Soybean Futures Gain Amid Strong Export Sales — Daily Grain Highlights

By Anthony Harrup

--Soybeans for November delivery rose 0.6% on the Chicago Board of Trade Thursday to $12.53 a bushel following strong weekly export sales led by China.

--Corn for December delivery fell 0.6% to $4.60 1/2 a bushel

--Wheat for December delivery fell 0.6% to $6.24 3/4 a bushel

HIGHLIGHTS

End of a Streak: Soybean futures snap an eight-session losing streak after the USDA reported solid weekly export sales. "Export sales remain red hot relative to recent years amid the resurgence of Chinese buying," Mike Castle of StoneX said in a note. The 104.4 million bushels for last week "represent the largest print for any week since November 2023," he said. Cumulative 2026/27 soybean sales are their highest since 2022, he adds. The USDA also reported an additional 202,000 metric tons of flash sales to China.

Export Sales: Grain export sales for last week were good for soybeans and corn, while wheat sales came in under expectations. Soybean sales for the 2026/27 marketing year rose to 2.84 million metric tons from 574,900 tons the week before, the USDA reported. Corn export sales rose 36% to 1.53 million tons, and wheat sales fell 25% to 239,600 tons.

INSIGHT

Short covering due: Corn futures were unable to hold onto the previous session's small gains that ended a six-session losing streak after testing August lows. The market is "extremely oversold," Naomi Blohm of Total Farm Marketing said in a note. Some short-covering could appear in the coming days, "especially as the U.S. corn harvest likely approaches the halfway mark by this weekend," she added.

Peace Doubts: Wheat futures fall a little further on news that Russia and Ukraine are open to U.S.-mediated talks, although doubts remain about prospects for peace. "Russia/Ukraine territorial claims and negotiations over future security pacts have been extremely difficult and are unlikely to be resolved quickly," AgResource said in a note. Grains futures sold off on headlines, but if Russian and Ukrainian grain exports are only 40%-50% of their normal level, "the world's exportable grain supply will become exceptionally tight in the months ahead."

AHEAD

--The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.

--The USDA will release its monthly Cold Storage report at 3 p.m. ET Friday.

--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

--The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.

--The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

October 22, 2026 15:08 ET (19:08 GMT)