Market News

Soybeans rebound as corn drifts downward

Soybeans were higher on fund and technical buying. Beans bought back part of the recent drop, remaining optimistic about demand from China. While China’s 10% import tariff on U.S. beans remains in place, that just prevents private companies from buying U.S. beans, not state owned firms. The U.S. harvest is in-line with the average and more delays are expected this week. Beans are also monitoring early planting activity in Argentina and Brazil. The USDA’s next supply, demand, and production update is out October 9^th, while CONAB’s next look at Brazil is set for October 15^th. Soybean meal futures were mixed, adjusting spreads, and bean oil was up on technical buying. The new marketing year for soybean products gets underway October 1^st.

Corn was modestly lower on fund and technical selling. Corn is watching U.S. harvest activity, anticipating more delays ahead of a generally drier pattern. Quality issues are likely as parts of the Corn Belt have seen flooding, and if temperatures decline significantly in portions of the region, some farmers might not be able to get back into the field until there’s a hard freeze. Traders are also watching planting in South America, while waiting to see if China buys corn. The U.S. Energy Information Administration’s weekly ethanol numbers are out Wednesday. The European Union’s crop monitoring agency estimates 2026 corn production at 6.5 million tons, a decline of 2% from August and 8% below 2025.

The wheat complex was mixed. Winter wheat planting and emergence are slower than most recent years due to recent rain in the Plains and Midwest. Still, portions of those regions should see a drier pattern soon and in the long run, that soil moisture recharge will generally be beneficial. The USDA’s Small Grains Summary is out Wednesday at Noon Eastern/11 Central, along with Quarterly Grain Stocks. Traders are also monitoring planting in and exports out of Russia and Ukraine, along with development weather in Argentina and Australia, and the impact of planting delays in Canada. The USDA’s Foreign Ag Service projects 2026/27 wheat imports by Egypt at 12 million tons, compared to 15.5 million in 2025/26, citing a larger carryover and higher domestic production.