CoBank data reveals farmers were aggressive sellers of soybeans in fall 2025
Late year market rally spurred soybeans sales, but farmers remain reluctant to sell corn and wheat at current price lows
DENVER, Jan. 29, 2026 (GLOBE NEWSWIRE) -- 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. 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. that provide monthly borrowing base position reports. The surveys do not include farmers’ marketing positions for commodities stored on farm.
“CoBank’s data reveals that farmers have been patient sellers of corn and wheat,” said Tanner Ehmke, lead grains and oilseeds economist with 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.”
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 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,” 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% as of Nov. 30, down from 77% the previous year. Company ownership of wheat in storage fell to 72%, down from 75% 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 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,” said Ehmke.
Total U.S. corn stocks on Dec. 1 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 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. 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.
Read the report, CoBank Data Reveals Farmers Were Aggressive Sellers of Soybeans in Fall 2025.
About CoBank
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. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 79,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
Corporate Communications CoBank 800-542-8072 news@cobank.com
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