last month.

USDA sees total supplies at 4.914 bb. Crush demand is pegged at 2.78 bb, while exports rose to 1.72 bb, up from 1.695 bb last month. Seed use is forecast at 76 mb and residual at 38 mb.

USDA's national average farmgate price is estimated at $12.10 per bushel, up 10 cents from October.

Globally, new-crop ending stocks for the 2026-27 marketing year were forecast at 123.5 million metric tons (mmt). USDA anticipates unchanged Brazilian production at 186 mmt of soybeans, Argentina with 50 mmt.

WHEAT

USDA pegged U.S. wheat production at 1.534 billion bushels, unchanged from last month.

USDA estimates ending stocks at 743 million bushels in November, an increase from October's estimate of 740 mb.

Wheat exports were pegged at 750 mb, which is unchanged from October, while USDA estimates the farmgate price at $6.20 per bushel, down from $6.30.

Wheat world ending stocks were estimated at 280.82 million metric tons, up from 276.04 mmt in October.

USDA estimates exports from Russia at 39.0 mmt, down slightly from 40.0 mmt last month, while Ukrainian exports were pegged at 11.5 mmt, also down from 12.5 mmt in October.

USDA pegged global wheat production at 827.51 mmt, an increase from 822.39 mmt last month.

Wheat production in Argentina was estimated at 23.0 mmt, up from the October estimate of 21.5 mmt. Australia's production was estimated at 32.5 mmt, up from 31.0 mmt last month.

Wheat production in Russia was pegged at 88.0 mmt, unchanged from October. European Union production was estimated at 133.0 mmt, unchanged from October.

LIVESTOCK

Tuesday's WASDE report showed mostly disappointing news for the cattle and beef markets of 2026 and 2027, said DTN Livestock Analyst ShayLe Stewart.

"Beef production for 2026 was decreased by 40 million pounds as packers are running slower slaughter speeds in the fourth quarter than initially assumed. Quarterly steer price projection showed a decrease from the remaining quarter of 2026, but there were no changes for 2027. Steers in the fourth quarter of 2026 are anticipated to average $220, steers in the first quarter of 2027 are expected to average $235 (unchanged), steers in the second quarter are expected to average $235 (unchanged) and steers in the third quarter of 2027 are expected to average $240 (unchanged). Beef imports for 2026 increased by 89 million pounds as beef demand remains strong, but the domestic supply remains historically low. And beef exports increased by 1 million pounds as demand into East Asian markets remains strong."

Tuesday's WASDE report showed mostly bearish news for the pork and hog markets of 2026 and 2027, Stewart said.

"Pork production for 2026 increased by 35 million pounds as there's more market-ready supply than initially assumed in the fourth quarter. Quarterly hog price projections showed a decline for most upcoming quarters as they is more front-end supply than there is demand. Hogs in the fourth quarter of 2026 are expected to average $53 (down $2), hogs in the first quarter of 2027 are expected to average $58 (down $2), hogs in the second quarter of 2027 are expected to average $63 (down $2) and hogs in the third quarter are expected to average $68 (unchanged). Pork exports fell by 71 million pounds as there is increasing global competition, and pork imports fell by 15 million pounds as well."

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Join us for DTN's post-report webinar at 12:30 p.m. CST on Tuesday, Nov. 10, as we discuss USDA's new estimates in light of recent market events. Questions are welcome, and registrants will receive a replay link for viewing at their convenience. Register here for Tuesday's USDA WASDE webinar: https://www.dtn.com/….

U.S. PRODUCTION (Million Bushels) 2026-27
	Nov	Avg	High	Low	Oct	2025-26
Corn	15,893	15,944	16,203	15,344	16,034	16,964
Soybeans	4,574	4,601	4,725	4,566	4,562	4,261
U.S. AVERAGE YIELD (Bushels Per Acre) 2026-27 (WASDE)
	Nov	Avg	High	Low	Oct	2025-26
Corn	179.6	180.5	185.5	173.2	181.2	186.5
Soybeans	53.3	53.6	55.0	53.1	53.1	53.0
U.S. HARVESTED ACRES (Million Acres) 2026-27
	Nov	Avg	High	Low	Oct	2025-26
Corn	88.5	88.5	88.6	88.1	88.5	90.9
Soybeans	85.9	85.9	85.9	85.5	85.9	80.4
U.S. ENDING STOCKS (Million Bushels) 2026-27
	Nov	Avg	High	Low	Oct
Corn	1,758	1,826	1,956	1,698	1,849
Soybeans	300	336	363	280	315
Wheat	743	747	769	730	740
WORLD ENDING STOCKS (million metric tons) 2025-26
	Nov	Avg	High	Low	Oct
Corn	308.3	307.3	307.9	307.0	307.2
Soybeans	125.0	125.0	125.3	124.9	124.9
Wheat	282.9	281.8	282.0	281.6	281.6
WORLD ENDING STOCKS (million metric tons) 2026-27
	Nov	Avg	High	Low	Oct
Corn	281.9	281.5	283.7	280.0	280.4
Soybeans	123.5	125.3	126.2	124.4	124.3
Wheat	280.8	277.1	278.6	276.0	276.0

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