Soybeans down 20-24 cents, corn down 4-5 cents, wheat down 6-8 cents
SOYB•Soybean futures were expected to fall 20 to 24 cents per bushel, corn 4 to 5 cents and wheat 6 to 8 cents as CBOT trading resumed. November soybeans were last down 24 cents at $12.95 per bushel, hitting a two-week low below $13.
1. Grains and wheat
Wheat futures headed lower for a fifth straight session, pressured by weakness in soybeans and diplomatic efforts to ease disruption to Black Sea grain exports. December soft red winter wheat was last down 7-1/4 cents at $6.96 per bushel; December hard red winter wheat was down 10-3/4 cents to $7.51-1/4, and December spring wheat was down 4-1/4 cents at $7.09-1/4.
2. Corn futures
Corn declined in early trading on spillover weakness from soybeans and a firmer dollar, which tends to make U.S. grains less competitive globally. A list of U.S. agricultural goods set for tariff cuts by China included wheat, corn and sorghum but not soybeans. December corn was last down 4 cents at $5.24-1/4 per bushel.
3. Soybean pressure
Soybeans fell on long liquidation and disappointment that they were excluded from proposed tariff cuts following last week's U.S.-China summit. Managed commodity funds had built a massive net long position in soybean futures in recent weeks, leaving the market prone to bouts of long liquidation. Rains were forecast to slow the U.S. harvest this week, while Brazil farmers had planted 3.4% of the expected 2026/27 soybean area by Thursday, compared with 3.2% a year earlier. The U.S. Department of Agriculture was scheduled to release quarterly grain stocks and annual small grains reports on Thursday.
