Soybean futures ended the week mixed but mostly lower, as traders engaged in profit-taking and spread adjustments. Despite the mild pullback, weekly gains remained solid, supported by cautious optimism surrounding upcoming trade talks between the United States and China. Negotiations are scheduled to take place this weekend in Malaysia and next week in South Korea.
In the U.S., soybean harvest progress varies by region, with some Midwest and Plains areas nearing completion while others face delays due to intermittent rain. Traders remain focused on both the harvest pace and South American planting conditions, which so far appear favorable. Early indications suggest strong potential for sizable crops across Argentina, Brazil, and Paraguay, with Brazil’s national supply company CONAB set to release its updated crop forecast on November 14.
Soybean meal futures posted gains, while soybean oil futures edged lower as product spreads adjusted. Both products continue to benefit from solid demand outlooks, particularly in feed and renewable fuel markets.
Corn futures moved lower on profit-taking and technical selling but managed to hold modest weekly gains. U.S. harvest progress and reports of slightly lower-than-expected yields remain in focus, along with planting developments in South America. Argentina’s corn crop is now nearly 40% planted, while Brazil’s first-season corn planting is running ahead of average. Some optimism is building around potential new demand from India, where a bilateral trade deal with the U.S. is reportedly under discussion.
Wheat markets were mixed on Friday but finished the week higher. Rainfall across key U.S. growing areas is expected to temporarily slow winter wheat planting but will help replenish soil moisture. Global supply levels remain high due to larger harvests in Canada, Europe, and Russia, along with strong production forecasts for Argentina and Australia. Argentina’s wheat harvest has reached just over 5% completion, with the Buenos Aires Grain Exchange rating nearly 90% of the crop in good-to-excellent condition.
Across major grains, analysts say the market tone remains cautiously constructive — supported by firm demand, improving global weather conditions, and ongoing trade negotiations that could reshape commodity flows in the months ahead.
