11/14/25 Afternoon CommStock Report – Crop Report Catch Up

Today was the day of catch up for the USDA crop report, featuring the first corn and soybean yield updates since September 12th. First glance was given to corn yield and it was like picking up right where we left off, with USDA sticking way above the trade at 186 bushels per acre, down from 186.7 previously but more than 2 bushels over the average guess. Soybean yield was lowered just 1/2 bushel, but that was 1/10th more than the average pre-report estimate. The WASDE report also revised global stocks and usage estimates, which included USDA filling in the changes produced by the September 30 Grain Stocks and Small Grains reports. The WASDE headlines were that corn ending stocks of 2.154 billion bushels were not as far ahead of the average trade guess considering the yield outcome and soybean carryout of 290 million bushels went lower instead of higher as the consensus had called for. USDA cut the new-crop soybean export target by 50 million bushels citing the softer sales performance to date, but the analysts wrote that “U.S. soybean exports are expected to rise to China for the rest of the marketing year…” Chinese import estimates were kept unchanged…