Soybean futures slipped as traders engaged in profit taking and technical selling following the USDA’s announcement of 792,000 tons of U.S. soybeans sold to China. This brings the total announced U.S. soybean sales to China for the 2025/26 marketing year to 1.024 million tons—still far short of the volumes pledged under the trade framework. The U.S. government continues to press China to purchase more soybeans, while Beijing is also sourcing from Brazil, taking advantage of lower prices.
The delayed USDA crop progress report shows that 95% of U.S. soybeans have been harvested, slightly below the five-year average of 96%. Market participants are also monitoring South American weather as planting and crop development continue. Soybean meal futures declined, reflecting weaker soybean sentiment, while soybean oil edged higher amid adjustments in product spreads. Meanwhile, Argentina’s first soybean meal shipment has reportedly reached China.
Corn markets were mixed. U.S. harvest progress trails last year but remains near normal, with 91% of the crop harvested compared to 98% a year ago. Corn demand is steady, supported by both domestic use and export sales, including a 65,000-ton purchase by a South Korean livestock feeder. However, abundant U.S. supplies are tempering price gains. Traders are also tracking South American planting and crop conditions ahead of the USDA supply, demand, and production update on December 9, with Brazil’s CONAB report due December 11.
The wheat complex posted a mixed performance. U.S. winter wheat planting and emergence are slightly behind average, with 92% planted and 79% emerged, and only 45% of the crop rated good to excellent—down from last year. U.S. wheat prices remain above many international competitors, potentially limiting export demand. Market watchers are also keeping an eye on early harvest activity in Argentina and Australia, as well as crop development in Europe, Russia, and Ukraine.
Overall, global grains are balancing new export sales, ongoing harvests, and weather developments while awaiting upcoming USDA and CONAB reports that could influence markets further.
