WASDE - 677 - 8 November 2026 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/ 2024/25 2858.10 3653.95 500.19 2877.60 776.35 2025/26 (Est.) 3022.84 3799.19 549.88 2971.36 827.82 2026/27 (Proj.) Oct 2944.32 3768.52 524.23 2980.67 787.84 Nov 2949.56 3777.38 524.28 2980.52 796.86 Wheat 2024/25 799.02 1068.90 210.86 808.47 260.42 2025/26 (Est.) 844.03 1104.45 226.03 821.59 282.86 2026/27 (Proj.) Oct 822.39 1103.94 208.97 827.90 276.04 Nov 827.51 1110.36 208.66 829.55 280.82 Coarse Grains 5/ 2024/25 1517.00 1862.38 227.91 1538.31 324.07 2025/26 (Est.) 1633.15 1957.22 265.65 1617.09 340.13 2026/27 (Proj.) Oct 1588.85 1927.28 253.91 1613.97 313.31 Nov 1588.87 1929.00 255.39 1612.78 316.22 Rice, milled 2024/25 542.08 722.68 61.43 530.82 191.86 2025/26 (Est.) 545.65 737.52 58.20 532.68 204.84 2026/27 (Proj.) Oct 533.08 737.30 61.35 538.80 198.50 Nov 533.19 738.02 60.23 538.20 199.82 United States Total Grains 4/ 2024/25 452.42 528.34 101.10 359.89 67.34 2025/26 (Est.) 507.12 581.55 119.89 378.73 82.93 2026/27 (Proj.) Oct 465.17 556.06 110.92 374.37 70.77 Nov 461.15 552.04 109.40 373.90 68.75 Wheat 2024/25 53.85 76.88 22.56 31.06 23.26 2025/26 (Est.) 54.14 80.80 24.71 31.05 25.04 2026/27 (Proj.) Oct 41.74 70.73 20.41 30.18 20.14 Nov 41.74 70.73 20.41 30.10 20.22 Coarse Grains 5/ 2024/25 391.51 441.58 75.68 323.53 42.37 2025/26 (Est.) 446.42 491.12 92.63 342.46 56.03 2026/27 (Proj.) Oct 418.42 476.88 88.03 339.48 49.37 Nov 414.41 472.87 86.51 339.10 47.26 Rice, milled 2024/25 7.05 9.88 2.87 5.31 1.71 2025/26 (Est.) 6.56 9.63 2.56 5.22 1.86 2026/27 (Proj.) Oct 5.01 8.45 2.48 4.70 1.27 Nov 5.01 8.44 2.48 4.70 1.27 ================================================================================ WASDE - 677 - 9 November 2026 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/ 2024/25 2405.68 3125.62 399.09 2517.71 709.01 2025/26 (Est.) 2515.72 3217.63 429.99 2592.63 744.89 2026/27 (Proj.) Oct 2479.15 3212.46 413.31 2606.31 717.07 Nov 2488.40 3225.34 414.88 2606.62 728.11 Wheat 2024/25 745.17 992.02 188.30 777.42 237.16 2025/26 (Est.) 789.89 1023.65 201.32 790.54 257.82 2026/27 (Proj.) Oct 780.65 1033.21 188.56 797.72 255.90 Nov 785.76 1039.63 188.25 799.44 260.60 Coarse Grains 5/ 2024/25 1125.49 1420.80 152.23 1214.78 281.70 2025/26 (Est.) 1186.73 1466.10 173.03 1274.63 284.10 2026/27 (Proj.) Oct 1170.43 1450.39 165.88 1274.48 263.94 Nov 1174.46 1456.13 168.88 1273.67 268.96 Rice, milled 2024/25 535.03 712.80 58.56 525.51 190.15 2025/26 (Est.) 539.09 727.89 55.64 527.46 202.98 2026/27 (Proj.) Oct 528.08 728.86 58.87 534.10 197.23 Nov 528.18 729.58 57.76 533.50 198.55 ================================================================================ 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 2024/25 119.53 193.10 42.37 118.92 75.07 2025/26 (Est.) 122.03 197.10 45.90 120.76 75.64 2026/27 (Proj.) Oct 117.95 193.65 44.71 123.08 70.68 Nov 117.48 193.12 44.82 122.75 70.57 United States 2024/25 14.41 17.56 11.90 1.70 4.00 2025/26 (Est.) 13.90 17.90 12.30 1.50 4.15 2026/27 (Proj.) Oct 13.44 17.60 12.30 1.50 3.80 Nov 13.18 17.33 12.30 1.40 3.70 Foreign 4/ 2024/25 105.12 175.54 30.47 117.22 71.07 2025/26 (Est.) 108.13 179.20 33.60 119.26 71.49 2026/27 (Proj.) Oct 104.51 176.05 32.41 121.58 66.88 Nov 104.30 175.79 32.52 121.35 66.87 ================================================================================ WASDE - 677 - 10 November 2026 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 2024/25 687.06 823.09 213.33 568.99 144.49 2025/26 (Est.) 701.28 845.79 216.95 594.04 145.56 2026/27 (Proj.) Oct 722.20 867.63 221.62 611.89 146.31 Nov 721.90 867.40 222.76 612.28 145.65 Oilmeals 2024/25 392.55 411.51 114.21 382.38 22.58 2025/26 (Est.) 409.23 431.81 119.92 403.27 24.28 2026/27 (Proj.) Oct 416.17 439.93 120.96 409.69 24.85 Nov 416.49 440.50 120.90 410.05 25.01 Vegetable Oils 2024/25 230.84 261.58 88.47 224.00 30.12 2025/26 (Est.) 240.86 270.98 90.92 230.82 30.50 2026/27 (Proj.) Oct 243.16 273.79 90.76 237.31 29.92 Nov 243.19 273.69 90.57 237.39 29.67 United States Oilseeds 2024/25 128.60 140.71 52.56 70.43 10.23 2025/26 (Est.) 126.12 137.44 42.48 75.89 10.76 2026/27 (Proj.) Oct 133.61 145.57 47.43 79.79 10.35 Nov 133.78 145.78 48.16 79.79 9.87 Oilmeals 2024/25 55.27 60.70 16.60 43.65 0.45 2025/26 (Est.) 59.14 65.10 18.62 46.13 0.35 2026/27 (Proj.) Oct 61.89 67.76 20.69 46.58 0.49 Nov 61.89 67.62 20.69 46.50 0.43 Vegetable Oils 2024/25 14.49 21.45 1.27 19.07 1.10 2025/26 (Est.) 15.24 22.47 0.61 20.91 0.95 2026/27 (Proj.) Oct 16.39 24.85 0.32 23.39 1.14 Nov 16.39 24.66 0.31 23.27 1.08 Foreign 3/ Oilseeds 2024/25 558.46 682.38 160.78 498.56 134.26 2025/26 (Est.) 575.16 708.35 174.47 518.15 134.80 2026/27 (Proj.) Oct 588.60 722.06 174.20 532.09 135.96 Nov 588.12 721.62 174.60 532.49 135.78 Oilmeals 2024/25 337.29 350.81 97.61 338.73 22.13 2025/26 (Est.) 350.09 366.70 101.30 357.14 23.93 2026/27 (Proj.) Oct 354.28 372.17 100.27 363.12 24.36 Nov 354.60 372.89 100.21 363.55 24.58 Vegetable Oils 2024/25 216.35 240.13 87.19 204.93 29.02 2025/26 (Est.) 225.63 248.51 90.31 209.91 29.55 2026/27 (Proj.) Oct 226.77 248.93 90.44 213.91 28.78 Nov 226.80 249.02 90.25 214.12 28.59 ================================================================================ WASDE - 677 - 11 November 2026 U.S. Wheat Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Acres Area Planted 46.3 45.5 42.5 42.5 Area Harvested 38.6 37.3 31.9 31.9 Bushels Yield per Harvested Acre 51.2 53.3 48.1 48.1 Million Bushels Beginning Stocks 696 855 920 920 Production 1979 1989 1534 1534 Imports 150 125 145 145 Supply, Total 2825 2969 2599 2599 Food 969 960 960 957 Seed 61 58 59 59 Feed and Residual 111 124 90 90 Domestic, Total 1141 1141 1109 1106 Exports 829 908 750 750 Use, Total 1970 2049 1859 1856 Ending Stocks 855 920 740 743 Avg.FarmPrice ($/bu) 2/ 5.52 5.06 6.30 6.20 ================================================================================ 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 2025/26 (Est.) Beginning Stocks 402 218 127 80 28 855 Production 806 460 353 284 86 1989 Imports 5 61 4 7 48 125 Supply, Total 3/ 1214 738 484 371 162 2969 Food 383 255 152 83 87 960 Seed 25 14 11 6 3 58 Feed and Residual 50 5 67 -4 6 124 Domestic Use 457 273 230 85 96 1141 Exports 320 233 122 200 33 908 Use, Total 777 506 352 285 128 2049 Ending Stocks, Total 437 232 132 86 33 920 2026/27 (Proj.) Beginning Stocks 437 232 132 86 33 920 Production 466 416 294 292 65 1534 Imports 20 70 5 5 45 145 Supply, Total 3/ 923 718 431 383 143 2599 Food 369 266 153 83 86 957 Seed 25 14 11 6 3 59 Feed and Residual 20 15 60 -10 5 90 Domestic Use 414 295 224 79 94 1106 Exports 165 225 100 235 25 750 Use, Total 579 520 324 314 119 1856 Ending Stocks, Total Nov 344 198 106 70 24 743 Oct 333 197 105 80 24 740 ================================================================================ WASDE - 677 - 12 November 2026 U.S. Feed Grain and Corn Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Acres FEED GRAINS Area Planted 101.8 110.0 107.6 107.6 Area Harvested 91.4 99.7 96.3 96.3 Metric Tons Yield per Harvested Acre 4.28 4.47 4.34 4.30 Million Metric Tons Beginning Stocks 47.9 42.3 56.0 56.0 Production 391.1 446.1 418.2 414.2 Imports 2.0 2.2 2.2 2.2 Supply, Total 441.0 490.6 476.4 472.4 Feed and Residual 143.5 159.9 155.5 155.1 Food, Seed & Industrial 179.4 182.1 183.6 183.6 Domestic, Total 322.9 342.0 339.0 338.7 Exports 75.7 92.6 88.0 86.5 Use, Total 398.6 434.6 427.1 425.2 Ending Stocks 42.3 56.0 49.3 47.2 Million Acres CORN Area Planted 90.9 98.7 96.8 96.8 Area Harvested 83.0 90.9 88.5 88.5 Bushels Yield per Harvested Acre 179.3 186.5 181.2 179.6 Million Bushels Beginning Stocks 1763 1551 2095 2095 Production 14892 16964 16034 15893 Imports 22 31 25 25 Supply, Total 16677 18546 18154 18013 Feed and Residual 5435 6118 6000 5975 Food,Seed& Industrial 2/ 6818 6904 7005 7005 Ethanol & by-products 3/ 5437 5548 5650 5650 Domestic, Total 12253 13022 13005 12980 Exports 2873 3429 3300 3275 Use, Total 15126 16451 16305 16255 Ending Stocks 1551 2095 1849 1758 Avg.FarmPrice ($/bu) 4/ 4.24 4.16 4.70 4.60 ================================================================================ WASDE - 677 - 13 November 2026 U.S. Sorghum, Barley, and Oats Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Bushels SORGHUM AreaPlanted (mil. acres) 6.3 6.6 6.0 6.0 AreaHarvested(mil.acres) 5.6 6.0 5.2 5.2 Yield (bushels/acre) 61.3 72.6 55.7 52.4 Beginning Stocks 33 40 35 35 Production 344 437 291 274 Imports 0 0 0 0 Supply, Total 377 477 326 309 Feed and Residual 140 116 60 70 Food, Seed & Industrial 98 120 80 80 Total Domestic 238 236 140 150 Exports 98 206 160 125 Use, Total 336 442 300 275 Ending Stocks 40 35 26 34 Avg.FarmPrice ($/bu) 2/ 4.07 3.67 4.50 4.45 BARLEY AreaPlanted (mil. acres) 2.4 2.3 2.2 2.2 AreaHarvested(mil.acres) 1.9 1.8 1.6 1.6 Yield (bushels/acre) 76.6 79.9 72.1 72.1 Beginning Stocks 78 69 66 66 Production 144 143 116 116 Imports 9 7 15 15 Supply, Total 232 219 197 197 Feed and Residual 36 27 25 25 Food, Seed & Industrial 118 115 110 110 Total Domestic 154 142 135 135 Exports 9 11 5 5 Use, Total 162 153 140 140 Ending Stocks 69 66 57 57 Avg.FarmPrice ($/bu) 2/ 6.31 5.46 5.70 5.60 OATS AreaPlanted (mil. acres) 2.2 2.4 2.6 2.6 AreaHarvested(mil.acres) 0.9 0.9 0.9 0.9 Yield (bushels/acre) 76.4 73.8 75.3 75.3 Beginning Stocks 36 28 32 32 Production 68 70 69 69 Imports 71 71 72 72 Supply, Total 176 169 173 173 Feed and Residual 64 51 55 55 Food, Seed & Industrial 81 82 83 83 Total Domestic 145 133 138 138 Exports 2 4 2 2 Use, Total 147 137 140 140 Ending Stocks 28 32 33 33 Avg.FarmPrice ($/bu) 2/ 3.35 3.23 3.35 3.35 ================================================================================ WASDE - 677 - 14 November 2026 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Acres TOTAL RICE Area Planted 2.92 2.81 2.10 2.10 Area Harvested 2.87 2.74 2.06 2.06 Pounds Yield per Harvested Acre 7753 7544 7668 7664 Million Hundredweight Beginning Stocks 2/ 39.8 53.9 58.4 58.4 Production 222.6 206.7 157.7 157.6 Imports 49.3 42.8 49.8 49.8 Supply, Total 311.7 303.4 266.0 265.9 Domestic & Residual 3/ 167.5 164.3 148.0 148.0 Exports, Total 4/ 90.3 80.6 78.0 78.0 Rough 28.8 21.8 19.0 19.0 Milled (rough equiv.) 61.5 58.8 59.0 59.0 Use, Total 257.8 244.9 226.0 226.0 Ending Stocks 53.9 58.4 40.0 39.9 Avg.MillingYield (%) 5/ 70.00 70.00 70.00 70.00 Avg.FarmPrice($/cwt) 6/ 15.10 12.10 15.20 15.10 LONG GRAIN RICE Harvested Acres (mil.) 2.26 2.08 Yield (pounds/acre) 7626 7359 Beginning Stocks 19.3 37.3 41.8 41.8 Imports 42.7 36.6 43.0 43.0 Production 172.0 153.3 103.2 103.2 Supply, Total 7/ 234.0 227.3 188.1 188.0 Domestic & Residual 3/ 136.0 131.9 117.0 117.0 Exports 8/ 60.7 53.6 50.0 50.0 Use, Total 196.7 185.4 167.0 167.0 Ending Stocks 37.3 41.8 21.1 21.0 Avg.FarmPrice($/cwt) 6/ 14.00 10.10 14.00 14.00 MEDIUM & SHORT GRAIN RICE Harvested Acres (mil.) 0.62 0.66 Yield (pounds/acre) 8219 8130 Beginning Stocks 18.9 13.7 14.1 14.1 Imports 6.5 6.1 6.8 6.8 Production 50.6 53.4 54.5 54.5 Supply, Total 7/ 74.9 73.6 75.3 75.3 Domestic & Residual 3/ 31.5 32.4 31.0 31.0 Exports 8/ 29.6 27.1 28.0 28.0 Use, Total 61.1 59.5 59.0 59.0 Ending Stocks 13.7 14.1 16.3 16.3 Avg. Farm Price ($/cwt) 1/ 6/ 9/ 18.50 18.00 18.70 18.40 California 10/ 18.70 19.60 20.50 20.00 Other States 1/ 15.00 14.60 15.00 15.00 ================================================================================ WASDE - 677 - 15 November 2026 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Acres SOYBEANS Area Planted 87.3 81.2 86.9 86.9 Area Harvested 86.2 80.4 85.9 85.9 Bushels Yield per Harvested Acre 50.7 53.0 53.1 53.3 Million Bushels Beginning Stocks 342 325 315 315 Production 4374 4261 4562 4574 Imports 30 22 25 25 Supply, Total 4746 4608 4902 4914 Crushings 2445 2646 2780 2780 Exports 1892 1515 1695 1720 Seed 70 75 73 76 Residual 14 57 39 38 Use, Total 4421 4293 4587 4614 Ending Stocks 325 315 315 300 Avg.FarmPrice ($/bu) 2/ 10.00 10.50 12.00 12.10 Million Pounds SOYBEAN OIL Beginning Stocks 1551 1747 1657 1458 Production 4/ 29218 30576 32945 32945 Imports 362 528 700 700 Supply, Total 31131 32851 35302 35103 Domestic Disappearance 26912 30411 33105 33005 Biofuel 3/ 11758 14900 17800 17800 Food, Feed & other Industrial 15154 15511 15305 15205 Exports 2472 982 400 400 Use, Total 29384 31393 33505 33405 Ending stocks 1747 1458 1797 1698 Avg. Price (c/lb) 2/ 47.59 64.08 70.00 68.00 Thousand Short Tons SOYBEAN MEAL Beginning Stocks 453 398 450 333 Production 4/ 58443 62608 65800 65800 Imports 806 1003 1000 1000 Supply, Total 59703 64009 67250 67133 Domestic Disappearance 41232 43374 44100 44033 Exports 18073 20302 22700 22700 Use, Total 59305 63677 66800 66733 Ending Stocks 398 333 450 400 Avg. Price ($/s.t.) 2/ 300.33 325.32 340.00 340.00 ================================================================================ WASDE - 677 - 16 November 2026 U.S. Sugar Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ 1000 Short Tons, Raw Value Beginning Stocks 2141 2376 2231 2199 Production 2/ 9397 9322 8768 8520 Beet Sugar 5370 5077 4742 4552 Cane Sugar 4027 4245 4026 3968 Florida 1932 1957 1819 1757 Louisiana 2095 2288 2208 2211 Texas 0 0 0 0 Imports 3393 3062 3388 3430 TRQ 3/ 1534 1299 1391 1391 Other Program 4/ 373 399 300 300 Non-program 1485 1364 1696 1739 Mexico 504 247 1188 1188 High-tier tariff/other 980 1117 508 551 Total Supply 14931 14760 14387 14149 Exports 111 27 25 25 Deliveries 12485 12395 12497 12401 Food 12375 12296 12392 12296 Other 5/ 111 99 105 105 Miscellaneous -41 140 0 0 Total Use 12555 12561 12522 12426 Ending Stocks 2376 2199 1865 1723 Stocks to Use Ratio 18.9 17.5 14.9 13.9 ================================================================================ 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 2025/26 Est. Oct 1123 5325 42 4306 1000 1184 Nov 1123 5325 41 4207 1082 1201 2026/27 Proj. Oct 1184 5377 28 4274 1193 1124 Nov 1201 5292 28 4274 1094 1154 ================================================================================ WASDE - 677 - 17 November 2026 U.S. Cotton Supply and Use 1/ ================================================================================ 2024/25 2025/26 Est. 2026/27 Proj. 2026/27 Proj. Item Oct Nov ================================================================================ Million Acres Planted 11.18 9.28 10.45 10.45 Harvested 7.76 7.83 8.16 8.16 Pounds Yield per Harvested Acre 892 852 790 775 Million 480 Pound Bales Beginning Stocks 3.15 4.00 4.15 4.15 Production 14.41 13.90 13.44 13.18 Imports 0.00 0.00 0.01 0.01 Supply, Total 17.56 17.90 17.60 17.33 Domestic Use 1.70 1.50 1.50 1.40 Exports, Total 11.90 12.30 12.30 12.30 Use, Total 13.60 13.80 13.80 13.70 Unaccounted 2/ -0.04 -0.05 0.00 -0.07 Ending Stocks 4.00 4.15 3.80 3.70 Avg. Farm Price 3/ 63.2 62.2 77.0 76.0 ================================================================================ WASDE - 677 - 18 November 2026 World Wheat Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2024/25 World 3/ 269.87 799.02 201.49 157.20 808.47 210.86 260.42 World Less China 135.35 658.92 197.32 124.20 658.47 209.84 132.65 United States 18.95 53.85 4.07 3.02 31.06 22.56 23.26 Total Foreign 250.92 745.17 197.42 154.19 777.42 188.30 237.16 Major Exporters 4/ 41.37 314.61 11.83 73.91 180.91 152.99 33.92 Argentina 4.54 18.51 0.01 0.25 7.15 13.31 2.60 Australia 2.41 34.11 0.22 5.60 9.10 23.65 3.99 Canada 5.31 35.94 0.51 2.96 8.16 29.35 4.24 European Union 5/ 15.92 121.06 10.72 44.50 108.00 27.92 11.77 Russia 11.69 81.60 0.30 17.00 40.00 43.00 10.59 Ukraine 1.51 23.40 0.07 3.60 8.50 15.75 0.73 Major Importers 6/ 177.58 211.33 121.05 51.65 327.27 16.27 166.42 Bangladesh 1.28 1.10 5.80 0.20 7.40 0.00 0.78 Brazil 1.71 7.89 7.20 0.70 12.20 1.89 2.70 China 134.52 140.10 4.17 33.00 150.00 1.02 127.78 Japan 1.09 1.03 5.57 0.78 6.28 0.34 1.08 N. Africa 7/ 11.51 15.84 31.77 1.35 46.25 2.51 10.36 Nigeria 0.45 0.13 6.23 0.00 5.90 0.38 0.52 Sel. Mideast 8/ 12.51 23.56 17.59 2.99 40.43 0.68 12.54 Southeast Asia 9/ 4.56 0.00 29.17 9.40 28.27 1.45 4.01 Selected Other India 7.50 113.29 0.16 6.00 108.96 0.19 11.80 Kazakhstan 3.45 18.58 0.50 3.90 9.00 10.19 3.33 United Kingdom 3.26 11.15 3.81 6.83 15.03 0.50 2.69 2025/26 Est. World 3/ 260.42 844.03 222.37 169.16 821.59 226.03 282.86 World Less China 132.65 703.96 216.91 136.16 671.59 224.93 160.65 United States 23.26 54.14 3.40 3.37 31.05 24.71 25.04 Total Foreign 237.16 789.89 218.97 165.79 790.54 201.32 257.82 Major Exporters 4/ 33.92 363.97 8.48 83.45 191.20 165.19 49.98 Argentina 2.60 27.89 0.02 0.50 7.60 19.10 3.81 Australia 3.99 35.99 0.23 7.50 11.10 22.54 6.57 Canada 4.24 40.56 0.57 3.65 9.00 29.73 6.65 European Union 5/ 11.77 145.14 7.28 50.00 113.50 31.72 18.97 Russia 10.59 90.30 0.30 18.00 41.20 48.00 11.99 Ukraine 0.73 24.10 0.08 3.80 8.80 14.10 2.00 Major Importers 6/ 166.42 205.47 138.70 53.33 332.37 14.83 163.39 Bangladesh 0.78 1.05 7.35 0.30 7.60 0.00 1.58 Brazil 2.70 7.87 6.40 0.75 12.41 1.84 2.72 China 127.78 140.07 5.46 33.00 150.00 1.10 122.20 Japan 1.08 1.03 5.71 0.84 6.42 0.32 1.09 N. Africa 7/ 10.36 17.42 34.99 1.75 48.05 1.71 13.01 Nigeria 0.52 0.13 5.93 0.00 5.70 0.35 0.53 Sel. Mideast 8/ 12.54 19.35 22.34 2.89 41.22 0.70 12.31 Southeast Asia 9/ 4.01 0.00 33.83 11.15 31.23 1.54 5.07 Selected Other India 11.80 117.95 0.13 6.00 107.84 0.24 21.80 Kazakhstan 3.33 19.33 1.50 4.40 9.55 11.60 3.00 United Kingdom 2.69 11.96 3.36 7.20 15.00 0.42 2.58 ================================================================================ WASDE - 677 - 19 November 2026 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 ================================================================================ 2026/27 Proj. World 3/ Oct 281.55 822.39 204.80 166.90 827.90 208.97 276.04 Nov 282.86 827.51 203.85 168.41 829.55 208.66 280.82 World Less China Oct 159.35 681.39 198.80 134.90 678.90 207.97 156.83 Nov 160.65 686.51 197.85 136.41 680.55 207.66 161.61 United States Oct 25.04 41.74 3.95 2.45 30.18 20.41 20.14 Nov 25.04 41.74 3.95 2.45 30.10 20.41 20.22 Total Foreign Oct 256.51 780.65 200.85 164.46 797.72 188.56 255.90 Nov 257.82 785.76 199.90 165.96 799.45 188.25 260.60 Major Exporters 4/ Oct 49.77 336.00 7.80 83.45 191.60 153.50 48.47 Nov 49.98 339.50 7.80 84.25 192.40 153.00 51.88 Argentina Oct 3.81 21.50 0.01 0.25 7.45 16.00 1.87 Nov 3.81 23.00 0.01 0.25 7.45 16.50 2.87 Australia Oct 6.36 31.00 0.24 5.50 9.15 23.50 4.94 Nov 6.57 32.50 0.24 6.00 9.65 24.50 5.15 Canada Oct 6.65 36.50 0.65 3.20 8.55 30.50 4.75 Nov 6.65 36.50 0.65 3.20 8.55 30.50 4.75 European Union 5/ Oct 18.97 133.00 6.50 52.00 115.75 31.00 11.72 Nov 18.97 133.00 6.50 52.00 115.75 31.00 11.72 Russia Oct 11.99 88.00 0.30 18.00 41.20 40.00 19.09 Nov 11.99 88.00 0.30 18.00 41.20 39.00 20.09 Ukraine Oct 2.00 26.00 0.10 4.50 9.50 12.50 6.10 Nov 2.00 26.50 0.10 4.80 9.80 11.50 7.30 Major Importers 6/ Oct 162.59 220.24 124.27 52.42 334.05 14.49 158.56 Nov 163.39 220.79 123.17 52.72 333.95 14.49 158.90 Bangladesh Oct 1.58 1.05 6.50 0.30 7.70 0.00 1.43 Nov 1.58 1.05 6.50 0.30 7.70 0.00 1.43 Brazil Oct 2.72 5.80 7.50 0.60 12.30 1.90 1.82 Nov 2.72 5.80 7.50 0.60 12.30 1.90 1.82 China Oct 122.20 141.00 6.00 32.00 149.00 1.00 119.20 Nov 122.20 141.00 6.00 32.00 149.00 1.00 119.20 Japan Oct 1.09 1.02 5.55 0.75 6.20 0.34 1.12 Nov 1.09 1.02 5.55 0.75 6.20 0.34 1.12 N. Africa 7/ Oct 13.06 23.10 27.05 1.98 48.98 1.85 12.39 Nov 13.01 23.10 27.05 1.98 48.98 1.85 12.34 Nigeria Oct 0.53 0.14 5.60 0.00 5.60 0.35 0.32 Nov 0.53 0.14 5.60 0.00 5.60 0.35 0.32 Sel. Mideast 8/ Oct 11.71 23.24 19.67 2.95 42.18 0.68 11.77 Nov 12.31 23.29 19.37 3.15 42.38 0.68 11.92 Southeast Asia 9/ Oct 5.07 0.00 31.40 10.50 31.25 1.58 3.64 Nov 5.07 0.00 31.60 10.60 31.40 1.58 3.69 India Oct 21.80 121.00 0.10 7.50 111.40 2.00 29.50 Nov 21.80 121.00 0.10 7.50 111.40 2.00 29.50 Kazakhstan Oct 3.00 15.00 1.50 2.80 7.98 9.50 2.03 Nov 3.00 15.80 1.50 3.10 8.28 9.50 2.53 United Kingdom Oct 2.58 12.00 3.60 7.20 15.20 0.50 2.48 Nov 2.58 12.00 3.60 7.20 15.20 0.50 2.48 ================================================================================ WASDE - 677 - 20 November 2026 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 ================================================================================ 2024/25 World 3/ 345.38 1517.00 226.27 944.39 1538.31 227.91 324.07 World Less China 131.92 1213.53 208.03 694.64 1196.24 227.90 130.98 United States 47.87 391.51 2.19 143.64 323.53 75.68 42.37 Total Foreign 297.51 1125.49 224.08 800.75 1214.78 152.23 281.70 Major Exporters 4/ 21.41 332.42 5.07 141.66 204.98 125.40 28.52 Argentina 3.60 57.46 0.01 15.07 21.28 33.79 5.99 Australia 1.83 17.70 0.00 4.80 6.67 11.37 1.48 Brazil 8.09 143.59 2.83 72.00 100.93 42.14 11.44 Canada 3.91 27.52 1.87 14.85 22.92 6.90 3.48 Russia 1.71 34.78 0.10 20.43 28.40 6.77 1.41 Ukraine 1.27 33.47 0.02 8.23 11.06 22.35 1.35 Major Importers 5/ 38.44 228.31 155.15 285.52 375.11 11.29 35.50 European Union 6/ 15.19 137.22 20.18 109.85 149.59 9.16 13.83 Japan 1.45 0.20 16.72 13.16 16.85 0.00 1.52 Mexico 6.28 28.17 27.06 32.55 55.48 0.03 6.02 N. Afr & Mideast 7/ 8.35 30.98 45.50 67.40 76.30 1.56 6.96 Saudi Arabia 1.41 0.27 8.44 8.37 8.71 0.00 1.41 Southeast Asia 8/ 3.18 31.18 21.27 40.52 51.92 0.54 3.17 South Korea 2.06 0.16 11.56 9.30 11.64 0.00 2.15 Selected Other China 213.46 303.47 18.24 249.75 342.08 0.01 193.09 2025/26 Est. World 3/ 324.07 1633.15 247.75 995.68 1617.09 265.65 340.13 World Less China 130.98 1322.96 221.62 736.68 1265.74 265.63 162.10 United States 42.37 446.42 2.34 159.91 342.46 92.63 56.03 Total Foreign 281.70 1186.73 245.41 835.77 1274.63 173.03 284.10 Major Exporters 4/ 28.52 372.94 5.16 151.05 222.38 145.50 38.75 Argentina 5.99 73.32 0.01 16.49 22.87 49.80 6.64 Australia 1.48 21.32 0.00 4.29 6.16 14.76 1.89 Brazil 11.44 153.40 2.65 77.23 112.61 38.80 16.08 Canada 3.48 29.41 2.20 16.88 25.11 6.36 3.61 Russia 1.41 39.35 0.10 22.03 30.55 8.87 1.44 Ukraine 1.35 37.22 0.02 6.95 10.11 23.78 4.70 Major Importers 5/ 35.50 234.28 167.95 297.13 386.13 13.40 38.20 European Union 6/ 13.83 143.63 21.22 111.83 150.89 11.97 15.81 Japan 1.52 0.25 16.93 13.51 17.22 0.00 1.47 Mexico 6.02 29.19 27.33 33.32 56.50 0.03 6.01 N. Afr & Mideast 7/ 6.96 29.73 52.91 71.73 80.63 0.75 8.23 Saudi Arabia 1.41 0.27 10.77 10.63 10.97 0.11 1.38 Southeast Asia 8/ 3.17 30.95 22.66 42.20 53.40 0.54 2.84 South Korea 2.15 0.16 11.52 9.40 11.75 0.00 2.07 Selected Other China 193.09 310.19 26.13 259.00 351.35 0.03 178.03 ================================================================================ WASDE - 677 - 21 November 2026 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 ================================================================================ 2026/27 Proj. World 3/ Oct 338.43 1588.85 244.85 992.68 1613.97 253.91 313.31 Nov 340.13 1588.87 244.74 990.10 1612.78 255.39 316.22 World Less China Oct 160.33 1272.90 219.70 731.73 1260.67 253.89 147.43 Nov 162.10 1272.92 218.09 729.67 1259.98 255.36 148.42 United States Oct 56.03 418.42 2.43 155.48 339.48 88.03 49.37 Nov 56.03 414.41 2.43 155.10 339.10 86.51 47.26 Total Foreign Oct 282.40 1170.43 242.42 837.20 1274.48 165.88 263.94 Nov 284.10 1174.46 242.31 835.00 1273.67 168.88 268.96 Major Exporters 4/ Oct 37.48 359.57 5.05 148.34 223.42 140.57 38.11 Nov 38.75 364.57 5.05 148.35 223.73 144.07 40.57 Argentina Oct 6.65 64.02 0.01 15.03 21.62 43.10 5.96 Nov 6.64 66.02 0.01 15.03 21.62 44.90 6.15 Australia Oct 1.82 21.49 0.00 5.84 7.71 12.93 2.66 Nov 1.89 22.59 0.00 4.96 6.83 15.18 2.46 Brazil Oct 15.58 147.26 2.70 71.95 110.83 43.51 11.20 Nov 16.08 150.76 2.70 73.45 112.53 45.11 11.90 Canada Oct 3.86 30.65 2.14 16.62 24.90 7.88 3.87 Nov 3.61 30.65 2.14 16.62 24.90 7.88 3.63 Russia Oct 1.44 39.97 0.10 23.37 31.62 7.18 2.72 Nov 1.44 39.47 0.10 22.87 31.12 7.03 2.87 Ukraine Oct 4.70 39.09 0.01 7.98 11.34 23.77 8.70 Nov 4.70 39.49 0.01 7.98 11.34 21.77 11.10 Major Importers 5/ Oct 37.84 226.54 166.21 295.12 384.56 10.31 35.73 Nov 38.20 225.59 164.51 292.92 382.06 10.31 35.93 European Union 6/ Oct 15.81 128.03 24.42 106.65 145.37 9.06 13.83 Nov 15.81 127.53 23.42 105.45 143.87 9.06 13.83 Japan Oct 1.51 0.25 16.76 13.26 16.95 0.00 1.57 Nov 1.47 0.25 16.76 13.26 16.95 0.00 1.53 Mexico Oct 6.04 29.05 28.30 34.44 58.07 0.02 5.30 Nov 6.01 28.55 27.80 33.74 57.37 0.02 4.96 N. Afr & Mideast 7/ Oct 7.86 37.88 46.20 73.37 82.62 0.66 8.65 Nov 8.23 37.93 45.70 72.77 82.02 0.66 9.17 Saudi Arabia Oct 1.37 0.27 9.31 9.26 9.60 0.00 1.34 Nov 1.38 0.27 9.61 9.56 9.90 0.00 1.35 Southeast Asia 8/ Oct 2.77 30.80 24.98 44.23 55.43 0.57 2.55 Nov 2.84 30.80 24.98 44.23 55.43 0.57 2.62 South Korea Oct 2.09 0.16 11.62 9.40 11.74 0.00 2.13 Nov 2.07 0.16 11.62 9.40 11.74 0.00 2.12 China Oct 178.10 315.95 25.15 260.95 353.30 0.03 165.88 Nov 178.03 315.95 26.65 260.43 352.80 0.03 167.81 ================================================================================ WASDE - 677 - 22 November 2026 World Corn Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic 2/ Ending Stocks tion Imports Feed Total Exports Stocks ================================================================================ 2024/25 World 3/ 313.91 1234.96 186.56 785.74 1253.19 187.58 295.69 World Less China 102.72 940.05 184.73 551.74 937.19 187.58 103.76 United States 44.79 378.27 0.55 138.06 311.24 72.97 39.40 Total Foreign 269.12 856.69 186.01 647.68 941.95 114.62 256.29 Major Exporters 4/ 11.77 243.15 1.94 99.03 140.13 96.15 20.58 Argentina 2.46 49.00 0.01 12.70 17.10 29.07 5.30 Brazil 7.35 136.00 1.76 65.00 92.50 42.01 10.60 Russia 0.76 14.00 0.05 9.80 10.90 3.00 0.91 South Africa 0.65 17.35 0.11 6.23 13.13 2.05 2.93 Ukraine 0.54 26.80 0.02 5.30 6.50 20.02 0.84 Major Importers 5/ 21.36 121.00 107.30 163.95 225.90 3.33 20.43 Egypt 1.43 7.00 10.56 14.70 17.30 0.00 1.69 European Union 6/ 7.26 59.59 18.76 55.80 76.70 2.76 6.15 Japan 1.30 0.02 15.46 12.10 15.40 0.00 1.37 Mexico 5.63 23.05 25.93 27.50 49.10 0.03 5.48 Southeast Asia 7/ 3.17 31.13 20.80 40.25 51.40 0.54 3.16 South Korea 2.04 0.09 11.44 9.25 11.45 0.00 2.13 Selected Other Canada 2.00 15.35 1.69 8.58 14.44 3.00 1.58 China 211.19 294.92 1.82 234.00 316.00 0.00 191.93 2025/26 Est. World 3/ 295.69 1334.72 199.61 829.11 1322.10 215.36 308.31 World Less China 103.76 1033.48 195.79 591.11 1002.10 215.34 131.34 United States 39.40 430.90 0.80 155.40 330.78 87.11 53.22 Total Foreign 256.29 903.82 198.82 673.71 991.32 128.26 255.09 Major Exporters 4/ 20.58 272.60 1.87 106.20 154.10 112.34 28.61 Argentina 5.30 64.00 0.01 14.00 18.60 45.00 5.71 Brazil 10.60 144.50 1.70 70.00 103.50 38.00 15.30 Russia 0.91 14.80 0.05 10.00 11.10 4.00 0.66 South Africa 2.93 18.40 0.10 7.10 14.30 3.10 4.03 Ukraine 0.84 30.90 0.02 5.10 6.60 22.24 2.92 Major Importers 5/ 20.43 119.61 112.50 168.15 229.40 2.87 20.28 Egypt 1.69 6.70 12.50 16.20 18.90 0.00 1.99 European Union 6/ 6.15 56.90 20.00 54.50 74.60 2.30 6.15 Japan 1.37 0.02 15.66 12.40 15.70 0.00 1.35 Mexico 5.48 24.90 26.16 29.20 51.00 0.03 5.51 Southeast Asia 7/ 3.16 30.90 22.26 42.00 52.95 0.54 2.83 South Korea 2.13 0.09 11.38 9.35 11.55 0.00 2.06 Selected Other Canada 1.58 14.87 2.03 9.68 15.55 1.20 1.74 China 191.93 301.24 3.82 238.00 320.00 0.02 176.97 ================================================================================ WASDE - 677 - 23 November 2026 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 ================================================================================ 2026/27 Proj. World 3/ Oct 307.16 1293.75 203.38 826.33 1320.47 210.72 280.44 Nov 308.31 1291.55 201.43 823.36 1317.92 209.38 281.94 World Less China Oct 130.01 986.75 198.38 584.33 996.47 210.70 115.31 Nov 131.34 984.55 196.43 583.36 995.92 209.36 114.99 United States Oct 53.22 407.28 0.64 152.41 330.34 83.82 46.97 Nov 53.22 403.71 0.64 151.77 329.71 83.19 44.67 Total Foreign Oct 253.95 886.47 202.74 673.92 990.13 126.90 233.47 Nov 255.09 887.84 200.79 671.59 988.22 126.20 237.27 Major Exporters 4/ Oct 27.14 258.80 1.87 101.90 153.80 108.90 25.11 Nov 28.61 261.30 1.87 103.80 155.80 108.70 27.28 Argentina Oct 5.71 55.00 0.01 13.00 17.70 38.00 5.01 Nov 5.71 57.00 0.01 13.00 17.70 40.00 5.01 Brazil Oct 14.80 139.00 1.80 65.00 102.00 43.00 10.60 Nov 15.30 141.00 1.80 67.00 104.00 43.00 11.10 Russia Oct 0.66 16.50 0.05 11.00 12.20 3.70 1.31 Nov 0.66 16.50 0.05 11.00 12.20 3.50 1.51 South Africa Oct 3.06 16.50 0.00 7.40 14.70 2.20 2.66 Nov 4.03 15.00 0.00 7.30 14.70 2.20 2.13 Ukraine Oct 2.92 31.80 0.01 5.50 7.20 22.00 5.53 Nov 2.92 31.80 0.01 5.50 7.20 20.00 7.53 Major Importers 5/ Oct 20.31 110.47 120.30 169.15 230.50 2.19 18.40 Nov 20.28 109.47 118.80 167.25 228.30 2.19 18.06 Egypt Oct 1.99 7.00 13.50 17.70 20.40 0.00 2.09 Nov 1.99 7.00 13.50 17.70 20.40 0.00 2.09 European Union 6/ Oct 6.15 48.00 23.50 51.20 71.00 1.60 5.05 Nov 6.15 47.50 22.50 50.00 69.50 1.60 5.05 Japan Oct 1.39 0.02 15.50 12.20 15.50 0.00 1.40 Nov 1.35 0.02 15.50 12.20 15.50 0.00 1.36 Mexico Oct 5.55 24.50 27.20 30.20 52.40 0.02 4.83 Nov 5.51 24.00 26.70 29.50 51.70 0.02 4.49 Southeast Asia 7/ Oct 2.76 30.75 24.55 44.00 54.95 0.57 2.54 Nov 2.83 30.75 24.55 44.00 54.95 0.57 2.62 South Korea Oct 2.07 0.09 11.50 9.35 11.55 0.00 2.12 Nov 2.06 0.09 11.50 9.35 11.55 0.00 2.10 Canada Oct 1.98 16.80 2.00 9.70 15.70 3.00 2.08 Nov 1.74 16.80 2.00 9.70 15.70 3.00 1.84 China Oct 177.15 307.00 5.00 242.00 324.00 0.02 165.13 Nov 176.97 307.00 5.00 240.00 322.00 0.02 166.95 ================================================================================ WASDE - 677 - 24 November 2026 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 ================================================================================ 2024/25 World 3/ 180.60 542.08 58.01 530.82 61.43 191.86 World Less China 77.60 396.80 55.68 385.86 60.28 87.36 United States 1.27 7.05 1.56 5.30 2.87 1.71 Total Foreign 179.34 535.03 56.45 525.51 58.56 190.15 Major Exporters 4/ 49.98 219.50 3.60 169.96 46.41 56.71 Burma 1.22 11.90 0.01 9.60 2.53 1.00 India 42.00 150.18 0.00 121.36 22.83 48.00 Pakistan 1.22 9.72 0.02 4.20 5.13 1.63 Thailand 2.21 20.84 0.05 12.50 7.86 2.75 Vietnam 3.34 26.85 3.53 22.30 8.06 3.35 Major Importers 5/ 118.08 239.52 23.22 257.91 1.51 121.40 China 103.00 145.28 2.34 144.96 1.15 104.50 European Union 6/ 0.60 1.60 2.53 3.50 0.34 0.89 Indonesia 6.17 34.10 0.81 35.50 0.00 5.58 Nigeria 1.41 5.75 3.30 8.30 0.00 2.16 Philippines 3.40 12.37 5.43 17.50 0.00 3.70 Sel. Mideast 7/ 1.41 2.28 5.57 7.05 0.00 2.21 Selected Other Brazil 0.34 8.68 0.95 7.40 1.37 1.19 C. Amer & Carib 8/ 0.64 1.33 1.93 3.14 0.09 0.67 Egypt 0.46 3.90 0.16 4.05 0.15 0.31 Japan 2.22 7.15 0.84 8.17 0.07 1.97 Mexico 0.12 0.17 0.89 1.00 0.03 0.15 South Korea 1.21 3.59 0.33 4.25 0.19 0.68 2025/26 Est. World 3/ 191.86 545.65 56.02 532.68 58.20 204.84 World Less China 87.36 399.32 51.94 385.33 56.14 99.34 United States 1.71 6.56 1.36 5.22 2.56 1.86 Total Foreign 190.15 539.09 54.67 527.46 55.64 202.98 Major Exporters 4/ 56.71 222.92 3.18 169.95 43.62 69.24 Burma 1.00 12.00 0.01 9.30 2.30 1.40 India 48.00 154.02 0.00 121.10 21.92 59.00 Pakistan 1.63 10.00 0.02 4.50 4.50 2.64 Thailand 2.75 20.70 0.05 12.80 6.80 3.90 Vietnam 3.35 26.20 3.10 22.25 8.10 2.30 Major Importers 5/ 121.40 241.71 21.39 261.15 2.45 120.90 China 104.50 146.33 4.08 147.35 2.06 105.50 European Union 6/ 0.89 1.77 2.30 3.65 0.35 0.97 Indonesia 5.58 33.80 0.40 35.30 0.00 4.48 Nigeria 2.16 5.90 2.85 8.50 0.00 2.42 Philippines 3.70 12.35 4.35 17.70 0.00 2.70 Sel. Mideast 7/ 2.21 2.23 4.20 7.00 0.00 1.63 Selected Other Brazil 1.19 7.60 1.00 7.35 1.40 1.04 C. Amer & Carib 8/ 0.67 1.31 1.91 3.24 0.08 0.57 Egypt 0.31 4.20 0.23 4.15 0.11 0.49 Japan 1.97 7.29 0.70 7.46 0.07 2.44 Mexico 0.15 0.17 0.84 1.01 0.01 0.15 South Korea 0.68 3.54 0.41 3.85 0.18 0.60 ================================================================================ WASDE - 677 - 25 November 2026 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 ================================================================================ 2026/27 Proj. World 3/ Oct 204.22 533.08 58.75 538.80 61.35 198.50 Nov 204.84 533.19 57.94 538.20 60.23 199.82 World Less China Oct 98.72 386.08 55.25 391.50 59.15 92.00 Nov 99.34 386.19 54.44 390.90 58.03 93.32 United States Oct 1.86 5.01 1.58 4.70 2.48 1.27 Nov 1.86 5.01 1.58 4.70 2.48 1.27 Total Foreign Oct 202.36 528.08 57.16 534.10 58.87 197.23 Nov 202.98 528.18 56.35 533.50 57.76 198.55 Major Exporters 4/ Oct 69.14 213.80 3.68 173.70 46.50 66.41 Nov 69.24 213.80 3.68 173.90 45.30 67.51 Burma Oct 1.40 11.00 0.01 9.10 2.10 1.21 Nov 1.40 11.00 0.01 9.10 2.10 1.21 India Oct 59.00 147.00 0.00 125.00 24.00 57.00 Nov 59.00 147.00 0.00 125.00 23.00 58.00 Pakistan Oct 2.64 9.40 0.02 4.70 4.80 2.56 Nov 2.64 9.40 0.02 4.70 4.80 2.56 Thailand Oct 3.80 20.30 0.05 12.80 7.50 3.85 Nov 3.90 20.30 0.05 13.00 7.30 3.95 Vietnam Oct 2.30 26.10 3.60 22.10 8.10 1.80 Nov 2.30 26.10 3.60 22.10 8.10 1.80 Major Importers 5/ Oct 120.59 240.98 22.45 261.90 2.65 119.47 Nov 120.90 240.98 22.05 261.73 2.64 119.56 China Oct 105.50 147.00 3.50 147.30 2.20 106.50 Nov 105.50 147.00 3.50 147.30 2.20 106.50 European Union 6/ Oct 0.96 1.73 2.35 3.70 0.41 0.93 Nov 0.97 1.73 2.35 3.73 0.40 0.92 Indonesia Oct 4.48 33.60 0.50 35.00 0.00 3.58 Nov 4.48 33.60 0.50 35.00 0.00 3.58 Nigeria Oct 2.22 5.67 2.90 8.80 0.00 1.99 Nov 2.42 5.67 2.90 8.80 0.00 2.19 Philippines Oct 2.70 12.10 5.60 17.80 0.00 2.60 Nov 2.70 12.10 5.60 17.80 0.00 2.60 Sel. Mideast 7/ Oct 1.63 2.23 4.60 7.00 0.00 1.46 Nov 1.63 2.23 4.60 7.00 0.00 1.46 Brazil Oct 0.96 7.40 0.95 7.30 1.40 0.61 Nov 1.04 7.40 0.95 7.30 1.40 0.69 C. Amer & Carib 8/ Oct 0.53 1.33 1.99 3.30 0.06 0.49 Nov 0.57 1.29 1.99 3.26 0.07 0.52 Egypt Oct 0.44 4.10 0.20 4.18 0.15 0.41 Nov 0.49 4.10 0.20 4.18 0.15 0.46 Japan Oct 2.49 7.37 0.70 7.95 0.08 2.52 Nov 2.44 7.37 0.70 7.95 0.08 2.47 Mexico Oct 0.11 0.16 0.85 1.02 0.01 0.09 Nov 0.15 0.16 0.85 1.02 0.01 0.13 South Korea Oct 0.60 3.49 0.41 3.78 0.18 0.55 Nov 0.60 3.49 0.41 3.78 0.18 0.55 ================================================================================ WASDE - 677 - 26 November 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2024/25 World 73.57 119.53 43.03 118.92 42.37 -0.23 75.07 World Less China 36.85 87.53 37.84 79.92 42.31 -0.23 40.23 United States 3.15 14.41 3/ 1.70 11.90 -0.04 4.00 Total Foreign 70.42 105.12 43.02 117.22 30.47 -0.19 71.07 Major Exporters 4/ 24.32 58.96 4.29 34.92 26.49 -0.19 26.34 Central Asia 5/ 3.09 5.22 0.10 3.91 1.44 0.00 3.06 Afr. Fr. Zone 6/ 1.29 4.44 3/ 0.10 4.27 0.00 1.37 S. Hemis. 7/ 10.19 24.70 0.15 4.36 19.13 -0.19 11.73 Australia 4.22 5.60 3/ 0.00 5.21 -0.19 4.80 Brazil 2.97 17.00 3/ 3.26 13.02 0.00 3.70 India 9.30 24.00 3.04 25.50 1.33 0.00 9.52 Major Importers 8/ 43.92 43.41 35.91 77.79 3.01 0.00 42.43 Mexico 0.24 1.00 0.60 1.35 0.18 0.00 0.31 China 36.71 32.00 5.19 39.00 0.06 0.00 34.84 European Union 9/ 0.32 1.30 0.41 0.45 1.27 0.00 0.31 Turkey 1.40 3.95 4.46 7.10 1.43 0.00 1.28 Pakistan 1.85 5.00 6.10 10.60 0.05 0.00 2.30 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 2025/26 Est. World 75.07 122.03 45.01 120.76 45.90 -0.19 75.64 World Less China 40.23 86.23 37.76 79.16 45.86 -0.19 39.40 United States 4.00 13.90 3/ 1.50 12.30 -0.05 4.15 Total Foreign 71.07 108.13 45.01 119.26 33.60 -0.14 71.49 Major Exporters 4/ 26.34 59.05 6.47 36.37 29.77 -0.16 25.88 Central Asia 5/ 3.06 5.70 0.25 4.40 1.86 0.00 2.75 Afr. Fr. Zone 6/ 1.37 4.03 3/ 0.11 4.13 0.00 1.17 S. Hemis. 7/ 11.73 25.01 0.15 4.46 22.19 -0.16 10.40 Australia 4.80 4.50 3/ 0.00 5.59 -0.16 3.87 Brazil 3.70 18.75 3/ 3.35 15.50 0.00 3.60 India 9.52 23.80 5.17 26.25 1.10 0.00 11.13 Major Importers 8/ 42.43 46.20 35.82 78.47 2.76 0.02 43.19 Mexico 0.31 0.57 0.62 1.20 0.10 0.02 0.18 China 34.84 35.80 7.25 41.60 0.04 0.00 36.24 European Union 9/ 0.31 1.32 0.38 0.40 1.43 0.00 0.18 Turkey 1.28 3.05 4.73 6.80 1.10 0.00 1.15 Pakistan 2.30 5.30 4.40 9.90 0.05 0.00 2.05 Indonesia 0.41 3/ 2.12 2.05 0.02 0.00 0.46 Thailand 0.11 3/ 0.41 0.43 0.00 0.00 0.10 Bangladesh 1.71 0.15 7.20 7.40 0.00 0.00 1.67 Vietnam 1.02 3/ 8.16 8.15 0.00 0.00 1.02 ================================================================================ WASDE - 677 - 27 November 2026 World Cotton Supply and Use 1/ (Million 480-Pound Bales) ================================================================================ Supply Use Region Beginning Produc- Loss Ending Stocks tion Imports Domestic Exports 2/ Stocks ================================================================================ 2026/27 Proj. World Oct 75.70 117.95 44.72 123.08 44.71 -0.10 70.68 Nov 75.64 117.48 44.82 122.75 44.82 -0.20 70.57 World Less China Oct 39.46 84.45 37.72 81.08 44.63 -0.10 36.01 Nov 39.40 83.48 37.82 80.75 44.74 -0.20 35.40 United States Oct 4.15 13.44 0.01 1.50 12.30 0.00 3.80 Nov 4.15 13.18 0.01 1.40 12.30 -0.07 3.70 Total Foreign Oct 71.55 104.51 44.71 121.58 32.41 -0.10 66.88 Nov 71.49 104.30 44.81 121.35 32.52 -0.13 66.87 Major Exporters 4/ Oct 25.93 58.59 4.80 37.29 29.21 -0.10 22.92 Nov 25.88 58.24 4.80 37.27 29.32 -0.13 22.47 Central Asia 5/ Oct 2.84 5.82 0.25 4.93 1.55 0.00 2.44 Nov 2.75 5.81 0.25 4.90 1.53 0.00 2.38 Afr. Fr. Zone 6/ Oct 1.17 4.30 3/ 0.11 4.32 0.00 1.04 Nov 1.17 4.30 3/ 0.11 4.40 0.00 0.96 S. Hemis. 7/ Oct 10.36 23.98 0.15 4.51 21.49 -0.10 8.58 Nov 10.40 24.14 0.15 4.51 21.49 -0.13 8.81 Australia Oct 3.87 3.00 3/ 0.00 4.50 -0.10 2.47 Nov 3.87 3.50 3/ 0.00 4.50 -0.13 2.99 Brazil Oct 3.60 19.00 0.01 3.40 16.00 0.00 3.21 Nov 3.60 19.00 0.01 3.40 16.00 0.00 3.21 India Oct 11.13 24.00 3.30 26.50 1.50 0.00 10.43 Nov 11.13 23.50 3.30 26.50 1.50 0.00 9.93 Major Importers 8/ Oct 43.20 42.98 37.04 79.64 2.02 0.00 41.55 Nov 43.19 43.13 37.14 79.44 2.02 0.00 41.99 Mexico Oct 0.18 0.67 0.70 1.20 0.10 0.00 0.25 Nov 0.18 0.67 0.70 1.20 0.10 0.00 0.25 China Oct 36.24 33.50 7.00 42.00 0.08 0.00 34.67 Nov 36.24 34.00 7.00 42.00 0.08 0.00 35.17 European Union 9/ Oct 0.19 1.25 0.41 0.42 1.17 0.00 0.26 Nov 0.18 1.25 0.41 0.42 1.17 0.00 0.25 Turkey Oct 1.15 2.40 5.00 6.80 0.60 0.00 1.15 Nov 1.15 2.05 5.30 6.80 0.60 0.00 1.10 Pakistan Oct 2.05 5.00 5.10 10.20 0.05 0.00 1.90 Nov 2.05 5.00 5.10 10.20 0.05 0.00 1.90 Indonesia Oct 0.46 3/ 2.10 2.10 0.02 0.00 0.45 Nov 0.46 3/ 2.10 2.10 0.02 0.00 0.45 Thailand Oct 0.10 3/ 0.45 0.45 0.00 0.00 0.10 Nov 0.10 3/ 0.45 0.45 0.00 0.00 0.10 Bangladesh Oct 1.67 0.15 7.40 7.60 0.00 0.00 1.62 Nov 1.67 0.15 7.20 7.40 0.00 0.00 1.62 Vietnam Oct 1.02 3/ 8.30 8.30 0.00 0.00 1.03 Nov 1.02 3/ 8.30 8.30 0.00 0.00 1.03 ================================================================================ WASDE - 677 - 28 November 2026 World Soybean Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Region Beginning Produc- Domestic Ending Stocks tion Imports Crush Total Exports Stocks ================================================================================ 2024/25 World 2/ 115.09 428.23 179.15 359.23 412.13 184.33 126.01 World Less China 71.78 407.58 71.15 255.73 284.73 184.26 81.52 United States 9.32 119.05 0.81 66.55 68.84 51.50 8.84 Total Foreign 105.78 309.19 178.34 292.69 343.29 132.84 117.17 Major Exporters 3/ 54.47 238.05 7.06 105.35 115.35 121.02 63.22 Argentina 24.05 51.11 6.32 43.24 48.94 7.87 24.67 Brazil 29.76 172.50 0.73 58.16 62.16 103.14 37.69 Paraguay 0.29 10.20 0.00 3.70 3.80 6.41 0.29 Major Importers 4/ 46.21 24.54 142.49 133.17 164.80 0.42 48.02 China 43.31 20.65 108.00 103.50 127.40 0.07 44.49 European Union 1.30 2.91 14.71 15.40 17.02 0.33 1.56 Southeast Asia 5/ 0.83 0.45 10.10 5.11 10.14 0.01 1.22 Mexico 0.61 0.28 6.43 6.65 6.74 0.00 0.59 2025/26 Est. World 2/ 126.01 429.26 189.39 376.33 433.05 186.63 124.98 World Less China 81.52 408.36 76.39 267.33 299.15 186.50 80.62 United States 8.84 115.97 0.61 72.00 75.59 41.24 8.58 Total Foreign 117.17 313.29 188.78 304.33 357.46 145.39 116.41 Major Exporters 3/ 63.22 243.96 8.58 109.33 119.84 133.86 62.05 Argentina 24.67 49.26 7.50 42.93 48.83 8.95 23.64 Brazil 37.69 180.50 1.05 62.50 66.90 114.46 37.88 Paraguay 0.29 12.10 0.02 3.80 3.91 8.20 0.30 Major Importers 4/ 48.02 24.70 148.60 139.50 172.67 0.47 48.18 China 44.49 20.90 113.00 109.00 133.90 0.13 44.36 European Union 1.56 2.85 14.00 15.00 16.57 0.33 1.52 Southeast Asia 5/ 1.22 0.41 11.33 5.95 11.56 0.01 1.39 Mexico 0.59 0.30 6.89 6.95 7.05 0.00 0.73 2026/27 Proj. World 2/ Oct 124.93 442.70 190.82 385.71 442.18 192.00 124.28 Nov 124.98 442.50 191.38 386.24 442.80 192.55 123.50 World Less China Oct 80.57 421.70 75.82 274.71 306.18 191.90 80.02 Nov 80.62 421.50 76.38 275.24 306.80 192.45 79.25 United States Oct 8.58 124.15 0.68 75.66 78.70 46.13 8.57 Nov 8.58 124.48 0.68 75.66 78.76 46.81 8.17 Total Foreign Oct 116.35 318.55 190.14 310.06 363.48 145.87 115.71 Nov 116.41 318.02 190.70 310.58 364.04 145.74 115.34 Major Exporters 3/ Oct 62.18 250.20 7.53 112.25 123.26 134.70 61.95 Nov 62.05 250.20 7.53 112.25 123.24 134.90 61.65 Argentina Oct 23.67 50.00 6.50 43.50 49.65 6.45 24.07 Nov 23.64 50.00 6.50 43.50 49.65 6.75 23.74 Brazil Oct 37.88 186.00 1.00 65.00 69.60 118.00 37.28 Nov 37.88 186.00 1.00 65.00 69.60 118.00 37.28 Paraguay Oct 0.30 11.10 0.02 3.60 3.71 7.35 0.36 Nov 0.30 11.10 0.02 3.60 3.71 7.35 0.36 Major Importers 4/ Oct 48.16 24.67 150.34 141.67 174.89 0.37 47.91 Nov 48.18 24.63 150.49 141.76 175.04 0.37 47.89 China Oct 44.36 21.00 115.00 111.00 136.00 0.10 44.26 Nov 44.36 21.00 115.00 111.00 136.00 0.10 44.26 European Union Oct 1.52 2.73 13.70 14.85 16.37 0.25 1.33 Nov 1.52 2.70 13.70 14.85 16.37 0.25 1.30 Southeast Asia 5/ Oct 1.39 0.38 11.64 6.37 11.99 0.01 1.41 Nov 1.39 0.38 11.74 6.39 12.06 0.01 1.44 Mexico Oct 0.73 0.32 6.75 6.95 7.05 0.01 0.74 Nov 0.73 0.30 6.75 6.95 7.05 0.01 0.72 ================================================================================ WASDE - 677 - 29 November 2026 World Soybean Meal Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2024/25 World 2/ 14.31 281.81 77.73 272.95 82.89 18.02 World Less China 13.52 199.84 77.69 192.10 81.87 17.08 United States 0.41 53.02 0.73 37.41 16.40 0.36 Total Foreign 13.90 228.79 77.00 235.54 66.49 17.66 Major Exporters 3/ 5.45 86.93 0.29 31.21 54.95 6.51 Argentina 2.26 33.51 0.28 3.53 29.78 2.74 Brazil 2.97 44.38 0.01 20.50 23.39 3.47 India 0.22 9.04 0.01 7.19 1.78 0.30 Major Importers 4/ 2.30 23.31 44.01 64.91 1.05 3.66 European Union 0.84 12.17 20.61 31.24 0.65 1.72 Mexico 0.16 5.26 2.35 7.45 0.00 0.31 Southeast Asia 5/ 1.19 3.99 19.44 22.71 0.40 1.51 China 0.79 81.97 0.05 80.85 1.02 0.94 2025/26 Est. World 2/ 18.02 294.06 82.66 288.63 86.62 19.49 World Less China 17.08 208.38 82.51 204.08 85.59 18.30 United States 0.36 56.80 0.91 39.35 18.42 0.30 Total Foreign 17.66 237.26 81.75 249.28 68.20 19.19 Major Exporters 3/ 6.51 89.01 0.43 32.56 56.02 7.38 Argentina 2.74 33.06 0.38 3.60 29.70 2.88 Brazil 3.47 47.88 0.00 21.80 25.32 4.23 India 0.30 8.08 0.05 7.16 1.00 0.28 Major Importers 4/ 3.66 23.97 45.66 68.60 0.99 3.70 European Union 1.72 11.85 20.30 31.54 0.70 1.63 Mexico 0.31 5.49 2.98 8.40 0.00 0.38 Southeast Asia 5/ 1.51 4.68 20.84 25.17 0.29 1.58 China 0.94 85.67 0.15 84.55 1.02 1.19 2026/27 Proj. World 2/ Oct 19.25 302.40 86.09 297.81 90.05 19.89 Nov 19.49 302.61 86.18 298.16 90.11 20.01 World Less China Oct 18.04 214.49 85.99 210.96 88.95 18.61 Nov 18.30 214.70 86.08 211.31 89.01 18.75 United States Oct 0.41 59.69 0.91 40.01 20.59 0.41 Nov 0.30 59.69 0.91 39.95 20.59 0.36 Total Foreign Oct 18.84 242.71 85.18 257.80 69.46 19.48 Nov 19.19 242.92 85.27 258.21 69.52 19.65 Major Exporters 3/ Oct 7.06 91.51 0.46 33.75 58.10 7.18 Nov 7.38 91.59 0.46 33.83 58.30 7.30 Argentina Oct 2.83 33.50 0.35 3.65 30.00 3.02 Nov 2.88 33.50 0.35 3.65 30.00 3.07 Brazil Oct 4.04 50.01 0.01 23.00 27.10 3.96 Nov 4.23 50.01 0.01 23.00 27.30 3.95 India Oct 0.20 8.00 0.10 7.10 1.00 0.20 Nov 0.28 8.08 0.10 7.18 1.00 0.28 Major Importers 4/ Oct 3.55 24.08 47.43 70.28 0.89 3.88 Nov 3.70 24.09 47.48 70.46 0.89 3.91 European Union Oct 1.63 11.73 20.40 31.57 0.60 1.59 Nov 1.63 11.73 20.40 31.57 0.60 1.59 Mexico Oct 0.38 5.49 3.25 8.75 0.00 0.37 Nov 0.38 5.49 3.25 8.75 0.00 0.37 Southeast Asia 5/ Oct 1.45 4.98 22.15 26.48 0.29 1.83 Nov 1.58 4.99 22.23 26.65 0.29 1.86 China Oct 1.22 87.91 0.10 86.85 1.10 1.28 Nov 1.19 87.91 0.10 86.85 1.10 1.26 ================================================================================ WASDE - 677 - 30 November 2026 World Soybean Oil Supply and Use 1/ (Million Metric Tons) ================================================================================ Supply Use Stocks tion Imports Domestic Exports Stocks Region Beginning Produc- Total Exports Ending ================================================================================ 2024/25 World 2/ 5.69 70.08 14.18 68.24 15.26 6.45 World Less China 4.52 49.98 13.89 47.74 14.94 5.71 United States 0.70 13.25 0.16 12.21 1.12 0.79 Total Foreign 4.99 56.83 14.02 56.04 14.14 5.66 Major Exporters 3/ 1.59 24.10 0.95 15.47 9.92 1.25 Argentina 0.67 8.63 0.11 1.98 7.10 0.32 Brazil 0.18 11.84 0.09 10.41 1.49 0.21 European Union 0.66 2.93 0.76 3.01 0.71 0.63 Major Importers 4/ 2.18 23.68 8.00 30.59 0.51 2.75 China 1.17 20.10 0.30 20.50 0.32 0.75 India 0.75 2.03 5.47 6.65 0.03 1.58 North Africa 5/ 0.24 1.21 1.29 2.24 0.17 0.33 2025/26 Est. World 2/ 6.45 73.62 13.89 72.18 15.55 6.24 World Less China 5.71 51.82 13.76 51.38 14.47 5.44 United States 0.79 13.87 0.24 13.79 0.45 0.66 Total Foreign 5.66 59.75 13.65 58.38 15.10 5.57 Major Exporters 3/ 1.25 24.89 1.06 15.94 10.16 1.11 Argentina 0.32 8.57 0.15 1.98 6.81 0.25 Brazil 0.21 12.76 0.08 10.90 1.95 0.20 European Union 0.63 2.85 0.83 2.98 0.75 0.57 Major Importers 4/ 2.75 25.48 7.73 31.71 1.36 2.89 China 0.75 21.80 0.13 20.80 1.08 0.80 India 1.58 1.82 5.60 7.30 0.04 1.67 North Africa 5/ 0.33 1.44 1.38 2.51 0.24 0.40 2026/27 Proj. World 2/ Oct 6.42 75.24 13.63 73.48 14.95 6.85 Nov 6.24 75.29 13.71 73.60 15.10 6.53 World Less China Oct 5.62 53.69 13.48 52.78 13.95 6.05 Nov 5.44 53.73 13.56 52.90 14.10 5.72 United States Oct 0.75 14.94 0.32 15.02 0.18 0.82 Nov 0.66 14.94 0.32 14.97 0.18 0.77 Total Foreign Oct 5.66 60.30 13.31 58.47 14.77 6.04 Nov 5.57 60.34 13.39 58.63 14.92 5.76 Major Exporters 3/ Oct 1.18 25.45 0.89 16.11 9.85 1.56 Nov 1.11 25.45 0.89 16.11 10.05 1.29 Argentina Oct 0.32 8.68 0.14 1.99 6.75 0.40 Nov 0.25 8.68 0.14 1.99 6.75 0.33 Brazil Oct 0.19 13.27 0.10 11.40 1.70 0.46 Nov 0.20 13.27 0.10 11.40 1.90 0.26 European Union Oct 0.57 2.82 0.65 2.63 0.80 0.61 Nov 0.57 2.82 0.65 2.63 0.80 0.61 Major Importers 4/ Oct 2.88 25.25 7.30 31.31 1.19 2.93 Nov 2.89 25.34 7.30 31.44 1.19 2.90 China Oct 0.80 21.56 0.15 20.70 1.00 0.80 Nov 0.80 21.56 0.15 20.70 1.00 0.81 India Oct 1.64 1.80 5.00 6.75 0.02 1.68 Nov 1.67 1.82 5.00 6.80 0.02 1.67 North Africa 5/ Oct 0.41 1.46 1.35 2.63 0.18 0.42 Nov 0.40 1.53 1.35 2.71 0.18 0.40 ================================================================================ WASDE - 677 - 31 November 2026 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 2025 IV 6647 7301 13986 12118 1242 13482 27469 2248 57.8 Annual 26003 27578 53740 48006 4844 53359 107099 8765 231.7 2026 I 6148 7050 13236 12002 1231 13368 26604 2232 58.6 II 6154 6755 12944 12419 1269 13839 26783 2253 60.3 III 6105 6566 12705 12704 1349 14214 26919 2331 59.5 IV* 6355 7285 13676 12350 1335 13825 27501 2355 59.3 OctProj. 24802 27621 52567 49720 5134 55442 108009 9160 236.9 NovProj. 24762 27656 52561 49475 5183 55246 107807 9171 237.7 2027 I* 6030 6950 13016 12150 1270 13555 26571 2320 59.9 II* 6050 6720 12806 12550 1285 13975 26781 2325 61.2 III* 6115 6790 12939 12800 1350 14295 27234 2350 60.0 OctProj. 24675 27825 52645 50150 5180 55885 108530 9340 238.4 NovProj. 24520 27825 52486 50000 5245 55800 108286 9365 240.7 ================================================================================ 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 2025 IV 227.62 64.87 110.5 172.2 192.0 19.50 Annual 224.37 68.80 124.8 135.8 373.7 21.18 2026 I 238.65 64.50 119.5 169.9 125.2 18.50 II 255.76 67.79 122.6 176.3 67.0 21.07 III 230.82 67.86 117.3 180.7 101.9 19.87 IV* 220.00 53.00 118.0 181.0 100.0 21.00 OctProj. 237.56 63.79 118.9 175.5 103.5 19.90 NovProj. 236.31 63.29 119.4 177.0 98.5 20.10 2027 I* 235.00 58.00 120.0 150.0 110.0 21.00 II* 235.00 63.00 123.0 145.0 95.0 20.20 III* 240.00 68.00 121.0 150.0 100.0 20.10 OctProj. 238 63 121 145 111 20.45 NovProj. 238 62 121 150 106 20.50 ================================================================================ WASDE - 677 - 32 November 2026 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 2025 602 26071 5388 32061 2579 577 28905 59.2 2026 Proj. Oct 577 24870 6347 31794 2343 580 28871 58.9 Nov 577 24830 6436 31842 2344 570 28928 59.1 2027 Proj. Oct 580 24743 6175 31498 2325 575 28598 58.3 Nov 570 24588 6280 31438 2330 575 28533 58.1 Pork 2025 435 27593 1117 29145 6972 430 21744 49.3 2026 Proj. Oct 430 27637 1169 29236 7050 450 21735 49.2 Nov 430 27672 1154 29256 6979 450 21827 49.4 2027 Proj. Oct 450 27841 1180 29471 7095 440 21936 49.5 Nov 450 27841 1165 29456 7040 440 21976 49.6 TotalRed Meat5/ 2025 1058 53833 6853 61744 9557 1024 51163 109.8 2026 Proj. Oct 1024 52661 7878 61562 9400 1047 51115 109.5 Nov 1024 52655 7919 61597 9330 1037 51230 109.7 2027 Proj. Oct 1047 52739 7725 61511 9427 1033 51051 109.2 Nov 1037 52580 7795 61412 9377 1033 51002 109.0 Broiler 2025 761 47493 152 48406 6665 786 40955 102.9 2026 Proj. Oct 786 49188 136 50111 6698 765 42648 106.9 Nov 786 48945 137 49869 6759 770 42340 106.1 2027 Proj. Oct 765 49613 136 50514 6620 790 43104 107.8 Nov 770 49465 136 50371 6620 790 42961 107.4 Turkey 2025 219 4844 38 5101 420 175 4507 13.2 2026 Proj. Oct 175 5134 36 5345 461 190 4693 13.7 Nov 175 5183 35 5392 459 190 4743 13.8 2027 Proj. Oct 190 5180 36 5406 450 190 4766 13.9 Nov 190 5245 36 5471 450 190 4831 14.1 Total Poultry6/ 2025 985 52845 193 54023 7131 973 45919 117.4 2026 Proj. Oct 973 54909 176 56058 7201 967 47890 122.1 Nov 973 54716 176 55865 7260 972 47633 121.5 2027 Proj. Oct 967 55348 176 56491 7114 991 48386 123.2 Nov 972 55264 176 56412 7114 992 48306 123.0 RedMeat& Poultry 2025 2043 106679 7046 115767 16688 1997 97082 227.3 2026 Proj. Oct 1997 107570 8053 117620 16601 2014 99005 231.6 Nov 1997 107371 8095 117462 16590 2009 98863 231.2 2027 Proj. Oct 2014 108087 7901 118002 16541 2024 99437 232.3 Nov 2009 107844 7971 117825 16491 2025 99308 232.0 ================================================================================ WASDE - 677 - 33 November 2026 U.S. Egg Supply and Use ================================================================================ 2024 2025 2026Proj. 2026Proj. 2027Proj. 2027Proj. Commodity Oct Nov Oct Nov ================================================================================ Million Dozen Eggs Supply BeginningStocks 23.1 14.2 17.1 17.1 20.0 17.0 Production 9076.2 8765.0 9160.0 9171.1 9340.0 9365.0 Imports 30.1 120.9 17.7 17.7 12.0 12.0 Total Supply 9129.4 8900.1 9194.7 9205.9 9372.0 9394.0 Use Exports 235.7 203.5 268.8 289.3 300.0 320.0 Hatching Use 1148.2 1163.8 1181.1 1181.4 1180.0 1180.0 Ending Stocks 14.2 17.1 20.0 17.0 22.0 20.0 Disappearance Total 7731.3 7515.8 7724.9 7718.1 7870.0 7874.0 Per Capita (number) 272.8 263.8 270.4 270.1 274.9 275.0 ================================================================================ U.S. Milk Supply and Use ================================================================================ 2024 2025 2026Proj. 2026Proj. 2027Proj. 2027Proj. Commodity Oct Nov Oct Nov ================================================================================ Billion Pounds Milk Production 225.9 231.7 236.9 237.7 238.4 240.7 Farm Use 1.0 1.0 1.0 1.0 1.0 1.0 FatBasisSupply BeginningStocks 13.8 13.1 12.6 12.6 12.8 14.9 Marketings 224.9 230.7 235.9 236.7 237.4 239.7 Imports 9.1 7.4 9.0 9.0 8.8 8.8 Total Supply 247.8 251.1 257.6 258.4 259.0 263.5 FatBasisUse Exports 11.8 16.7 20.3 20.2 20.1 20.3 Ending Stocks 13.1 12.6 12.8 14.9 12.2 15.1 Domestic Use 222.9 221.7 224.5 223.3 226.7 228.1 Skim-solidBasisSupply BeginningStocks 9.8 9.1 9.2 9.2 9.0 10.1 Marketings 224.9 230.7 235.9 236.7 237.4 239.7 Imports 6.8 6.9 6.7 6.6 6.8 6.7 Total Supply 241.5 246.6 251.9 252.5 253.2 256.6 Skim-solidBasisUse Exports 48.5 47.9 49.1 49.5 49.2 49.6 Ending Stocks 9.1 9.2 9.0 10.1 8.7 10.6 Domestic Use 183.9 189.5 193.8 192.9 195.3 196.4 ================================================================================ WASDE - 677 - 34 November 2026 U.S. Dairy Prices ================================================================================ Commod- 2024 2025 2026 Proj. 2026 Proj. 2027 Proj. 2027 Proj. ity Oct Nov Oct Nov ================================================================================ Dollars Per Pound Product Prices 1/ Cheese 1.8634 1.7878 1.525 1.550 1.615 1.590 Butter 2.8870 2.2202 1.560 1.550 1.550 1.465 Nonfat Dry Milk 1.2420 1.2348 1.735 1.755 1.740 1.800 Dry Whey 0.4913 0.5956 0.680 0.685 0.715 0.755 Milk Prices 2/ Dollars Per Cwt ClassIII 18.89 18.01 15.80 16.05 16.90 16.85 Class IV 20.75 17.38 18.90 19.10 18.90 19.10 All Milk 3/ 22.55 21.18 19.90 20.10 20.45 20.50 ================================================================================ WASDE - 677 - 35 November 2026 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 1.2 2.0 5.6 0.1 18.1 34 11 U.S. 0.4 0.6 0.1 0.0 1.2 22 14 Foreign 1.3 2.2 5.6 0.0 18.2 34 11 Exports World 5.6 9.4 6.5 0.2 19.2 36 9 U.S. 7.0 11.9 1.7 0.0 8.6 22 23 Foreign 6.7 11.3 6.4 0.3 17.2 39 6 Domestic Use World 1.4 2.3 6.2 0.0 28.5 29 15 U.S. 5.7 9.5 1.5 0.1 3.6 12 33 Foreign 1.4 2.4 6.4 0.5 28.7 32 13 Ending Stocks World 6.0 10.1 8.1 0.2 32.1 34 11 U.S. 10.7 18.0 1.9 0.2 7.0 30 15 Foreign 6.2 10.4 7.0 0.6 31.2 33 12 COARSE GRAINS 2/ Production World 1.6 2.6 13.9 0.2 53.0 34 11 U.S. 1.3 2.2 2.8 0.0 9.9 21 24 Foreign 2.2 3.7 13.6 0.2 48.8 33 12 Exports World 6.3 10.7 6.6 0.1 29.7 31 14 U.S. 15.8 26.6 6.1 0.4 14.7 24 21 Foreign 11.5 19.4 7.0 0.3 23.5 30 15 Domestic Use World 1.3 2.2 11.3 0.2 41.9 27 18 U.S. 3.4 5.7 4.8 0.2 17.2 21 24 Foreign 1.6 2.6 10.4 0.2 42.2 29 16 Ending Stocks World 11.6 19.5 12.2 0.3 39.6 36 9 U.S. 20.8 35.0 7.6 0.6 23.9 23 22 Foreign 15.1 25.3 10.9 0.2 31.1 39 6 RICE, milled Production World 2.0 3.4 5.8 0.1 16.8 38 7 U.S. 2.7 4.6 0.1 0.0 0.5 21 21 Foreign 2.0 3.4 5.8 0.2 16.9 38 7 Exports World 9.0 15.1 2.1 0.1 6.0 35 10 U.S. 9.6 16.2 0.2 0.0 0.7 21 21 Foreign 10.2 17.1 2.1 0.0 6.1 33 12 Domestic Use World 1.6 2.7 4.1 0.1 17.5 36 9 U.S. 7.9 13.3 0.2 0.0 0.6 24 21 Foreign 1.6 2.7 4.1 0.0 17.7 37 8 Ending Stocks World 10.1 16.9 5.8 0.1 24.6 37 8 U.S. 21.9 36.9 0.2 0.0 0.8 25 20 Foreign 10.4 17.6 5.8 0.1 24.4 37 8 ================================================================================ WASDE - 677 - 36 November 2026 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 25 20 U.S. 2.1 3.5 1.2 0.1 4.7 20 25 Foreign 6.4 10.9 6.4 0.0 29.4 23 22 Exports World 7.1 11.9 4.0 0.0 17.9 28 17 U.S. 9.5 16.0 2.4 0.1 7.1 27 18 Foreign 17.2 29.0 3.6 0.1 20.8 24 21 Domestic Use World 2.9 4.8 4.8 0.0 16.5 26 19 U.S. 3.5 5.9 1.3 0.0 3.8 30 15 Foreign 3.5 5.9 4.5 0.2 14.9 26 19 Ending Stocks World 15.2 25.7 4.6 0.0 18.4 23 22 U.S. 45.8 77.1 2.2 0.1 7.3 14 31 Foreign 16.2 27.2 4.1 0.1 18.2 24 21 COTTON Production World 3.5 5.8 2.5 0.1 9.3 27 18 U.S. 4.1 6.8 0.5 0.0 2.5 21 23 Foreign 4.0 6.7 2.4 0.1 8.9 28 17 Exports World 8.0 13.5 2.2 0.1 10.3 29 16 U.S. 16.0 26.9 1.0 0.1 3.2 27 18 Foreign 10.6 17.8 1.7 0.0 8.9 23 21 Domestic Use World 4.5 7.5 3.2 0.0 19.4 21 23 U.S. 9.6 16.1 0.3 0.0 1.1 20 25 Foreign 4.5 7.5 3.1 0.0 18.6 22 23 Ending Stocks World 11.6 19.6 5.0 0.2 18.4 25 20 U.S. 35.4 59.6 1.1 0.1 4.1 16 29 Foreign 12.3 20.7 4.8 0.0 17.3 27 18 ================================================================================ WASDE - 677 - 37 November 2026 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 1.3 2.3 104 0 396 22 22 Exports 16.3 27.4 218 9 575 22 23 Domestic Use 3.6 6.1 189 3 574 26 19 Ending Stocks 23.5 39.6 299 17 986 21 24 SORGHUM Production 5.6 9.4 15 1 53 23 22 Exports 29.1 49.0 35 0 125 24 20 Domestic Use 21.5 36.2 36 0 130 21 23 Ending Stocks 46.2 77.8 23 0 104 17 27 BARLEY Production 1.5 2.5 3 0 24 22 10 Exports 49.7 83.6 8 0 37 19 21 Domestic Use 8.0 13.5 16 0 70 17 27 Ending Stocks 14.6 24.7 12 0 38 27 15 OATS Production 1.0 1.7 2 0 18 8 9 Exports 66.9 112.7 1 0 7 12 10 Domestic Use 5.3 8.9 11 1 39 17 28 Ending Stocks 19.6 33.0 12 1 52 28 17 Thousand Short Tons SOYBEAN MEAL Production 3.4 5.8 1048 14 3250 29 16 Exports 10.8 18.3 732 0 3600 26 16 Domestic Use 3.3 5.5 761 30 2350 22 23 Ending Stocks 26.1 44.0 39 0 249 15 14 Million Pounds SOYBEAN OIL Production 3.7 6.2 503 40 2240 32 13 Exports 48.8 82.1 420 0 1900 25 19 Domestic Use 3.7 6.2 491 0 1828 28 16 Ending Stocks 21.7 36.6 311 0 1077 24 20 ANIMAL PROD. 3/ Million Pounds Beef 3.6 6.1 766 92 2461 29 15 Pork 3.0 5.1 416 2 1592 23 21 Broilers 1.8 3.0 417 17 1394 28 16 Turkeys 3.9 6.6 154 2 496 22 22 Million Dozen Eggs 2.5 4.2 144 2 759 26 18 Billion Pounds Milk 1.5 2.5 1.9 0.1 6.0 22 22 ================================================================================