The November WASDE report didn’t deliver the bullish surprise many growers were hoping for — but it also didn’t bring any major shocks. Instead, USDA offered a steady, mostly neutral update that keeps the market watching global moves rather than big domestic revisions.
At Ag Lending Group, we track these updates closely because they shape cash-flow planning, borrowing decisions, operating strategies, and long-term land moves. Here’s what stood out this month, and what it means for farmers heading into 2026.
USDA left U.S. corn yield unchanged at 174.9 bu/acre, keeping production and ending stocks steady. That means no immediate relief for prices. The larger story continues to be strong global competition, especially from Brazil and Ukraine, which is limiting upside in the export market.
For growers, this environment means:
Margins remain tight, especially where basis is soft.
Export recoveries are slow, and global supply is still heavy.
Risk management stays critical moving into winter and early spring.
Soybean yield was increased marginally, putting ending stocks a bit higher than expected — not the bullish move many were hoping for. Demand from China remains inconsistent and is keeping traders cautious.
In this environment, we’re seeing growers:
Watching South American weather very closely; Brazil’s dryness vs. Argentina’s improvements could swing prices quickly.
Delaying major capital purchases until Q1–Q2 clarity.
Exploring ways to shore up liquidity before planting season.
Wheat saw minimal adjustments in the report, but the real story remains geopolitical. Russia continues to set the tone in global supply and export pricing.
As U.S. producers know well, global pressure keeps domestic prices reactive — and sometimes irrational.
This is a year where strong financial positioning matters more than ever for wheat growers navigating volatility.
Markets are steady, but not necessarily supportive. That means 2025 planning isn’t about chasing price optimism — it’s about:
Producers with healthier cash positions will have more flexibility heading into another year of global uncertainty.
We’re seeing more land deals move quietly and quickly across the country. Having a pre-approval or an active line of credit gives you the ability to move fast when opportunities come up.
With no major bullish catalysts, efficiency and margin protection remain the name of the game.
Basis opportunities, seasonal rallies, and short-term futures moves will matter more this year.
We work with farmers and ranchers nationwide who are navigating the same pressures reflected in this WASDE report. Our role is to help you:
Strengthen your balance sheet
Refinance high-interest debt
Secure operating capital early
Prepare for land opportunities
Build long-term financial resilience
Whether you’re evaluating a purchase, a refinance, or simply planning for the 2025 crop year, having a trusted advisory partner in your corner makes a measurable difference.
If the November WASDE left you with questions about working capital, debt structure, or how to position your operation for next year, we’re here to help.
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🌾 Or reach out anytime — we’re farmers first, advisors second.
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