CoBank Data Shows Farmers Aggressively Sold Soybeans in Fall 2025

Corn and wheat saw opposite trend as farmers left pricing open in hopes of future market recoveries.

Jan. 29, 2026 at 9:55pm

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According to a new report from CoBank's Knowledge Exchange, U.S. farmers were aggressive sellers of soybeans last fall as prices climbed after trade relations eased between the U.S. and China. With higher prices and a swifter pace of sales, commercial ownership of soybeans rose sharply while use of delayed pricing programs and basis contracts fell. Meanwhile, corn and wheat markets saw the opposite trend amid depressed prices, with farmers increasing their use of delayed pricing programs and basis contracts to leave pricing open in hopes of future market recoveries.

Why it matters

The report provides insights into how farmers adjusted their marketing strategies for different commodities in response to shifting market conditions, with soybeans seeing more aggressive selling compared to corn and wheat. This has implications for the overall supply and demand dynamics in the grain markets.

The details

According to the CoBank report, grain company ownership of soybeans in commercial storage jumped to 73.6% as of Nov. 30, 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 programs and basis contracts also fell last fall as farmers priced soybeans during the market rally. In contrast, grain company ownership of corn and wheat in commercial storage fell, as farmers left pricing open in hopes of future market recoveries. Total U.S. corn stocks on Dec. 1 reached a record high at 13.3 billion bushels, up 10% year-over-year, with off-farm corn stocks tallied at 4.58 million bushels, the highest level in seven years.

  • As of November 30, 2025
  • On December 1, 2025

The players

CoBank

A cooperative bank serving vital industries across rural America, providing loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers.

Tanner Ehmke

The lead grains and oilseeds economist with CoBank.

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What they’re saying

“CoBank's data reveals that farmers have been patient sellers of corn and wheat. 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.”

— Tanner Ehmke, Lead grains and oilseeds economist (CoBank)

“Participation in DP and basis contracts in soybeans also fell as a result of farmers' concerns about market uncertainty ahead of the trade truce on Oct. 30. Elevators also limited DP programs due to the risk of owning unpriced bushels in a carry market.”

— Tanner Ehmke, Lead grains and oilseeds economist (CoBank)

The takeaway

The report highlights how farmers adjusted their marketing strategies for different commodities in response to shifting market conditions, with soybeans seeing more aggressive selling compared to corn and wheat. This provides insights into the supply and demand dynamics in the grain markets and the factors influencing farmer decision-making.