U.S. farmers were aggressive sellers of soybeans in the fall of 2025, taking advantage of a price rally fueled by easing trade tensions between the United States and China. According to a new report from CoBank’s Knowledge Exchange, higher soybean prices prompted faster sales, increasing commercial ownership of soybeans, while the use of delayed pricing (DP) programs and basis contracts declined.
In contrast, corn and wheat markets showed the opposite trend amid depressed price levels. Farmers largely refrained from selling these crops, instead increasing their participation in DP programs and basis contracts that allow prices to be set later. This strategy reflects expectations of potential price recoveries and reluctance to lock in current low values.
CoBank’s data also indicates that off-farm grain storage reached record levels last fall. Farmers moved more soybeans and wheat into commercial storage to free up on-farm capacity for a record U.S. corn harvest. As a result, grain company ownership of soybeans in commercial storage rose to 73.6% as of Nov. 30, up from 66.3% a year earlier, signaling a much faster pace of farmer selling in soybeans compared with other crops.
“CoBank’s data shows that farmers have been patient sellers of corn and wheat,” said Tanner Ehmke, lead grains and oilseeds economist at CoBank. He noted that any meaningful increase in corn and wheat prices is likely to trigger heavier selling pressure, as significant volumes of these crops remain unpriced in on-farm and commercial storage, weighing on both futures prices and basis levels.
USDA data underscores the supply overhang. Total U.S. corn stocks as of Dec. 1 reached a record 13.3 billion bushels, up 10% year over year, while wheat stocks rose to 1.675 billion bushels, the highest level in six years. Soybean stocks also increased to 3.29 billion bushels, the largest in seven years. The combination of rising stocks and delayed farmer selling suggests continued downside pressure for corn and wheat markets unless prices recover enough to draw out supplies.
