Wheat and Soybeans Slide Despite China Buying Reports as Corn Pulls Back

Overview

• Reports of roughly 120,000 metric tons of U.S. wheat sold to China were followed by a broad wheat selloff, with Chicago down 18–20 cents and Kansas City off 16–18 cents, while spring wheat was mixed.
• Soybeans fell 24–28 cents into Thursday’s close as soymeal dropped and exchange deliveries climbed to 1,470 for the month, with COFCO holding a procurement ceremony that offered no purchase totals.
• Corn gave back 6–7 cents after a midweek bounce tied to record U.S. ethanol output of 1.123 million barrels per day, with the national cash price easing to $3.89 3/4.
• The federal shutdown blocked a sixth straight USDA Export Sales release, leaving traders to rely on export inspections and private estimates as they look ahead to the Nov. 14 Crop Production/WASDE update.
• Livestock weakness persisted as live and feeder cattle extended losses following expanded limits, with online fed cattle auctions seeing no sales and cash trade reported at $230–232.