Grain Markets Slip Into the Weekend as Soybeans Drop Despite Fresh Chinese Buying

Overview

• Soybeans fell 15 to 17 cents Friday even after USDA confirmed a 132,000‑MT sale to China, taking known Chinese purchases to about 3.5 MMT, with another 513,000 MT slated for a Sinograin auction next week.
• USDA’s December WASDE earlier trimmed U.S. 2025/26 corn ending stocks by 125 mbu to 2.029 bbu, and CFTC data showed managed money net long corn by 38,127 contracts as of November 18.
• Corn futures finished 4 to 6 cents lower as the December contract expired, while USDA reported private sales of 250,000 MT to unknown and weekly bookings staying strong in backlogged reports.
• Catch‑up export data showed a 4‑week high 2.38 MMT of corn sold and 850,418 MT of wheat for the week ending November 13, with corn sale commitments at 40.7 MMT running ahead of last year.
• South American updates featured Argentina’s export‑tax cuts (soy to 24%, corn to 8.5%) and Brazil’s CONAB trimming soybean output to 177.12 MMT, as ANEC projected December soybean exports near 3.33 MMT.