Grains Slide as Reported China Wheat Buy Triggers ‘Sell-the-Fact’ in USDA Data Blackout

Overview

• Wheat futures fell sharply after trade reports of China buying 120,000 MT of U.S. wheat, with markets selling the fact despite talk of 60,000 MT soft red and 60,000 MT spring.
• Soybeans retreated by roughly 23–26 cents as meal slumped, with COFCO holding a soybean procurement signing ceremony that disclosed no volumes.
• Corn slipped 6–7 cents even after EIA reported record ethanol output of 1.123 million barrels per day, while trade chatter pointed to a Chinese purchase of a U.S. sorghum cargo.
• USDA export sales remain unpublished for a sixth week during the shutdown, leaving traders to lean on estimates of 0.8–2.0 MMT corn, 0.4–2.0 MMT soybeans, and 250,000–650,000 MT wheat for the week of Oct. 30.
• With official data limited to export inspections and private gauges, attention turns to the Nov. 14 WASDE and NASS Crop Production updates as the next formal supply‑demand indicators.