Farmers were aggressive sellers of U.S. soybeans last fall as prices climbed after trade relations eased with China, according to a new report from CoBank.
Their data shows grain company ownership of soybeans in commercial storage jumped to 73.6% as of Nov. 30, 2025, up from 66.3% the year prior as farmers sold soybeans at a faster pace. The share of soybean bushels in commercial storage that were enrolled in delayed pricing (DP) programs and basis contracts also fell last fall as farmers priced soybeans during the market rally following the partial trade truce between the U.S. and China.
It was a different story for corn and wheat markets amid depressed prices, as CoBank said farmers have been “patient sellers” of those crops and increased their use of DP programs and basis contracts, leaving pricing open in hopes of future market recoveries.
“Any material increase in corn and wheat prices will likely be met with heavier selling pressure compared to soybeans, which already experienced a higher level of farmer selling last fall,” said Tanner Ehmke, lead grains and oilseeds economist with CoBank.
“The increase in on-farm storage for corn implies there is more corn in the countryside also waiting to be priced, which will pressure both flat price and basis.”
Grain company ownership of corn in commercial storage fell to 73% as of Nov. 30 of last year, down from 77% from 2024, while company ownership of wheat in storage fell to 72%, down from 75% the previous year.
“Lack of farmer selling of corn and wheat has supported cash basis in some regions, but the increase in the amount of bushels waiting to be priced implies greater selling pressure lies ahead for corn and wheat,” Ehmke added.
Total U.S. corn stocks on Dec. 1, 2025, reached a record high at 13.3 billion bushels, up 10% year-over-year, according to USDA. The share of corn stored off-farm fell to 34.5%, down from 37% the year prior. Off-farm corn stocks were tallied at 4.58 million bushels — a 3.9% increase year-over-year and the highest level in seven years — while on-farm storage increased 13.5% to reach 8.699 billion bushels.
U.S. wheat stocks on Dec. 1, 2025, were tallied at 1.675 billion bushels, up 6.5% year-over-year and the highest in six years. Off-farm storage accounted for 73.4% of the crop, rising from 70.3% last year and the highest level in four years. At the same time, U.S. soybean stocks rose to 3.29 billion bushels, up 6.1% year-over-year to reach the highest level in seven years with off-farm stocks tallied at 1.71 billion bushels, an increase of 9.9% over last year.