Grain markets ended the session with mixed performances, as renewed Chinese buying provided support to soybeans while corn and wheat futures came under pressure from fund and technical selling.
Soybeans traded in a narrow range, consolidating amid spread activity. China purchased an additional 136,000 tons of U.S. soybeans for the 2025/26 marketing year ahead of the market open, lifting total reported sales over the past four business days to 1.225 million tons. That figure includes sales to unknown destinations, which traders believe could ultimately be destined for China. While U.S. soybean export inspections declined on both a weekly and annual basis, China remained the top destination, followed by Germany. Uncertainty continues to surround the U.S.-China trade relationship, as a previously anticipated signing of a framework agreement in late November or early December has yet to materialize. Meanwhile, South American fundamentals remain largely favorable, with Brazil’s soybean crop nearly fully planted and generally supportive weather conditions across Argentina. In related markets, soybean meal futures strengthened while soybean oil moved lower as product spreads adjusted. The National Oilseed Processors Association reported November soybean crush at 216.041 million bushels, below market expectations.
Corn futures edged modestly lower, weighed down by technical factors and fund-related selling. Weather conditions in South America remain mostly supportive, with recent rainfall improving moisture in previously dry areas of Argentina and Brazil. Updated production estimates from both the USDA and Brazil’s CONAB are expected in January, including what will be the USDA’s first so-called final assessment of the 2025 U.S. corn crop, which could still be revised in future reports. On the demand side, unknown destinations purchased 150,320 tons of U.S. corn for the 2025/26 marketing year on Monday, marking the third consecutive day of announced sales and pushing the cumulative total to 586,320 tons. Export inspections declined from the prior week but remained above last year’s levels, driven primarily by shipments to Mexico and Japan.
Wheat futures also moved lower, pressured by fund and technical selling and the continued expansion of global supplies. Argentina’s wheat harvest is projected to reach record levels, contributing to a rapid decline in global prices that has outpaced U.S. declines and reduced the competitiveness of U.S. exports. Despite this, U.S. wheat export inspections continue to run ahead of last year’s pace, with last week’s volumes topping both the previous week and the same period a year ago. The Philippines and Mexico led U.S. wheat import destinations. Weather remains a watch factor, as parts of the United States, Central Europe, and the Black Sea region would benefit from more consistent precipitation during crop dormancy. Adding to global market shifts, China confirmed a wheat purchase from Argentina following Buenos Aires’ decision to roll back export tariffs, marking what is believed to be China’s first Argentine wheat purchase in roughly two decades.
