In the November Crop Production and World Agricultural Supply and Estimates report, the USDA reduced both corn and soybean production numbers. Soybean production dropped by 121 million bushels from last month to 4.461 billion bushels, slightly behind 2021’s record.

The soybean acreage remained unchanged. However, the national average yield was reduced by 1.4 bushels to 51.7 bushels per acre. To account for the difference, the USDA also reduced worldwide ending stocks for 2024-25 to 131.74 million metric tons.

Corn production fell 60 million bushels from last month to 15.143 billion bushels. While the harvested acres remained at 82.7 million, the yield was reduced to 183.7 bushels per acre. This is still a record.

The USDA estimates ending corn stocks for 2024-25 at 1.938 billion bushels. Global 2024-25 beginning corn stocks are estimated at 314.22 million metric tons.

Read more from the latest WASDE report here.