Market News

Soybeans, corn see daily, weekly losses despite export demand

Soybeans were lower on fund and technical selling, adding to what would have already been week-to-week losses. There was another round of “sell the fact” activity after China bought 132,000 tons of 2025/26 U.S. soybeans ahead of the open, pushing the week’s announced sales 1.089 million tons. The lack of clarity regarding the proposed trade deal with China, the uncertainties about purchase timing, and the numbers not really reaching expectations have led to these reported sales being neutral, at best. South American development weather is mostly favorable, with Argentina and Brazil both on track to produce big crops. Soybean meal futures were mixed, adjusting spreads, and bean oil was lower on the decline in beans. Mexico picked up 104,328 tons of U.S. soybean meal, with 93,895 tons for 2025/26 and 10,433 tons for 2026/27, which starts October 1^st, 2026.

Corn was lower on fund and technical selling, pulling contracts to a lower weekly finish. Corn is monitoring development conditions in Argentina and Brazil, which generally look good. The USDA and CONAB will have fresh projections in January. Even if prices have become less competitive, demand continues to be solid, with unknown destinations buying 250,000 tons of 2025/26 U.S. corn Friday morning. That’s the second day in a row with a sale of U.S. corn to unknown for a running total of 436,000 tons. Where, and when, that will get delivered will probably be a source of debate. China had another big corn crop this year, but there have been some reports of quality concerns.

The wheat complex was lower on fund and technical selling, while ending the week mixed, with Chicago and Kansas City down and nearby Minneapolis up. Harvest is moving forward in Argentina, which now has the lowest wheat price on the world market, likely cutting into demand for U.S. wheat, at least to some extent. The Buenos Aires Grain Exchange says 60% of Argentina’s crop is harvested, with production at 25.5 million tons, compared to the most recent guess of 27.7 million from the Rosario Grain Exchange. Harvest activity is also ongoing in Australia, while winter wheat conditions in the U.S., Europe, Russia, and Ukraine are generally non-threatening, but portions of Central Europe and the Black Sea region could use some precipitation.