Soybeans Rally on China Talks, Corn Sets One-Month High as Policy Shifts Jolt Livestock
With USDA sales data stalled by the shutdown, traders rely on inspections plus private estimates.
Overview
- Soybean futures rose 10 to 13 cents Thursday, with the national cash price up to $9.75 1/4, as markets positioned for weekend talks between Secretary Bessent and Chinese counterparts ahead of a Trump–Xi meeting expected next week.
- Corn futures gained 5 to 6 cents to a one-month high, aided by strength in wheat and a $3.25 advance in crude, while the national cash corn price climbed to $3.87 1/4.
- Weekly EIA figures showed ethanol production near 1.112 million barrels per day with a stocks draw, a supportive signal for corn usage.
- USDA again delayed the weekly Export Sales report due to the shutdown, leaving traders to lean on Export Inspections that showed 1.317 MMT of corn shipped in the week ended Oct. 16.
- The International Grains Council trimmed world soybean output by 1 MMT and lifted projected corn stocks, as cattle traded mixed and hogs fell after the White House raised Argentina’s beef import TRQ to 80,000 MT and after recent presidential comments pressured cattle prices.