US Corn Stocks Trimmed as Export Pace Hits Records; Soybeans Retreat Despite China Buys

Overview

• USDA’s monthly WASDE cut U.S. corn ending stocks by 125 million bushels to 2.029 billion, with global 2025/26 stocks also lowered.
• Catch‑up Export Sales showed 2.38 MMT of U.S. corn sold for the week ending Nov. 13 and Census data reported a record 6.978 MMT of corn exports in September.
• Soybeans fell on Friday even after USDA confirmed a private sale of 132,000 MT to China, with known China purchases now near 3.5 MMT and a Sinograin auction of 513,000 MT scheduled for next week.
• USDA NASS confirmed a record October soybean crush at 237 million bushels and higher soybean oil stocks, underscoring strong domestic processing demand.
• South American developments are reshaping trade flows, with ANEC lifting Brazilian December export projections and Argentina cutting export taxes on soybeans and corn.