WASDE - 665 - 8 November 2025 World and U.S. Supply and Use for Grains 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use 3/ Stocks ================================================================================ World Total Grains 4/ 2023/24 2824.05 3616.75 515.30 2819.45 797.30 2024/25 (Est.) 2853.27 3650.57 499.00 2880.38 770.19 2025/26 (Proj.) Sep 2930.20 3694.43 521.58 2933.14 761.30 Nov 2945.89 3716.08 527.41 2947.13 768.95 Wheat 2023/24 792.34 1066.99 222.24 796.29 270.71 2024/25 (Est.) 800.79 1071.50 209.68 810.06 261.44 2025/26 (Proj.) Sep 816.20 1078.62 214.72 814.56 264.06 Nov 828.89 1090.33 217.21 818.90 271.43 Coarse Grains 5/ 2023/24 1508.29 1845.75 236.25 1498.50 347.25 2024/25 (Est.) 1511.55 1858.79 228.42 1538.23 320.56 2025/26 (Proj.) Sep 1572.93 1886.36 244.72 1576.40 309.97 Nov 1576.13 1896.69 247.31 1585.89 310.80 Rice, milled 2023/24 523.42 704.02 56.82 524.67 179.35 2024/25 (Est.) 540.93 720.28 60.90 532.09 188.19 2025/26 (Proj.) Sep 541.07 729.45 62.15 542.18 187.27 Nov 540.87 729.06 62.90 542.35 186.72 United States Total Grains 4/ 2023/24 458.90 520.30 85.72 366.49 68.09 2024/25 (Est.) 452.42 528.28 99.88 361.67 66.73 2025/26 (Proj.) Sep 500.76 569.74 108.97 379.45 81.32 Nov 501.39 575.31 111.51 379.86 83.94 Wheat 2023/24 49.10 68.35 19.21 30.18 18.95 2024/25 (Est.) 53.85 76.86 22.48 31.24 23.15 2025/26 (Proj.) Sep 52.45 78.86 24.49 31.41 22.96 Nov 54.01 80.42 24.49 31.41 24.52 Coarse Grains 5/ 2023/24 402.88 442.66 63.37 331.42 47.87 2024/25 (Est.) 391.51 441.54 74.52 325.14 41.87 2025/26 (Proj.) Sep 441.68 480.93 81.49 342.77 56.67 Nov 440.80 484.99 84.03 343.19 57.77 Rice, milled 2023/24 6.92 9.29 3.15 4.88 1.27 2024/25 (Est.) 7.05 9.88 2.87 5.30 1.71 2025/26 (Proj.) Sep 6.63 9.95 2.99 5.27 1.69 Nov 6.58 9.90 2.99 5.27 1.65 ================================================================================ WASDE - 665 - 9 November 2025 World and U.S. Supply and Use for Grains, Continued 1/ Million Metric Tons ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use Stocks ================================================================================ Foreign 3/ Total Grains 4/ 2023/24 2365.15 3096.45 429.58 2452.97 729.21 2024/25 (Est.) 2400.85 3122.29 399.13 2518.71 703.46 2025/26 (Proj.) Sep 2429.44 3124.70 412.61 2553.69 679.98 Nov 2444.50 3140.77 415.90 2567.27 685.01 Wheat 2023/24 743.25 998.64 203.03 766.10 251.75 2024/25 (Est.) 746.94 994.64 187.21 778.82 238.29 2025/26 (Proj.) Sep 763.75 999.76 190.23 783.15 241.10 Nov 774.88 1009.91 192.71 787.50 246.91 Coarse Grains 5/ 2023/24 1105.41 1403.08 172.88 1167.08 299.37 2024/25 (Est.) 1120.04 1417.26 153.89 1213.09 278.69 2025/26 (Proj.) Sep 1131.25 1405.43 163.23 1233.63 253.30 Nov 1135.33 1411.70 163.28 1242.70 253.03 Rice, milled 2023/24 516.49 694.73 53.67 519.79 178.09 2024/25 (Est.) 533.88 710.40 58.03 526.80 186.48 2025/26 (Proj.) Sep 534.44 719.50 59.16 536.91 185.58 Nov 534.29 719.16 59.91 537.07 185.07 ================================================================================ World and U.S. Supply and Use for Cotton 1/ Million 480-lb. Bales ================================================================================ Total Total Ending Commodity Output Supply Trade 2/ Use 3/ Stocks ================================================================================ World 2023/24 112.56 188.47 44.34 114.98 73.41 2024/25 (Est.) 119.28 192.70 42.43 119.04 74.49 2025/26 (Proj.) Sep 117.68 191.74 43.70 118.83 73.14 Nov 120.08 194.57 44.00 118.88 75.93 United States 2023/24 12.07 16.72 11.75 1.85 3.15 2024/25 (Est.) 14.41 17.57 11.90 1.70 4.00 2025/26 (Proj.) Sep 13.22 17.23 12.00 1.70 3.60 Nov 14.12 18.12 12.20 1.70 4.30 Foreign 4/ 2023/24 100.50 171.75 32.59 113.13 70.26 2024/25 (Est.) 104.87 175.13 30.53 117.34 70.49 2025/26 (Proj.) Sep 104.46 174.51 31.70 117.13 69.54 Nov 105.97 176.45 31.80 117.18 71.63 ================================================================================ WASDE - 665 - 10 November 2025 World and U.S. Supply and Use for Oilseeds 1/ (Million Metric Tons) ================================================================================ Total Total Ending Commodity Output Supply Trade Use 2/ Stocks ================================================================================ World Oilseeds 2023/24 656.73 779.76 205.56 543.46 136.04 2024/25 (Est.) 683.75 819.80 214.53 566.06 141.71 2025/26 (Proj.) Sep 691.55 834.63 213.79 579.95 145.01 Nov 688.01 829.72 214.49 578.37 142.26 Oilmeals 2023/24 371.43 389.59 105.72 366.13 19.36 2024/25 (Est.) 391.34 410.69 113.24 381.31 23.14 2025/26 (Proj.) Sep 399.98 422.32 114.23 395.32 22.69 Nov 398.70 421.85 113.34 394.72 22.77 Vegetable Oils 2023/24 222.18 254.55 86.12 217.89 30.72 2024/25 (Est.) 229.89 260.61 87.36 222.44 30.13 2025/26 (Proj.) Sep 234.69 264.83 86.72 229.28 29.85 Nov 234.40 264.52 86.98 228.81 29.95 United States Oilseeds 2023/24 122.16 132.12 47.49 66.22 10.81 2024/25 (Est.) 128.58 140.63 52.09 70.38 10.04 2025/26 (Proj.) Sep 126.77 138.39 46.89 73.65 9.77 Nov 125.75 137.01 45.53 73.65 9.53 Oilmeals 2023/24 51.43 56.13 14.75 40.90 0.49 2024/25 (Est.) 55.20 60.42 16.80 43.12 0.50 2025/26 (Proj.) Sep 57.02 62.06 17.62 43.92 0.52 Nov 57.02 62.06 17.62 43.92 0.52 Vegetable Oils 2023/24 13.59 21.59 0.42 20.13 1.04 2024/25 (Est.) 14.47 21.33 1.28 18.89 1.16 2025/26 (Proj.) Sep 15.01 22.46 0.47 20.81 1.18 Nov 15.01 22.60 0.56 20.86 1.18 Foreign 3/ Oilseeds 2023/24 534.57 647.64 158.07 477.23 125.23 2024/25 (Est.) 555.17 679.17 162.45 495.68 131.67 2025/26 (Proj.) Sep 564.78 696.24 166.90 506.30 135.24 Nov 562.26 692.71 168.96 504.72 132.73 Oilmeals 2023/24 320.00 333.46 90.98 325.23 18.87 2024/25 (Est.) 336.14 350.28 96.44 338.19 22.65 2025/26 (Proj.) Sep 342.96 360.26 96.61 351.40 22.17 Nov 341.69 359.78 95.72 350.80 22.26 Vegetable Oils 2023/24 208.59 232.95 85.70 197.76 29.68 2024/25 (Est.) 215.42 239.28 86.08 203.55 28.97 2025/26 (Proj.) Sep 219.68 242.37 86.25 208.47 28.66 Nov 219.38 241.93 86.42 207.95 28.77 ================================================================================ WASDE - 665 - 11 November 2025 U.S. Wheat Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Acres Area Planted 49.6 46.3 45.4 45.3 Area Harvested 37.1 38.6 36.6 37.2 Bushels Yield per Harvested Acre 48.7 51.2 52.7 53.3 Million Bushels Beginning Stocks 570 696 851 851 Production 1804 1979 1927 1985 Imports 138 149 120 120 Supply, Total 2511 2824 2898 2955 Food 961 969 972 972 Seed 62 62 62 62 Feed and Residual 86 117 120 120 Domestic, Total 1109 1148 1154 1154 Exports 706 826 900 900 Use, Total 1815 1974 2054 2054 Ending Stocks 696 851 844 901 Avg.FarmPrice ($/bu) 2/ 6.96 5.52 5.10 5.00 ================================================================================ U.S. Wheat by Class: Supply and Use ================================================================================ Year begining Hard Red Hard Red Soft Red June 1 Winter Spring Winter White Durum Total ================================================================================ Million Bushels 2024/25 (Est.) Beginning Stocks 274 190 126 85 21 696 Production 773 505 344 276 80 1979 Imports 6 79 5 7 51 149 Supply, Total 3/ 1054 774 476 368 152 2824 Food 387 258 153 84 88 969 Seed 26 15 12 6 3 62 Feed and Residual 26 33 67 -24 14 117 Domestic Use 439 306 232 66 105 1148 Exports 218 250 117 222 19 826 Use, Total 657 556 349 288 124 1974 Ending Stocks, Total 398 218 127 80 28 851 2025/26 (Proj.) Beginning Stocks 398 218 127 80 28 851 Production 804 458 353 283 86 1985 Imports 5 65 5 5 40 120 Supply, Total 3/ 1207 741 485 368 154 2955 Food 390 260 152 85 85 972 Seed 26 16 12 6 3 62 Feed and Residual 40 10 70 -5 5 120 Domestic Use 456 286 234 86 93 1154 Exports 325 240 120 190 25 900 Use, Total 781 526 354 276 118 2054 Ending Stocks, Total Nov 426 216 131 92 37 901 Sep 391 207 122 86 38 844 ================================================================================ WASDE - 665 - 12 November 2025 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Acres FEED GRAINS Area Planted 107.5 101.8 110.0 110.0 Area Harvested 96.0 91.4 98.4 98.5 Metric Tons Yield per Harvested Acre 4.19 4.28 4.48 4.47 Million Metric Tons Beginning Stocks 37.1 47.9 36.9 41.9 Production 402.6 391.1 441.3 440.5 Imports 2.3 1.9 2.1 2.1 Supply, Total 442.0 440.9 480.4 484.4 Feed and Residual 151.6 145.1 159.2 159.2 Food, Seed & Industrial 179.2 179.5 183.0 183.4 Domestic, Total 330.8 324.6 342.2 342.7 Exports 63.4 74.5 81.5 84.0 Use, Total 394.2 399.1 423.7 426.7 Ending Stocks 47.9 41.9 56.6 57.7 Million Acres CORN Area Planted 94.6 90.9 98.7 98.7 Area Harvested 86.5 83.0 90.0 90.0 Bushels Yield per Harvested Acre 177.3 179.3 186.7 186.0 Million Bushels Beginning Stocks 1360 1763 1325 1532 Production 15341 14892 16814 16752 Imports 28 20 25 25 Supply, Total 16729 16675 18165 18309 Feed and Residual 5832 5492 6100 6100 Food,Seed& Industrial 2/ 6879 6821 6980 6980 Ethanol & by-products 3/ 5489 5436 5600 5600 Domestic, Total 12711 12314 13080 13080 Exports 2255 2830 2975 3075 Use, Total 14966 15144 16055 16155 Ending Stocks 1763 1532 2110 2154 Avg.FarmPrice ($/bu) 4/ 4.55 4.24 3.90 4.00 ================================================================================ WASDE - 665 - 13 November 2025 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 7.2 6.3 6.6 6.6 AreaHarvested(mil.acres) 6.1 5.6 5.7 5.7 Yield (bushels/acre) 52.0 61.3 70.4 75.0 Beginning Stocks 24 33 52 40 Production 318 344 402 428 Imports 0 0 0 0 Supply, Total 342 377 454 468 Feed and Residual 51 143 100 100 Food, Seed & Industrial 24 98 85 100 Total Domestic 75 242 185 200 Exports 234 95 225 225 Use, Total 309 337 410 425 Ending Stocks 33 40 44 43 Avg.FarmPrice ($/bu) 2/ 4.93 4.07 3.70 3.80 BARLEY AreaPlanted (mil. acres) 3.1 2.4 2.3 2.3 AreaHarvested(mil.acres) 2.6 1.9 1.8 1.8 Yield (bushels/acre) 72.3 76.6 77.9 80.0 Beginning Stocks 66 78 70 70 Production 186 144 141 141 Imports 13 9 9 9 Supply, Total 265 232 220 219 Feed and Residual 57 39 35 35 Food, Seed & Industrial 125 115 110 110 Total Domestic 182 154 145 145 Exports 5 9 8 8 Use, Total 187 162 153 153 Ending Stocks 78 70 67 66 Avg.FarmPrice ($/bu) 2/ 7.39 6.31 5.30 5.30 OATS AreaPlanted (mil. acres) 2.6 2.2 2.3 2.4 AreaHarvested(mil.acres) 0.8 0.9 0.8 0.9 Yield (bushels/acre) 68.6 76.4 76.2 73.8 Beginning Stocks 35 36 30 29 Production 57 68 64 70 Imports 74 71 74 74 Supply, Total 166 176 168 173 Feed and Residual 47 64 50 55 Food, Seed & Industrial 80 81 82 82 Total Domestic 127 145 132 137 Exports 2 2 2 2 Use, Total 129 147 134 139 Ending Stocks 36 29 34 34 Avg.FarmPrice ($/bu) 2/ 3.92 3.35 3.10 3.10 ================================================================================ WASDE - 665 - 14 November 2025 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Acres TOTAL RICE Area Planted 2.90 2.91 2.82 2.82 Area Harvested 2.85 2.87 2.76 2.76 Pounds Yield per Harvested Acre 7641 7748 7559 7506 Million Hundredweight Beginning Stocks 2/ 30.3 39.8 53.9 53.9 Production 218.0 222.1 208.8 207.3 Imports 44.4 49.3 50.7 50.7 Supply, Total 292.6 311.3 313.4 311.9 Domestic & Residual 3/ 153.7 166.9 166.0 166.0 Exports, Total 4/ 99.0 90.5 94.0 94.0 Rough 42.5 28.9 30.0 30.0 Milled (rough equiv.) 56.5 61.7 64.0 64.0 Use, Total 252.8 257.4 260.0 260.0 Ending Stocks 39.8 53.9 53.4 51.9 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 17.30 15.20 13.20 12.70 LONG GRAIN RICE Harvested Acres (mil.) 2.05 2.26 Yield (pounds/acre) 7523 7625 Beginning Stocks 21.2 19.3 37.3 37.3 Imports 37.2 42.7 44.0 44.0 Production 153.8 172.0 153.7 152.7 Supply, Total 7/ 212.2 234.1 235.1 234.0 Domestic & Residual 3/ 117.8 135.9 134.0 134.0 Exports 8/ 75.1 60.8 64.0 64.0 Use, Total 192.9 196.7 198.0 198.0 Ending Stocks 19.3 37.3 37.1 36.0 Avg.FarmPrice($/cwt) 6/ 15.90 14.00 12.00 11.50 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.81 0.61 Yield (pounds/acre) 7938 8200 Beginning Stocks 6.8 18.9 13.7 13.7 Imports 7.2 6.6 6.7 6.7 Production 64.1 50.1 55.0 54.7 Supply, Total 7/ 78.8 74.4 75.5 75.1 Domestic & Residual 3/ 35.9 31.0 32.0 32.0 Exports 8/ 23.9 29.7 30.0 30.0 Use, Total 59.9 60.7 62.0 62.0 Ending Stocks 18.9 13.7 13.5 13.1 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 21.60 19.60 17.60 17.40 California 10/ 22.30 20.00 20.00 20.00 Other States 1/ 17.20 15.20 12.50 12.00 ================================================================================ WASDE - 665 - 15 November 2025 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Acres SOYBEANS Area Planted 83.6 87.3 81.1 81.1 Area Harvested 82.3 86.2 80.3 80.3 Bushels Yield per Harvested Acre 50.6 50.7 53.5 53.0 Million Bushels Beginning Stocks 264 342 330 316 Production 4162 4374 4301 4253 Imports 21 27 20 20 Supply, Total 4447 4744 4651 4590 Crushings 2285 2445 2555 2555 Exports 1700 1875 1685 1635 Seed 75 70 73 73 Residual 44 37 37 37 Use, Total 4105 4427 4351 4300 Ending Stocks 342 316 300 290 Avg.FarmPrice ($/bu) 2/ 12.40 10.00 10.00 10.50 Million Pounds SOYBEAN OIL Beginning Stocks 1607 1551 1561 1751 Production 4/ 27093 29225 30150 30150 Imports 621 375 375 375 Supply, Total 29321 31151 32086 32276 Domestic Disappearance 27153 26900 29650 29650 Biofuel 3/ 12995 11900 15500 15500 Food, Feed & other Industrial 14158 15000 14150 14150 Exports 617 2500 700 900 Use, Total 27770 29400 30350 30550 Ending stocks 1551 1751 1736 1726 Avg. Price (c/lb) 2/ 47.28 47.59 53.00 53.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 371 453 450 450 Production 4/ 54106 58312 60225 60225 Imports 687 760 675 675 Supply, Total 55164 59525 61350 61350 Domestic Disappearance 38657 40775 41675 41675 Exports 16054 18300 19200 19200 Use, Total 54711 59075 60875 60875 Ending Stocks 453 450 475 475 Avg. Price ($/s.t.) 2/ 384.11 299.77 280.00 300.00 ================================================================================ WASDE - 665 - 16 November 2025 U.S. Sugar Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 1843 2220 2436 2489 Production 2/ 9313 9396 9470 9319 Beet Sugar 5172 5370 5303 5211 Cane Sugar 4141 4027 4167 4108 Florida 2079 1931 2051 2053 Louisiana 2022 2095 2116 2056 Texas 40 0 0 0 Imports 3840 3415 2235 2313 TRQ 3/ 1788 1534 1393 1369 Other Program 4/ 300 362 200 200 Non-program 1752 1518 642 744 Mexico 521 504 220 220 High-tier tariff/other 1231 1014 422 525 Total Supply 14995 15032 14141 14121 Exports 249 111 100 100 Deliveries 12443 12660 12065 12176 Food 12336 12549 11960 12071 Other 5/ 106 111 105 105 Miscellaneous 83 -227 0 0 Total Use 12775 12543 12165 12276 Ending Stocks 2220 2489 1976 1845 Stocks to Use Ratio 17.4 19.8 16.2 15.0 ================================================================================ Mexico Sugar Supply and Use and High Fructose Corn Syrup Consumption 1/ ================================================================================ Supply Use Fiscal Beginning Produc- Imports Domestic Exports Ending Year Stocks tion 2/ Stocks ================================================================================ 1000 Metric Tons, Actual Weight Sugar 2024/25 Est. Sep 1418 4771 175 4459 879 1026 Nov 1418 4771 167 4210 1023 1123 2025/26 Proj. Sep 1026 5094 142 4569 612 1081 Nov 1123 5019 98 4514 649 1077 ================================================================================ WASDE - 665 - 17 November 2025 U.S. Cotton Supply and Use 1/ ================================================================================ 2023/24 2024/25 Est. 2025/26 Proj. 2025/26 Proj. Item Sep Nov ================================================================================ Million Acres Planted 10.23 11.18 9.30 9.30 Harvested 6.44 7.81 7.37 7.37 Pounds Yield per Harvested Acre 899 886 861 919 Million 480 Pound Bales Beginning Stocks 4.65 3.15 4.00 4.00 Production 12.07 14.41 13.22 14.12 Imports 0.00 0.00 0.01 0.01 Supply, Total 16.72 17.57 17.23 18.12 Domestic Use 1.85 1.70 1.70 1.70 Exports, Total 11.75 11.90 12.00 12.20 Use, Total 13.60 13.60 13.70 13.90 Unaccounted 2/ -0.03 -0.03 -0.07 -0.08 Ending Stocks 3.15 4.00 3.60 4.30 Avg. Farm Price 3/ 76.1 63.0 64.0 62.0 ================================================================================ WASDE - 665 - 18 November 2025 World Wheat Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 274.65 792.34 223.24 158.46 796.29 222.24 270.71 World Less China 135.83 655.75 209.61 121.46 642.79 221.23 136.18 United States 15.50 49.10 3.75 2.33 30.18 19.21 18.95 Total Foreign 259.15 743.25 219.49 156.13 766.11 203.03 251.75 Major Exporters 4/ 47.63 325.10 13.80 72.38 179.31 165.60 41.61 Argentina 3.97 15.85 0.00 0.25 7.05 8.23 4.54 Australia 4.37 25.96 0.22 4.30 7.80 19.84 2.91 Canada 5.71 33.41 0.56 3.83 8.96 25.44 5.28 European Union 5/ 16.27 135.38 12.66 46.50 110.50 38.01 15.79 Russia 14.39 91.50 0.30 16.00 39.00 55.50 11.69 Ukraine 2.93 23.00 0.06 1.50 6.00 18.58 1.41 Major Importers 6/ 178.76 208.72 139.44 56.25 329.44 19.75 177.72 Bangladesh 0.83 1.10 6.65 0.20 7.30 0.00 1.28 Brazil 1.80 8.10 6.61 0.60 12.00 2.81 1.69 China 138.82 136.59 13.63 37.00 153.50 1.01 134.52 Japan 1.14 1.15 5.35 0.73 6.23 0.31 1.09 N. Africa 7/ 12.07 16.37 31.58 1.63 46.48 2.00 11.54 Nigeria 0.37 0.12 5.11 0.00 4.80 0.35 0.45 Sel. Mideast 8/ 11.74 20.77 20.34 3.22 39.70 0.65 12.49 Southeast Asia 9/ 3.13 0.00 30.56 9.85 27.86 1.32 4.51 Selected Other India 9.50 110.55 0.13 6.75 112.34 0.34 7.50 Kazakhstan 4.21 12.11 2.50 2.50 7.55 7.83 3.45 United Kingdom 2.31 13.98 3.14 7.40 15.59 0.57 3.26 2024/25 Est. World 3/ 270.71 800.79 200.21 157.18 810.06 209.68 261.44 World Less China 136.18 660.69 196.04 124.18 660.06 208.67 133.66 United States 18.95 53.85 4.05 3.17 31.24 22.48 23.15 Total Foreign 251.75 746.94 196.15 154.01 778.82 187.21 238.29 Major Exporters 4/ 41.61 315.71 11.86 74.58 181.88 152.09 35.20 Argentina 4.54 18.51 0.01 0.25 7.15 12.50 3.41 Australia 2.91 34.11 0.22 5.60 9.10 23.69 4.46 Canada 5.28 35.94 0.61 3.13 8.43 29.28 4.11 European Union 5/ 15.79 122.15 10.65 45.00 109.00 27.87 11.71 Russia 11.69 81.60 0.30 17.00 40.00 43.00 10.59 Ukraine 1.41 23.40 0.07 3.60 8.20 15.75 0.93 Major Importers 6/ 177.72 211.40 120.88 51.47 328.00 16.32 165.69 Bangladesh 1.28 1.10 5.80 0.20 7.40 0.00 0.78 Brazil 1.69 7.89 7.20 0.70 12.20 1.89 2.69 China 134.52 140.10 4.17 33.00 150.00 1.02 127.78 Japan 1.09 1.08 5.57 0.70 6.25 0.34 1.16 N. Africa 7/ 11.54 15.84 31.67 1.35 46.15 2.51 10.38 Nigeria 0.45 0.13 6.22 0.00 6.00 0.38 0.41 Sel. Mideast 8/ 12.49 23.56 17.60 2.92 40.22 0.73 12.69 Southeast Asia 9/ 4.51 0.00 29.17 9.60 28.28 1.44 3.96 Selected Other India 7.50 113.29 0.16 6.00 108.76 0.19 12.00 Kazakhstan 3.45 18.58 0.50 3.20 8.30 10.19 4.03 United Kingdom 3.26 11.15 3.80 6.83 15.03 0.50 2.68 ================================================================================ WASDE - 665 - 19 November 2025 World Wheat Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Sep 262.42 816.20 210.56 158.13 814.56 214.72 264.06 Nov 261.44 828.89 212.92 161.45 818.90 217.21 271.43 World Less China Sep 134.64 676.20 204.56 127.13 666.56 213.72 139.28 Nov 133.66 688.89 206.92 130.45 670.90 216.21 146.65 United States Sep 23.15 52.45 3.27 3.27 31.41 24.49 22.96 Nov 23.15 54.01 3.27 3.27 31.41 24.49 24.52 Total Foreign Sep 239.27 763.75 207.29 154.86 783.15 190.23 241.10 Nov 238.29 774.88 209.65 158.19 787.50 192.71 246.91 Major Exporters 4/ Sep 36.50 338.10 6.74 76.90 185.15 157.50 38.69 Nov 35.20 346.80 6.74 79.30 187.65 159.00 42.09 Argentina Sep 4.94 19.50 0.01 0.30 7.30 13.00 4.15 Nov 3.41 22.00 0.01 0.30 7.40 14.00 4.02 Australia Sep 4.25 34.50 0.23 5.10 8.70 25.00 5.28 Nov 4.46 36.00 0.23 5.50 9.10 26.00 5.59 Canada Sep 4.11 36.00 0.60 4.00 9.35 27.00 4.36 Nov 4.11 37.00 0.60 4.00 9.35 27.00 5.36 European Union 5/ Sep 11.69 140.10 5.50 48.50 113.00 32.50 11.79 Nov 11.71 142.30 5.50 49.00 113.50 33.00 13.01 Russia Sep 10.59 85.00 0.30 16.50 39.70 45.00 11.19 Nov 10.59 86.50 0.30 18.00 41.20 44.00 12.19 Ukraine Sep 0.93 23.00 0.10 2.50 7.10 15.00 1.93 Nov 0.93 23.00 0.10 2.50 7.10 15.00 1.93 Major Importers 6/ Sep 165.75 207.87 135.00 49.83 328.83 16.34 163.45 Nov 165.69 207.97 136.10 50.18 329.67 16.32 163.77 Bangladesh Sep 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Nov 0.78 1.00 6.70 0.30 7.70 0.00 0.78 Brazil Sep 2.48 7.50 7.30 0.70 12.30 2.50 2.48 Nov 2.69 7.70 7.30 0.75 12.35 2.50 2.84 China Sep 127.78 140.00 6.00 31.00 148.00 1.00 124.78 Nov 127.78 140.00 6.00 31.00 148.00 1.00 124.78 Japan Sep 1.16 1.10 5.45 0.70 6.20 0.34 1.17 Nov 1.16 1.10 5.45 0.70 6.20 0.34 1.17 N. Africa 7/ Sep 10.56 17.55 32.05 1.35 46.40 2.12 11.64 Nov 10.38 17.45 32.45 1.35 46.70 2.12 11.46 Nigeria Sep 0.49 0.13 6.70 0.00 6.40 0.40 0.52 Nov 0.41 0.13 6.70 0.00 6.40 0.40 0.44 Sel. Mideast 8/ Sep 12.74 19.78 20.20 2.78 40.33 1.01 11.38 Nov 12.69 19.78 20.50 2.78 40.42 0.99 11.56 Southeast Asia 9/ Sep 3.96 0.00 31.70 10.05 29.50 1.34 4.82 Nov 3.96 0.00 31.90 10.15 29.70 1.34 4.82 India Sep 12.00 117.51 0.25 6.50 112.51 0.25 17.00 Nov 12.00 117.51 0.25 6.50 112.51 0.25 17.00 Kazakhstan Sep 4.02 16.00 0.50 3.00 8.15 8.00 4.37 Nov 4.03 18.90 0.50 3.50 8.65 9.00 5.78 United Kingdom Sep 2.68 12.50 3.20 7.20 15.50 0.60 2.28 Nov 2.68 12.00 3.50 7.10 15.30 0.60 2.28 ================================================================================ WASDE - 665 - 20 November 2025 World Coarse Grain Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 337.46 1508.29 242.49 924.32 1498.50 236.25 347.25 World Less China 130.70 1210.91 194.46 678.52 1159.80 236.25 133.79 United States 37.14 402.88 2.65 151.74 331.42 63.37 47.87 Total Foreign 300.32 1105.41 239.84 772.58 1167.08 172.88 299.37 Major Exporters 4/ 30.63 322.45 6.87 137.35 195.06 142.33 22.56 Argentina 3.13 59.37 0.01 12.27 18.33 40.58 3.61 Australia 3.97 14.48 0.00 5.19 7.07 9.66 1.73 Brazil 10.61 124.81 2.64 67.85 90.63 38.36 9.07 Canada 3.95 27.52 2.95 16.19 24.35 6.16 3.91 Russia 2.32 42.54 0.10 20.94 29.99 13.27 1.71 Ukraine 3.95 39.78 0.01 7.77 10.20 32.02 1.52 Major Importers 5/ 37.36 231.58 144.62 272.24 360.10 14.66 38.79 European Union 6/ 16.53 137.04 22.08 109.81 148.71 11.52 15.43 Japan 1.45 0.25 16.67 13.23 16.92 0.00 1.45 Mexico 5.61 29.09 24.95 30.60 53.17 0.02 6.45 N. Afr & Mideast 7/ 7.02 34.01 37.77 59.62 68.01 2.52 8.28 Saudi Arabia 1.40 0.27 7.00 6.92 7.25 0.00 1.41 Southeast Asia 8/ 2.89 30.67 19.82 38.24 49.59 0.60 3.19 South Korea 1.91 0.16 11.67 9.30 11.68 0.00 2.06 Selected Other China 206.75 297.38 48.03 245.80 338.70 0.01 213.46 2024/25 Est. World 3/ 347.25 1511.55 223.69 945.44 1538.23 228.42 320.56 World Less China 133.79 1208.08 205.45 695.69 1196.16 228.41 127.48 United States 47.87 391.51 2.15 145.22 325.14 74.52 41.87 Total Foreign 299.37 1120.04 221.54 800.22 1213.09 153.89 278.69 Major Exporters 4/ 22.56 332.66 4.99 142.67 206.49 127.00 26.73 Argentina 3.61 58.46 0.01 13.97 20.18 36.60 5.30 Australia 1.73 17.34 0.00 4.39 6.26 11.32 1.49 Brazil 9.07 143.59 2.74 73.50 102.98 41.13 11.29 Canada 3.91 27.52 1.85 14.82 22.90 6.90 3.48 Russia 1.71 34.78 0.10 20.43 28.40 6.77 1.41 Ukraine 1.52 33.47 0.02 8.43 11.06 22.35 1.60 Major Importers 5/ 38.79 228.38 153.59 286.08 373.70 11.29 35.78 European Union 6/ 15.43 136.80 20.12 110.15 148.69 9.15 14.51 Japan 1.45 0.20 16.77 13.21 16.90 0.00 1.53 Mexico 6.45 28.37 26.60 32.45 55.08 0.03 6.31 N. Afr & Mideast 7/ 8.28 31.28 44.73 67.46 75.94 1.56 6.79 Saudi Arabia 1.41 0.27 8.36 8.32 8.66 0.00 1.39 Southeast Asia 8/ 3.19 31.19 21.02 40.72 52.08 0.55 2.78 South Korea 2.06 0.16 11.56 9.40 11.74 0.00 2.05 Selected Other China 213.46 303.47 18.24 249.75 342.08 0.01 193.09 ================================================================================ WASDE - 665 - 21 November 2025 World Coarse Grain Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Sep 313.44 1572.93 235.11 970.89 1576.40 244.72 309.97 Nov 320.56 1576.13 233.52 974.75 1585.89 247.31 310.80 World Less China Sep 119.29 1268.98 206.98 714.94 1228.12 244.69 132.04 Nov 127.48 1272.18 207.29 718.70 1237.51 247.29 135.94 United States Sep 36.94 441.68 2.31 159.28 342.77 81.49 56.67 Nov 41.87 440.80 2.31 159.32 343.19 84.03 57.77 Total Foreign Sep 276.50 1131.25 232.80 811.61 1233.63 163.23 253.30 Nov 278.69 1135.33 231.21 815.43 1242.70 163.28 253.03 Major Exporters 4/ Sep 23.11 338.03 4.90 142.20 207.59 139.27 19.17 Nov 26.73 339.43 4.90 144.63 211.06 138.91 21.09 Argentina Sep 3.62 61.62 0.01 13.19 19.48 41.80 3.97 Nov 5.30 61.82 0.01 14.04 20.33 41.90 4.90 Australia Sep 1.38 19.32 0.00 5.39 7.26 11.37 2.06 Nov 1.49 19.32 0.00 5.39 7.26 11.37 2.17 Brazil Sep 9.69 137.61 2.52 71.60 102.63 43.09 4.11 Nov 11.29 137.61 2.52 72.10 104.13 43.09 4.21 Canada Sep 3.49 28.07 2.12 16.17 24.15 5.94 3.58 Nov 3.48 28.07 2.12 16.17 24.15 5.94 3.57 Russia Sep 1.41 35.98 0.10 21.20 29.33 6.48 1.68 Nov 1.41 36.98 0.10 21.70 29.78 6.81 1.91 Ukraine Sep 1.62 38.38 0.01 7.42 9.85 28.58 1.59 Nov 1.60 38.58 0.01 8.01 10.51 27.59 2.10 Major Importers 5/ Sep 36.08 229.81 156.74 289.21 377.07 10.19 35.38 Nov 35.78 233.09 156.11 289.78 377.83 10.70 36.45 European Union 6/ Sep 14.64 136.56 24.38 113.45 152.34 8.89 14.34 Nov 14.51 139.11 22.28 112.70 151.59 9.39 14.92 Japan Sep 1.42 0.25 17.01 13.55 17.26 0.00 1.42 Nov 1.53 0.25 17.01 13.55 17.26 0.00 1.53 Mexico Sep 6.29 29.99 27.10 34.15 56.98 0.02 6.38 Nov 6.31 31.19 27.10 34.45 57.48 0.03 7.09 N. Afr & Mideast 7/ Sep 6.92 31.17 41.53 63.76 72.34 0.72 6.56 Nov 6.79 30.62 43.13 64.86 73.44 0.72 6.39 Saudi Arabia Sep 1.43 0.27 8.31 8.31 8.65 0.00 1.35 Nov 1.39 0.27 8.37 8.33 8.67 0.00 1.36 Southeast Asia 8/ Sep 2.85 31.31 22.18 42.08 52.93 0.57 2.85 Nov 2.78 31.38 21.98 41.98 52.83 0.57 2.74 South Korea Sep 2.10 0.16 11.61 9.39 11.78 0.00 2.10 Nov 2.05 0.16 11.61 9.39 11.78 0.00 2.04 China Sep 194.15 303.95 28.13 255.95 348.28 0.03 177.93 Nov 193.09 303.95 26.23 256.05 348.38 0.03 174.86 ================================================================================ WASDE - 665 - 22 November 2025 World Corn Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2023/24 World 3/ 305.37 1231.06 197.44 769.53 1220.90 192.65 315.53 World Less China 99.35 942.22 174.11 544.53 913.90 192.65 104.34 United States 34.55 389.67 0.72 148.13 322.87 57.28 44.79 Total Foreign 270.82 841.39 196.72 621.39 898.03 135.38 270.74 Major Exporters 4/ 18.51 232.53 2.72 93.54 128.02 112.88 12.86 Argentina 2.32 51.00 0.01 10.40 14.60 36.26 2.48 Brazil 9.88 119.00 1.72 62.50 84.00 38.26 8.33 Russia 0.91 16.60 0.05 9.10 10.20 6.60 0.76 South Africa 2.41 13.43 0.94 7.04 13.84 2.27 0.65 Ukraine 3.00 32.50 0.01 4.50 5.38 29.49 0.64 Major Importers 5/ 21.04 123.68 102.79 160.35 220.90 5.01 21.59 Egypt 1.51 7.20 8.02 12.80 15.30 0.00 1.43 European Union 6/ 8.02 61.95 19.83 58.10 78.10 4.39 7.31 Japan 1.30 0.01 15.29 12.00 15.30 0.00 1.30 Mexico 4.88 23.71 24.22 25.80 47.00 0.02 5.79 Southeast Asia 7/ 2.88 30.62 19.29 37.90 49.00 0.60 3.19 South Korea 1.90 0.09 11.55 9.25 11.50 0.00 2.04 Selected Other Canada 1.63 15.42 2.81 9.70 15.72 2.15 2.00 China 206.02 288.84 23.33 225.00 307.00 0.00 211.19 2024/25 Est. World 3/ 315.53 1230.73 183.83 786.67 1254.61 188.50 291.66 World Less China 104.34 935.82 182.01 552.67 938.61 188.50 99.73 United States 44.79 378.27 0.51 139.51 312.78 71.89 38.91 Total Foreign 270.74 852.47 183.33 647.16 941.83 116.62 252.75 Major Exporters 4/ 12.86 243.75 1.78 100.20 141.70 97.92 18.77 Argentina 2.48 50.00 0.01 11.50 15.90 32.00 4.58 Brazil 8.33 136.00 1.60 66.50 94.50 41.00 10.43 Russia 0.76 14.00 0.05 9.80 10.90 3.00 0.91 South Africa 0.65 16.95 0.10 7.00 14.00 1.90 1.80 Ukraine 0.64 26.80 0.02 5.40 6.40 20.02 1.04 Major Importers 5/ 21.59 120.58 106.31 164.35 225.06 3.33 20.10 Egypt 1.43 7.00 10.42 14.60 17.20 0.00 1.65 European Union 6/ 7.31 59.02 18.70 56.10 76.10 2.75 6.19 Japan 1.30 0.02 15.46 12.10 15.40 0.00 1.37 Mexico 5.79 23.20 25.50 27.50 48.80 0.03 5.66 Southeast Asia 7/ 3.19 31.14 20.45 40.35 51.46 0.55 2.77 South Korea 2.04 0.09 11.44 9.35 11.55 0.00 2.03 Selected Other Canada 2.00 15.35 1.67 8.56 14.42 3.00 1.58 China 211.19 294.92 1.82 234.00 316.00 0.00 191.93 ================================================================================ WASDE - 665 - 23 November 2025 World Corn Supply and Use 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Sep 284.18 1286.58 193.20 810.51 1289.36 201.71 281.40 Nov 291.66 1286.23 191.12 812.55 1296.54 203.47 281.34 World Less China Sep 91.09 991.58 183.20 571.51 968.36 201.69 104.33 Nov 99.73 991.23 183.12 573.55 975.54 203.45 107.43 United States Sep 33.66 427.11 0.64 154.95 332.25 75.57 53.58 Nov 38.91 425.53 0.64 154.95 332.25 78.11 54.71 Total Foreign Sep 250.52 859.47 192.56 655.56 957.11 126.14 227.81 Nov 252.75 860.70 190.48 657.60 964.29 125.36 226.63 Major Exporters 4/ Sep 15.14 246.60 1.67 99.30 142.33 110.50 10.58 Nov 18.77 246.60 1.67 101.10 145.20 109.70 12.14 Argentina Sep 2.78 53.00 0.01 11.20 15.60 37.00 3.19 Nov 4.58 53.00 0.01 12.00 16.40 37.00 4.19 Brazil Sep 8.83 131.00 1.60 65.50 95.00 43.00 3.43 Nov 10.43 131.00 1.60 66.00 96.50 43.00 3.53 Russia Sep 0.91 14.10 0.05 10.00 11.10 3.00 0.96 Nov 0.91 14.10 0.05 10.00 11.10 3.00 0.96 South Africa Sep 1.55 16.50 0.00 7.10 14.20 2.00 1.85 Nov 1.80 16.50 0.00 7.10 14.20 2.20 1.90 Ukraine Sep 1.06 32.00 0.01 5.50 6.43 25.50 1.15 Nov 1.04 32.00 0.01 6.00 7.00 24.50 1.55 Major Importers 5/ Sep 20.20 118.83 111.85 167.95 228.50 2.39 19.99 Nov 20.10 120.00 110.15 166.55 227.30 2.40 20.55 Egypt Sep 1.63 7.25 10.00 14.50 17.10 0.00 1.78 Nov 1.65 6.70 10.50 14.50 17.10 0.00 1.75 European Union 6/ Sep 6.28 55.30 23.00 56.80 76.90 1.80 5.88 Nov 6.19 55.75 21.00 55.20 75.30 1.80 5.84 Japan Sep 1.27 0.02 15.50 12.20 15.50 0.00 1.29 Nov 1.37 0.02 15.50 12.20 15.50 0.00 1.39 Mexico Sep 5.67 24.80 25.80 29.00 50.50 0.02 5.75 Nov 5.66 26.00 25.80 29.30 51.00 0.03 6.43 Southeast Asia 7/ Sep 2.84 31.26 21.50 41.60 52.20 0.57 2.84 Nov 2.77 31.33 21.30 41.50 52.10 0.57 2.74 South Korea Sep 2.09 0.10 11.50 9.35 11.60 0.00 2.08 Nov 2.03 0.10 11.50 9.35 11.60 0.00 2.02 Canada Sep 1.59 15.55 2.00 9.50 15.10 2.20 1.84 Nov 1.58 15.55 2.00 9.50 15.10 2.20 1.83 China Sep 193.09 295.00 10.00 239.00 321.00 0.02 177.07 Nov 191.93 295.00 8.00 239.00 321.00 0.02 173.91 ================================================================================ WASDE - 665 - 24 November 2025 World Rice Supply and Use (Milled Basis) 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2023/24 World 3/ 180.60 523.42 53.42 524.67 56.82 179.35 World Less China 74.00 378.80 51.90 376.55 55.18 76.35 United States 0.96 6.92 1.41 4.88 3.15 1.27 Total Foreign 179.64 516.49 52.01 519.79 53.67 178.09 Major Exporters 4/ 46.11 207.19 3.77 165.10 42.67 49.31 Burma 1.11 12.30 0.01 9.90 2.80 0.72 India 35.00 137.83 0.00 116.40 14.42 42.00 Pakistan 2.03 9.87 0.01 4.00 6.53 1.39 Thailand 4.35 20.00 0.05 12.30 9.89 2.21 Vietnam 3.62 27.20 3.70 22.50 9.04 2.99 Major Importers 5/ 121.41 237.27 20.79 259.34 2.01 118.12 China 106.60 144.62 1.53 148.12 1.63 103.00 European Union 6/ 0.83 1.37 2.11 3.25 0.36 0.70 Indonesia 4.70 33.02 4.65 36.20 0.00 6.17 Nigeria 1.92 5.61 1.89 8.00 0.00 1.41 Philippines 3.38 12.33 4.50 16.80 0.00 3.40 Sel. Mideast 7/ 1.22 2.02 4.64 6.58 0.00 1.30 Selected Other Brazil 0.62 7.20 0.96 7.10 0.97 0.71 C. Amer & Carib 8/ 0.61 1.40 1.87 3.25 0.06 0.58 Egypt 0.60 3.78 0.18 4.05 0.06 0.46 Japan 1.81 7.30 0.72 8.15 0.09 1.60 Mexico 0.12 0.15 0.85 0.99 0.02 0.12 South Korea 1.43 3.70 0.40 4.19 0.13 1.21 2024/25 Est. World 3/ 179.35 540.93 58.04 532.09 60.90 188.19 World Less China 76.35 395.66 55.70 386.14 59.75 84.69 United States 1.27 7.05 1.57 5.30 2.87 1.71 Total Foreign 178.09 533.88 56.47 526.80 58.03 186.48 Major Exporters 4/ 49.31 218.92 4.07 171.57 46.13 54.59 Burma 0.72 11.90 0.01 9.70 2.30 0.63 India 42.00 150.00 0.00 122.67 22.83 46.50 Pakistan 1.39 9.72 0.01 4.10 5.20 1.82 Thailand 2.21 20.55 0.05 12.50 7.60 2.71 Vietnam 2.99 26.75 4.00 22.60 8.20 2.94 Major Importers 5/ 118.12 239.48 22.35 258.61 1.51 119.84 China 103.00 145.28 2.34 145.96 1.15 103.50 European Union 6/ 0.70 1.60 2.54 3.50 0.34 1.00 Indonesia 6.17 34.10 0.70 35.50 0.00 5.47 Nigeria 1.41 5.77 3.20 8.30 0.00 2.08 Philippines 3.40 12.37 5.43 17.40 0.00 3.80 Sel. Mideast 7/ 1.30 2.28 4.91 6.85 0.00 1.64 Selected Other Brazil 0.71 8.68 0.85 7.35 1.30 1.59 C. Amer & Carib 8/ 0.58 1.54 2.02 3.36 0.10 0.68 Egypt 0.46 3.90 0.16 4.05 0.10 0.37 Japan 1.60 7.29 0.80 8.13 0.09 1.48 Mexico 0.12 0.17 0.88 1.01 0.02 0.14 South Korea 1.21 3.59 0.41 3.88 0.20 1.12 ================================================================================ WASDE - 665 - 25 November 2025 World Rice Supply and Use (Milled Basis) 1/ (Contd.) (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Total 2/ Ending Stocks tion Imports Domestic Exports Stocks ================================================================================ 2025/26 Proj. World 3/ Sep 188.38 541.07 58.79 542.18 62.15 187.27 Nov 188.19 540.87 59.29 542.35 62.90 186.72 World Less China Sep 84.88 395.07 56.19 395.48 61.25 82.77 Nov 84.69 394.87 56.39 395.65 61.70 82.22 United States Sep 1.71 6.63 1.61 5.27 2.99 1.69 Nov 1.71 6.58 1.61 5.27 2.99 1.65 Total Foreign Sep 186.67 534.44 57.18 536.91 59.16 185.58 Nov 186.48 534.29 57.68 537.07 59.91 185.07 Major Exporters 4/ Sep 54.89 219.20 4.17 176.35 47.50 54.40 Nov 54.59 218.80 4.17 176.20 47.90 53.45 Burma Sep 0.73 12.00 0.01 9.80 2.20 0.73 Nov 0.63 12.00 0.01 9.70 2.20 0.73 India Sep 46.50 151.00 0.00 127.00 25.00 45.50 Nov 46.50 151.00 0.00 127.00 25.00 45.50 Pakistan Sep 1.62 9.80 0.01 4.20 5.20 2.03 Nov 1.82 9.40 0.01 4.15 5.30 1.78 Thailand Sep 3.11 20.40 0.05 12.65 7.20 3.71 Nov 2.71 20.40 0.05 12.65 7.50 3.01 Vietnam Sep 2.94 26.00 4.10 22.70 7.90 2.44 Nov 2.94 26.00 4.10 22.70 7.90 2.44 Major Importers 5/ Sep 119.55 240.37 21.45 260.50 1.34 119.53 Nov 119.84 240.67 21.95 260.65 1.64 120.17 China Sep 103.50 146.00 2.60 146.70 0.90 104.50 Nov 103.50 146.00 2.90 146.70 1.20 104.50 European Union 6/ Sep 0.94 1.77 2.20 3.55 0.40 0.96 Nov 1.00 1.77 2.30 3.60 0.40 1.07 Indonesia Sep 5.47 33.60 0.80 35.30 0.00 4.57 Nov 5.47 33.60 0.80 35.30 0.00 4.57 Nigeria Sep 1.88 5.54 3.00 8.40 0.00 2.02 Nov 2.08 5.54 3.20 8.50 0.00 2.32 Philippines Sep 3.80 12.30 5.00 17.60 0.00 3.50 Nov 3.80 12.60 4.80 17.60 0.00 3.60 Sel. Mideast 7/ Sep 1.67 2.23 5.05 7.25 0.00 1.70 Nov 1.64 2.23 5.05 7.25 0.00 1.66 Brazil Sep 1.36 7.60 0.85 7.30 1.30 1.21 Nov 1.59 7.60 0.85 7.35 1.35 1.34 C. Amer & Carib 8/ Sep 0.66 1.52 2.06 3.45 0.08 0.71 Nov 0.68 1.53 2.06 3.46 0.08 0.74 Egypt Sep 0.36 3.90 0.18 4.05 0.08 0.31 Nov 0.37 4.20 0.10 4.15 0.08 0.44 Japan Sep 1.48 7.28 0.69 8.00 0.10 1.35 Nov 1.48 7.28 0.69 8.00 0.10 1.35 Mexico Sep 0.14 0.18 0.90 1.02 0.01 0.19 Nov 0.14 0.18 0.90 1.02 0.01 0.19 South Korea Sep 1.19 3.44 0.41 3.81 0.13 1.10 Nov 1.12 3.44 0.41 3.81 0.13 1.03 ================================================================================ WASDE - 665 - 26 November 2025 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2023/24 World 75.91 112.56 44.05 114.98 44.34 -0.21 73.41 World Less China 42.55 85.21 29.08 76.08 44.28 -0.21 36.70 United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15 Total Foreign 71.26 100.50 44.05 113.13 32.59 -0.18 70.26 Major Exporters 4/ 27.28 57.95 1.63 34.59 28.27 -0.18 24.17 Central Asia 5/ 3.66 5.02 0.05 3.89 1.66 0.00 3.18 Afr. Fr. Zone 6/ 0.96 5.02 3/ 0.10 4.59 0.00 1.29 S. Hemis. 7/ 11.37 22.03 0.15 4.44 19.24 -0.18 10.04 Australia 4.81 5.00 3/ 0.00 5.76 -0.18 4.22 Brazil 3.93 14.57 0.01 3.37 12.31 0.00 2.83 India 10.82 25.40 0.89 25.50 2.31 0.00 9.30 Major Importers 8/ 41.78 39.61 39.96 74.49 2.99 0.00 43.86 Mexico 0.38 0.87 0.70 1.50 0.20 0.00 0.24 China 33.36 27.35 14.98 38.90 0.06 0.00 36.72 European Union 9/ 0.40 1.04 0.47 0.51 1.14 0.00 0.26 Turkey 2.63 3.19 3.57 6.60 1.39 0.00 1.40 Pakistan 1.53 7.00 3.20 9.70 0.18 0.00 1.85 Indonesia 0.36 3/ 1.85 1.80 0.01 0.00 0.40 Thailand 0.14 3/ 0.40 0.45 0.00 0.00 0.09 Bangladesh 1.73 0.16 7.58 7.75 0.00 0.00 1.71 Vietnam 1.05 3/ 6.59 6.60 0.00 0.00 1.03 2024/25 Est. World 73.41 119.28 43.03 119.04 42.43 -0.22 74.49 World Less China 36.70 87.28 37.85 80.04 42.37 -0.22 39.64 United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00 Total Foreign 70.26 104.87 43.03 117.34 30.53 -0.19 70.49 Major Exporters 4/ 24.17 58.63 4.29 34.81 26.38 -0.19 26.09 Central Asia 5/ 3.18 5.09 0.10 3.93 1.49 0.00 2.95 Afr. Fr. Zone 6/ 1.29 4.25 3/ 0.10 4.07 0.00 1.37 S. Hemis. 7/ 10.04 24.70 0.15 4.60 19.16 -0.19 11.31 Australia 4.22 5.60 3/ 0.00 5.23 -0.19 4.79 Brazil 2.83 17.00 3/ 3.50 13.02 0.00 3.31 India 9.30 24.00 3.04 25.00 1.33 0.00 10.02 Major Importers 8/ 43.86 43.32 35.92 78.00 3.01 0.00 42.08 Mexico 0.24 0.97 0.60 1.35 0.18 0.00 0.28 China 36.72 32.00 5.19 39.00 0.06 0.00 34.84 European Union 9/ 0.26 1.24 0.41 0.46 1.26 0.00 0.19 Turkey 1.40 3.95 4.46 7.10 1.43 0.00 1.28 Pakistan 1.85 5.00 6.10 10.80 0.05 0.00 2.10 Indonesia 0.40 3/ 1.98 1.95 0.02 0.00 0.41 Thailand 0.09 3/ 0.51 0.50 0.00 0.00 0.11 Bangladesh 1.71 0.15 8.05 8.20 0.00 0.00 1.71 Vietnam 1.03 3/ 7.98 8.00 0.00 0.00 1.02 ================================================================================ WASDE - 665 - 27 November 2025 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2025/26 Proj. World Sep 74.06 117.68 43.71 118.83 43.70 -0.23 73.14 Nov 74.49 120.08 44.01 118.88 44.00 -0.24 75.93 World Less China Sep 39.22 85.18 38.51 80.33 43.63 -0.23 39.18 Nov 39.64 86.58 38.61 80.38 43.93 -0.24 40.76 United States Sep 4.00 13.22 0.01 1.70 12.00 -0.07 3.60 Nov 4.00 14.12 0.01 1.70 12.20 -0.08 4.30 Total Foreign Sep 70.06 104.46 43.70 117.13 31.70 -0.16 69.54 Nov 70.49 105.97 44.00 117.18 31.80 -0.16 71.63 Major Exporters 4/ Sep 25.74 58.85 4.25 34.89 28.12 -0.16 25.99 Nov 26.09 59.36 4.25 34.94 28.22 -0.16 26.70 Central Asia 5/ Sep 2.85 4.81 0.20 3.95 1.42 0.00 2.50 Nov 2.95 4.81 0.20 3.95 1.42 0.00 2.59 Afr. Fr. Zone 6/ Sep 1.37 4.43 3/ 0.11 4.39 0.00 1.29 Nov 1.37 4.43 3/ 0.11 4.34 0.00 1.35 S. Hemis. 7/ Sep 11.10 25.21 0.15 4.56 20.71 -0.16 11.34 Nov 11.31 25.71 0.15 4.61 20.86 -0.16 11.85 Australia Sep 4.74 4.50 3/ 0.00 5.10 -0.16 4.30 Nov 4.79 4.50 3/ 0.00 5.10 -0.16 4.35 Brazil Sep 3.31 18.25 0.01 3.50 14.30 0.00 3.77 Nov 3.31 18.75 0.01 3.50 14.50 0.00 4.06 India Sep 9.97 24.00 2.80 25.00 1.30 0.00 10.47 Nov 10.02 24.00 2.80 25.00 1.30 0.00 10.52 Major Importers 8/ Sep 42.11 42.72 36.32 77.45 2.44 0.00 41.25 Nov 42.08 43.72 36.62 77.45 2.44 0.00 42.52 Mexico Sep 0.28 0.58 0.70 1.30 0.10 0.00 0.16 Nov 0.28 0.58 0.70 1.30 0.10 0.00 0.16 China Sep 34.84 32.50 5.20 38.50 0.08 0.00 33.97 Nov 34.84 33.50 5.40 38.50 0.08 0.00 35.17 European Union 9/ Sep 0.17 1.28 0.47 0.51 1.19 0.00 0.22 Nov 0.19 1.28 0.47 0.51 1.19 0.00 0.24 Turkey Sep 1.28 3.20 4.70 6.90 1.00 0.00 1.28 Nov 1.28 3.20 4.70 6.90 1.00 0.00 1.28 Pakistan Sep 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Nov 2.10 5.00 5.90 10.90 0.05 0.00 2.05 Indonesia Sep 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Nov 0.41 3/ 2.00 2.00 0.02 0.00 0.40 Thailand Sep 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Nov 0.11 3/ 0.50 0.50 0.00 0.00 0.11 Bangladesh Sep 1.76 0.15 8.10 8.10 0.00 0.00 1.92 Nov 1.71 0.15 8.10 8.10 0.00 0.00 1.87 Vietnam Sep 1.02 3/ 8.10 8.10 0.00 0.00 1.02 Nov 1.02 3/ 8.20 8.10 0.00 0.00 1.12 ================================================================================ WASDE - 665 - 28 November 2025 World Soybean Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic Ending Stocks tion Imports Crush Total Exports Stocks ================================================================================ 2023/24 World 2/ 101.86 396.36 178.28 331.19 383.55 177.83 115.12 World Less China 69.52 375.52 66.28 232.19 261.75 177.76 71.81 United States 7.19 113.27 0.57 62.20 65.44 46.27 9.32 Total Foreign 94.67 283.09 177.72 268.99 318.11 131.57 105.80 Major Exporters 3/ 54.26 217.00 8.67 94.14 105.49 120.02 54.43 Argentina 17.00 48.21 7.79 36.58 43.83 5.11 24.05 Brazil 36.80 154.50 0.87 54.41 58.26 104.19 29.72 Paraguay 0.37 11.00 0.01 3.00 3.10 7.99 0.29 Major Importers 4/ 35.03 24.57 144.11 126.74 157.15 0.35 46.20 China 32.34 20.84 112.00 99.00 121.80 0.07 43.31 European Union 1.26 2.81 13.46 14.50 16.00 0.25 1.28 Southeast Asia 5/ 0.68 0.47 9.09 4.35 9.40 0.02 0.83 Mexico 0.56 0.20 6.46 6.53 6.60 0.01 0.62 2024/25 Est. World 2/ 115.12 427.14 179.14 357.79 413.04 185.02 123.34 World Less China 71.81 406.49 71.14 254.29 285.64 184.94 78.85 United States 9.32 119.05 0.74 66.54 69.46 51.03 8.61 Total Foreign 105.80 308.09 178.40 291.25 343.58 133.99 114.73 Major Exporters 3/ 54.43 237.01 7.09 104.46 116.13 121.56 60.82 Argentina 24.05 51.11 6.32 43.21 50.51 7.87 23.10 Brazil 29.72 171.50 0.73 58.00 62.00 103.14 36.81 Paraguay 0.29 10.20 0.02 3.10 3.28 6.80 0.43 Major Importers 4/ 46.20 24.58 142.28 133.04 164.65 0.45 47.97 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.28 2.93 14.60 15.40 16.92 0.35 1.54 Southeast Asia 5/ 0.83 0.45 10.04 5.00 10.11 0.01 1.19 Mexico 0.62 0.28 6.40 6.65 6.74 0.01 0.55 2025/26 Proj. World 2/ Sep 123.58 425.87 186.21 366.63 423.89 187.78 123.99 Nov 123.34 421.75 186.41 364.98 421.54 187.97 121.99 World Less China Sep 80.10 404.87 74.21 258.63 290.89 187.68 80.61 Nov 78.85 400.75 74.41 256.98 288.54 187.87 77.60 United States Sep 8.98 117.05 0.54 69.54 72.54 45.86 8.17 Nov 8.61 115.75 0.54 69.54 72.53 44.50 7.89 Total Foreign Sep 114.60 308.82 185.67 297.09 351.35 141.92 115.82 Nov 114.73 306.00 185.87 295.44 349.01 143.47 114.11 Major Exporters 3/ Sep 61.17 237.60 7.58 103.67 115.82 128.60 61.93 Nov 60.82 237.60 8.08 103.27 115.12 131.35 60.03 Argentina Sep 24.05 48.50 7.20 42.40 49.90 6.00 23.85 Nov 23.10 48.50 7.70 41.00 48.20 8.25 22.85 Brazil Sep 36.21 175.00 0.35 58.00 62.30 112.00 37.26 Nov 36.81 175.00 0.35 59.00 63.30 112.50 36.36 Paraguay Sep 0.43 11.00 0.02 3.10 3.30 7.70 0.45 Nov 0.43 11.00 0.02 3.10 3.30 7.70 0.45 Major Importers 4/ Sep 47.31 24.69 147.20 138.56 171.56 0.43 47.20 Nov 47.97 24.73 147.00 138.36 171.36 0.43 47.91 China Sep 43.48 21.00 112.00 108.00 133.00 0.10 43.38 Nov 44.49 21.00 112.00 108.00 133.00 0.10 44.39 European Union Sep 1.88 2.77 14.30 15.30 16.82 0.30 1.83 Nov 1.54 2.79 14.30 15.30 16.82 0.30 1.51 Southeast Asia 5/ Sep 1.20 0.42 10.90 5.91 11.31 0.02 1.20 Nov 1.19 0.42 10.70 5.71 11.11 0.02 1.18 Mexico Sep 0.54 0.25 6.70 6.80 6.89 0.01 0.60 Nov 0.55 0.28 6.70 6.80 6.89 0.01 0.63 ================================================================================ WASDE - 665 - 29 November 2025 World Soybean Meal Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 14.06 260.00 69.77 254.91 74.15 14.77 World Less China 13.12 181.59 69.74 177.76 72.71 13.97 United States 0.34 49.08 0.62 35.07 14.56 0.41 Total Foreign 13.72 210.91 69.15 219.84 59.58 14.36 Major Exporters 3/ 6.31 79.43 0.05 30.58 49.58 5.64 Argentina 2.30 28.54 0.00 3.50 24.89 2.44 Brazil 3.82 41.86 0.02 20.00 22.72 2.97 India 0.20 9.04 0.03 7.08 1.97 0.22 Major Importers 4/ 1.61 21.78 38.58 58.79 0.87 2.30 European Union 0.47 11.46 16.54 26.94 0.65 0.87 Mexico 0.15 5.16 1.94 7.08 0.00 0.16 Southeast Asia 5/ 0.95 3.39 18.29 21.25 0.22 1.16 China 0.94 78.41 0.03 77.15 1.43 0.79 2024/25 Est. World 2/ 14.77 281.22 77.70 272.74 82.27 18.68 World Less China 13.97 199.25 77.66 191.89 81.25 17.74 United States 0.41 52.90 0.69 36.99 16.60 0.41 Total Foreign 14.36 228.32 77.01 235.75 65.67 18.27 Major Exporters 3/ 5.64 87.16 0.33 31.00 54.97 7.17 Argentina 2.44 33.70 0.28 3.50 29.78 3.15 Brazil 2.97 44.66 0.01 20.50 23.39 3.75 India 0.22 8.80 0.05 7.00 1.80 0.27 Major Importers 4/ 2.30 23.19 44.60 65.52 1.01 3.56 European Union 0.87 12.17 20.50 31.24 0.65 1.65 Mexico 0.16 5.26 2.30 7.43 0.00 0.28 Southeast Asia 5/ 1.16 3.90 20.18 23.37 0.36 1.51 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Proj. World 2/ Sep 17.88 287.74 78.58 283.88 82.17 18.15 Nov 18.68 286.42 77.96 283.24 81.55 18.27 World Less China Sep 16.91 202.20 78.53 199.73 80.97 16.95 Nov 17.74 200.88 77.91 199.09 80.35 17.09 United States Sep 0.41 54.64 0.61 37.81 17.42 0.43 Nov 0.41 54.64 0.61 37.81 17.42 0.43 Total Foreign Sep 17.47 233.10 77.97 246.07 64.75 17.72 Nov 18.27 231.78 77.35 245.43 64.13 17.84 Major Exporters 3/ Sep 6.49 86.05 0.07 32.45 54.20 5.96 Nov 7.17 84.77 0.27 32.08 53.60 6.53 Argentina Sep 3.18 33.07 0.01 3.60 30.10 2.56 Nov 3.15 31.98 0.01 3.60 29.00 2.54 Brazil Sep 3.12 44.78 0.01 21.50 23.20 3.20 Nov 3.75 45.55 0.01 21.50 24.00 3.81 India Sep 0.20 8.20 0.05 7.35 0.90 0.20 Nov 0.27 7.24 0.25 6.98 0.60 0.19 Major Importers 4/ Sep 3.21 23.98 42.50 65.53 0.88 3.28 Nov 3.56 23.82 42.45 65.93 0.88 3.02 European Union Sep 1.28 12.09 17.55 29.24 0.60 1.07 Nov 1.65 12.09 17.55 29.84 0.60 0.84 Mexico Sep 0.28 5.37 2.55 7.88 0.00 0.33 Nov 0.28 5.37 2.55 7.88 0.00 0.33 Southeast Asia 5/ Sep 1.50 4.60 20.60 24.70 0.28 1.73 Nov 1.51 4.45 20.55 24.50 0.28 1.73 China Sep 0.97 85.54 0.05 84.15 1.20 1.21 Nov 0.94 85.54 0.05 84.15 1.20 1.18 ================================================================================ WASDE - 665 - 30 November 2025 World Soybean Oil Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2023/24 World 2/ 5.84 64.00 10.57 62.89 11.81 5.71 World Less China 4.83 45.19 10.19 43.99 11.71 4.51 United States 0.73 12.29 0.28 12.32 0.28 0.70 Total Foreign 5.11 51.71 10.28 50.57 11.53 5.01 Major Exporters 3/ 1.97 21.63 0.67 14.68 8.04 1.55 Argentina 0.72 7.25 0.00 1.77 5.53 0.67 Brazil 0.59 11.06 0.08 10.20 1.35 0.18 European Union 0.57 2.76 0.59 2.63 0.66 0.62 Major Importers 4/ 1.93 22.14 5.41 26.98 0.26 2.25 China 1.01 18.81 0.38 18.90 0.10 1.20 India 0.60 2.03 3.31 5.18 0.02 0.75 North Africa 5/ 0.30 0.93 1.15 1.97 0.14 0.27 2024/25 Est. World 2/ 5.71 69.80 13.82 68.08 14.98 6.28 World Less China 4.51 49.70 13.53 47.58 14.66 5.50 United States 0.70 13.26 0.17 12.20 1.13 0.79 Total Foreign 5.01 56.55 13.65 55.88 13.85 5.48 Major Exporters 3/ 1.55 23.96 0.94 15.42 9.84 1.19 Argentina 0.67 8.62 0.11 1.98 7.10 0.32 Brazil 0.18 11.83 0.09 10.36 1.49 0.24 European Union 0.62 2.93 0.75 3.01 0.70 0.59 Major Importers 4/ 2.25 23.60 7.77 30.50 0.43 2.69 China 1.20 20.10 0.30 20.50 0.32 0.78 India 0.75 1.98 5.40 6.62 0.03 1.49 North Africa 5/ 0.27 1.19 1.28 2.28 0.09 0.36 2025/26 Proj. World 2/ Sep 5.99 70.87 11.94 69.86 13.10 5.84 Nov 6.28 70.57 12.09 70.04 13.20 5.69 World Less China Sep 5.23 50.35 11.69 49.21 13.00 5.06 Nov 5.50 50.05 11.84 49.39 13.10 4.90 United States Sep 0.71 13.68 0.17 13.45 0.32 0.79 Nov 0.79 13.68 0.17 13.45 0.41 0.78 Total Foreign Sep 5.29 57.19 11.77 56.41 12.78 5.06 Nov 5.48 56.89 11.92 56.59 12.79 4.91 Major Exporters 3/ Sep 1.36 23.78 0.70 15.22 9.09 1.53 Nov 1.19 23.71 0.70 15.32 8.99 1.29 Argentina Sep 0.51 8.46 0.01 1.98 6.45 0.55 Nov 0.32 8.18 0.01 1.98 6.15 0.37 Brazil Sep 0.24 11.83 0.04 10.45 1.30 0.35 Nov 0.24 12.03 0.04 10.45 1.50 0.36 European Union Sep 0.57 2.91 0.65 2.71 0.85 0.57 Nov 0.59 2.91 0.65 2.81 0.85 0.49 Major Importers 4/ Sep 2.37 24.07 6.32 30.62 0.25 1.89 Nov 2.69 23.80 6.32 30.60 0.25 1.98 China Sep 0.77 20.52 0.25 20.65 0.10 0.79 Nov 0.78 20.52 0.25 20.65 0.10 0.80 India Sep 1.19 1.85 4.10 6.42 0.02 0.70 Nov 1.49 1.63 4.10 6.42 0.02 0.78 North Africa 5/ Sep 0.35 1.31 1.27 2.48 0.13 0.33 Nov 0.36 1.27 1.27 2.46 0.13 0.32 ================================================================================ WASDE - 665 - 31 November 2025 U.S. Quarterly Animal Product Production 1/ ================================================================================ Year Red Total Red and meat poultry meat & quarter Beef Pork 2/ Broiler Turkey 3/ poultry Egg Milk ================================================================================ Million Pounds Mil doz Bil lbs 2024 IV 6882 7207 14133 11905 1264 13302 27435 2269 55.5 Annual 26984 27789 54947 46994 5121 52677 107625 9017 225.9 2025 I 6543 6956 13540 11565 1146 12829 26369 2114 56.8 II 6453 6706 13201 11885 1181 13192 26393 2107 58.7 III 6350 6620 13009 12315 1250 13695 26704 2205 58.2 IV* 6410 7205 13655 12200 1230 13560 27215 2240 57.8 SepProj. 25826 27567 53556 47925 4837 53256 106812 8671 230.0 NovProj. 25756 27487 53405 47965 4807 53276 106681 8666 231.4 2026 I* 6285 6810 13134 11800 1200 13130 26264 2250 58.5 II* 6285 6645 12968 11975 1220 13330 26298 2325 59.6 III* 6365 6775 13179 12350 1290 13775 26954 2325 58.4 SepProj. 25490 28380 54028 48300 5040 53875 107903 9250 231.3 NovProj. 25390 27475 53021 48375 5020 53930 106951 9250 234.3 ================================================================================ U.S. Quarterly Prices for Animal Products ================================================================================ Year Barrows and Streers and gilts Broilers Turkeys Eggs Milk quarter 2/ 3/ 4/ 5/ 6/ 7/ ================================================================================ Dol./cwt Dol./cwt Cents/lb. Cents/lb. Cents/doz. Dol./cwt 2024 IV 189.75 62.89 130.0 93.6 409.5 24.20 Annual 187.12 63.41 129.4 93.7 303.1 22.55 2025 I 205.02 63.59 130.8 94.8 675.3 23.23 II 225.22 69.69 135.9 119.3 344.4 21.20 III 239.62 77.05 121.9 156.8 283.0 20.60 IV* 234.00 66.00 110.0 169.0 215.0 19.20 SepProj. 228.56 69.82 128.7 131.5 403.7 21.35 NovProj. 225.97 69.08 124.7 135.0 379.4 21.05 2026 I* 242.00 65.00 120.0 135.0 215.0 18.90 II* 245.00 70.00 130.0 140.0 185.0 18.40 III* 248.00 71.00 125.0 140.0 180.0 19.70 SepProj. 249 66 131 131 211 20.40 NovProj. 246 67 125 140 195 19.25 ================================================================================ WASDE - 665 - 32 November 2025 U.S. Meats Supply and Use ================================================================================ Disappearance Beg- Produc- Per Item inning tion Total Ending capita stocks 1/ Imports Supply Exports stocks Total 2/ 3/ ================================================================================ Million Pounds 4/ Beef 2024 638 27051 4635 32324 3007 602 28714 59.1 2025 Proj. Sep 602 25892 5364 31859 2642 590 28627 58.5 Nov 602 25822 5364 31789 2632 595 28562 58.4 2026 Proj. Sep 590 25557 4950 31097 2525 570 28002 57.0 Nov 595 25457 4950 31002 2525 570 27907 56.8 Pork 2024 471 27804 1148 29422 7125 435 21862 49.9 2025 Proj. Sep 435 27582 1106 29123 6982 400 21741 49.3 Nov 435 27502 1116 29053 6982 385 21686 49.2 2026 Proj. Sep 400 28394 1140 29934 7000 400 22534 50.9 Nov 385 27489 1160 29034 6960 385 21689 49.0 TotalRed Meat5/ 2024 1130 55038 6148 62316 10137 1058 51121 110.4 2025 Proj. Sep 1058 53647 6801 61507 9631 1012 50865 109.1 Nov 1058 53496 6811 61366 9621 1002 50743 108.9 2026 Proj. Sep 1012 54119 6435 61565 9532 992 51042 109.2 Nov 1002 53112 6455 60569 9492 977 50100 107.1 Broiler 2024 835 46491 150 47475 6680 761 40034 101.1 2025 Proj. Sep 761 47412 160 48333 6506 765 41062 103.0 Nov 761 47452 160 48373 6576 765 41031 103.0 2026 Proj. Sep 765 47783 140 48688 6610 780 41298 103.2 Nov 765 47857 140 48762 6655 780 41327 103.3 Turkey 2024 243 5121 37 5401 486 219 4697 13.8 2025 Proj. Sep 219 4837 36 5092 417 190 4485 13.1 Nov 219 4807 36 5062 407 180 4475 13.1 2026 Proj. Sep 190 5040 28 5258 435 200 4623 13.4 Nov 180 5020 28 5228 400 200 4628 13.5 Total Poultry6/ 2024 1085 52174 190 53449 7187 985 45277 116.5 2025 Proj. Sep 985 52743 199 53926 6967 960 45999 117.5 Nov 985 52762 199 53946 7027 951 45968 117.4 2026 Proj. Sep 960 53358 170 54488 7089 986 46413 118.1 Nov 951 53412 170 54533 7099 986 46448 118.1 RedMeat& Poultry 2024 2215 107212 6338 115765 17324 2043 96398 226.9 2025 Proj. Sep 2043 106390 7000 115433 16598 1972 96864 226.6 Nov 2043 106259 7010 115312 16648 1953 96711 226.2 2026 Proj. Sep 1972 107476 6605 116053 16621 1978 97454 227.2 Nov 1953 106524 6625 115101 16591 1963 96548 225.2 ================================================================================ WASDE - 665 - 33 November 2025 U.S. Egg Supply and Use ================================================================================ 2023 2024 2025Proj. 2025Proj. 2026Proj. 2026Proj. Commodity Sep Nov Sep Nov ================================================================================ Million Dozen Eggs Supply BeginningStocks 18.8 23.1 14.2 14.2 16.0 16.0 Production 9150.3 9016.6 8671.0 8666.0 9250.0 9250.0 Imports 27.5 30.1 139.1 129.1 70.0 50.0 Total Supply 9196.5 9069.8 8824.3 8809.3 9336.0 9316.0 Use Exports 250.5 236.7 197.1 202.1 235.0 235.0 Hatching Use 1120.4 1148.2 1165.8 1165.8 1160.0 1160.0 Ending Stocks 23.1 14.2 16.0 16.0 21.0 21.0 Disappearance Total 7802.5 7670.7 7445.4 7425.4 7920.0 7900.0 Per Capita (number) 277.7 270.6 261.0 260.3 276.4 275.7 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2023 2024 2025Proj. 2025Proj. 2026Proj. 2026Proj. Commodity Sep Nov Sep Nov ================================================================================ Billion Pounds Milk Production 226.3 225.9 230.0 231.4 231.3 234.3 Farm Use 1.0 1.0 1.0 1.0 1.0 1.0 FatBasisSupply BeginningStocks 14.4 13.8 13.1 13.1 12.7 12.7 Marketings 225.3 224.9 229.0 230.5 230.3 233.3 Imports 7.4 9.1 8.1 8.0 8.3 8.3 Total Supply 247.1 247.8 250.1 251.5 251.4 254.3 FatBasisUse Exports 10.5 11.8 15.6 16.0 13.9 14.7 Ending Stocks 13.8 13.1 12.7 12.7 12.9 12.9 Domestic Use 222.8 222.8 221.8 222.8 224.6 226.7 Skim-solidBasisSupply BeginningStocks 11.7 9.8 9.4 9.4 10.0 10.0 Marketings 225.3 224.9 229.0 230.5 230.3 233.3 Imports 6.3 6.8 6.9 6.9 7.1 7.0 Total Supply 243.3 241.5 245.3 246.8 247.4 250.3 Skim-solidBasisUse Exports 49.9 48.9 48.0 48.2 48.9 48.9 Ending Stocks 9.8 9.4 10.0 10.0 9.6 9.6 Domestic Use 183.6 183.2 187.3 188.6 188.9 191.8 ================================================================================ WASDE - 665 - 34 November 2025 U.S. Dairy Prices ================================================================================ Commod- 2023 2024 2025 Proj. 2025 Proj. 2026 Proj. 2026 Proj. ity Sep Nov Sep Nov ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.7593 1.8634 1.815 1.805 1.775 1.740 Butter 2.6170 2.8870 2.360 2.220 2.245 1.700 Nonfat Dry Milk 1.1856 1.2420 1.255 1.235 1.220 1.170 Dry Whey 0.3618 0.4913 0.575 0.595 0.510 0.620 Milk Prices 2/ Dollars Per Cwt ClassIII 17.02 18.89 18.20 18.15 17.40 17.65 Class IV 19.12 20.75 18.15 17.35 17.25 14.50 All Milk 3/ 20.34 22.55 21.35 21.05 20.40 19.25 ================================================================================ WASDE - 665 - 35 November 2025 Reliability of November Projections 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Metric Tons WHEAT Production World 1.1 1.9 5.4 0.1 18.1 33 11 U.S. 0.4 0.7 0.1 0.0 1.2 21 14 Foreign 1.3 2.2 5.4 0.0 18.2 33 11 Exports World 5.6 9.4 6.4 0.2 19.2 35 9 U.S. 7.1 12.0 1.8 0.0 8.6 21 23 Foreign 6.8 11.4 6.3 0.3 17.2 38 6 Domestic Use World 1.4 2.3 6.3 0.0 28.5 28 15 U.S. 5.7 9.6 1.5 0.1 3.6 12 32 Foreign 1.4 2.4 6.4 0.5 28.7 31 13 Ending Stocks World 6.0 10.2 8.1 0.2 32.1 33 11 U.S. 10.8 18.2 1.9 0.2 7.0 29 15 Foreign 6.2 10.5 6.9 0.6 31.2 32 12 COARSE GRAINS 2/ Production World 1.5 2.5 13.0 0.2 47.3 33 11 U.S. 1.3 2.2 2.7 0.0 9.9 20 24 Foreign 2.1 3.6 12.9 0.2 48.8 32 12 Exports World 6.3 10.6 6.3 0.1 29.7 30 14 U.S. 15.9 26.8 6.0 0.4 14.7 23 21 Foreign 11.6 19.6 6.9 0.3 23.5 29 15 Domestic Use World 1.3 2.2 10.9 0.2 41.9 26 18 U.S. 3.4 5.8 4.9 0.2 17.2 21 23 Foreign 1.5 2.6 10.0 0.2 42.2 28 16 Ending Stocks World 11.6 19.6 11.9 0.3 39.6 35 9 U.S. 21.0 35.4 7.7 0.6 23.9 23 21 Foreign 15.1 25.5 10.5 0.2 31.1 38 6 RICE, milled Production World 2.0 3.4 5.8 0.1 16.8 37 7 U.S. 2.7 4.6 0.1 0.0 0.5 21 20 Foreign 2.0 3.4 5.8 0.2 16.9 37 7 Exports World 9.0 15.1 2.0 0.1 6.0 35 9 U.S. 9.4 15.9 0.2 0.0 0.7 21 20 Foreign 10.2 17.2 2.0 0.0 6.1 33 11 Domestic Use World 1.6 2.7 4.0 0.1 17.5 36 8 U.S. 8.0 13.5 0.2 0.0 0.6 24 20 Foreign 1.6 2.7 3.9 0.0 17.7 37 7 Ending Stocks World 10.1 17.0 5.5 0.1 24.6 36 8 U.S. 22.1 37.2 0.2 0.0 0.8 24 20 Foreign 10.5 17.6 5.5 0.1 24.4 36 8 ================================================================================ WASDE - 665 - 36 November 2025 Reliability of November Projections (Continued) 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Metric Tons SOYBEANS Production World 4.0 6.7 6.6 0.0 28.3 24 20 U.S. 2.1 3.5 1.2 0.1 4.7 19 25 Foreign 6.5 11.0 6.4 0.0 29.4 22 22 Exports World 7.1 12.0 4.0 0.0 17.9 28 16 U.S. 9.5 16.0 2.4 0.1 7.1 27 17 Foreign 17.4 29.3 3.7 0.1 20.8 23 21 Domestic Use World 2.9 4.8 4.7 0.0 16.5 25 19 U.S. 3.5 5.8 1.2 0.0 3.8 29 15 Foreign 3.5 5.9 4.4 0.2 14.9 25 19 Ending Stocks World 15.4 25.9 4.6 0.0 18.4 22 22 U.S. 46.3 77.9 2.3 0.1 7.3 13 31 Foreign 16.3 27.5 4.1 0.1 18.2 23 21 COTTON Production World 3.5 5.9 2.5 0.1 9.3 26 18 U.S. 4.1 6.9 0.5 0.0 2.5 21 22 Foreign 4.0 6.7 2.4 0.1 8.9 27 17 Exports World 8.1 13.6 2.2 0.1 10.3 28 16 U.S. 16.1 27.2 1.0 0.1 3.2 26 18 Foreign 10.7 18.0 1.7 0.0 8.9 22 21 Domestic Use World 4.5 7.6 3.2 0.0 19.4 20 23 U.S. 9.5 15.9 0.3 0.0 1.1 20 24 Foreign 4.5 7.6 3.1 0.0 18.6 21 23 Ending Stocks World 11.7 19.8 5.2 0.3 18.4 25 19 U.S. 35.8 60.3 1.1 0.1 4.1 16 28 Foreign 12.4 20.9 4.9 0.0 17.3 27 17 ================================================================================ WASDE - 665 - 37 November 2025 Reliability of United States November Projections 1/ ================================================================================ Differences between forecast and final estimate 90 percent Years Commodity and Root mean Confidence Below Above Region square error interval Average Smallest Largest Final Final ================================================================================ Million Bushels CORN Production 1.4 2.3 101 0 396 21 22 Exports 16.4 27.6 215 9 575 21 23 Domestic Use 3.6 6.1 192 3 574 26 18 Ending Stocks 23.7 40.0 305 17 986 21 23 SORGHUM Production 5.6 9.5 15 1 53 22 22 Exports 29.4 49.5 35 0 125 24 19 Domestic Use 21.6 36.4 36 0 130 20 23 Ending Stocks 46.6 78.5 23 0 104 17 26 BARLEY Production 1.5 2.6 3 0 24 21 10 Exports 50.0 84.3 9 0 37 18 21 Domestic Use 8.1 13.7 17 0 70 17 26 Ending Stocks 14.8 24.9 13 0 38 27 15 OATS Production 1.0 1.8 2 0 18 8 9 Exports 67.3 113.3 1 0 7 11 10 Domestic Use 5.3 9.0 11 1 39 17 27 Ending Stocks 19.8 33.4 12 1 52 28 16 Thousand Short Tons SOYBEAN MEAL Production 3.4 5.8 1011 14 3250 28 16 Exports 10.9 18.4 719 0 3600 25 16 Domestic Use 3.2 5.5 740 30 2350 21 23 Ending Stocks 26.4 44.4 40 0 249 15 13 Million Pounds SOYBEAN OIL Production 3.7 6.2 501 40 2240 31 13 Exports 49.3 83.0 428 0 1900 24 19 Domestic Use 3.7 6.3 486 0 1828 27 16 Ending Stocks 22.0 37.0 317 0 1077 24 19 ANIMAL PROD. 3/ Million Pounds Beef 3.7 6.2 771 92 2461 29 14 Pork 3.0 5.1 422 2 1592 22 21 Broilers 1.7 2.9 395 17 1394 27 16 Turkeys 4.0 6.7 155 2 496 21 22 Million Dozen Eggs 2.5 4.3 145 2 759 26 17 Billion Pounds Milk 1.5 2.5 1.9 0.1 6.0 21 22 ================================================================================