CoBank data reveals farmers were aggressive sellers of soybeans in fall 2025
U.S. farmers were aggressive sellers of soybeans during the fall of 2025 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 (DP) programs and basis contracts fell.
Meanwhile, corn and wheat markets saw the opposite trend amid depressed prices.
Farmers increased their use of DP programs and basis contracts for corn and wheat, leaving pricing open in hopes of future market recoveries.
According to a new report from CoBank’s Knowledge Exchange, off-farm grain storage hit record levels last fall with farmers shifting more soybeans and wheat to commercial storage to free up on-farm space for the record corn harvest.
The report draws on CoBank’s proprietary data set, which includes grain companies from around the U.S. providing monthly borrowing base position reports. The surveys do not include farmers’ marketing positions for commodities stored on farm.
“CoBank’s data reveals farmers have been patient sellers of corn and wheat,” said Tanner Ehmke, lead grains and oilseeds economist at CoBank. “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.”
“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,” Ehmke added.
Grain company ownership
Grain company ownership of soybeans in commercial storage jumped to 73.6 percent as of Nov. 30, 2025, up from 66.3 percent the year prior as farmers sold soybeans at a faster pace.
The share of soybean bushels in commercial storage enrolled in 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.
Under a DP program, the farmer transfers title to the elevator with the option for the farmer to set futures and basis later while paying the elevator a monthly service fee. In a basis contract, the farmer locks in local basis when the contract is signed but leaves the futures price open to be set later.
“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, 2025,” said Ehmke. “Elevators also limited DP programs due to the risk of owning unpriced bushels in a carry market.”
Grain company ownership of corn in commercial storage fell to 73 percent as of Nov. 30, 2025, down from 77 percent the previous year. Company ownership of wheat in storage fell to 72 percent, down from 75 percent last year.
The use of DP and basis contracts increased for both corn and wheat as farmers left prices open in hopes of future recoveries in price.
“Lack of farmers selling 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,” said Ehmke.
Total grain stocks
Total U.S. corn stocks on Dec. 1, 2025 reached a record high at 13.3 billion bushels, up 10 percent year-over-year, according to the U.S. Department of Agriculture.
The share of corn stored off-farm fell to 34.5 percent, down from 37 percent the year prior. Off-farm corn stocks were tallied at 4.58 million bushels, a 3.9 percent increase year-over-year and the highest level in seven years, while on-farm storage increased 13.5 percent to reach 8.69 billion bushels.
U.S. wheat stocks on Dec. 1, 2025 were tallied at 1.67 billion bushels, up 6.5 percent year-over-year and the highest in six years. Off-farm storage accounted for 73.4 percent of the crop, rising from 70.3 percent last year and the highest level in four years.
U.S. soybean stocks rose to 3.29 billion bushels, up 6.1 percent 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 percent over last year.
CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. Headquartered outside of Denver, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore. For more information, visit cobank.com.
