Soybean Futures Hit By Slide in Brazilian Real — Daily Grain Highlights

By Anthony Harrup

--Soybeans for November delivery fell 1.2% Monday on the Chicago Board of Trade to $12.41 1/4 a bushel as Brazil's currency lost ground following President Luiz Inacio Lula da Silva's surprise election win.

--Wheat for December delivery fell 1.4% to $6.16 a bushel.

--Corn for December delivery slipped 0.2% to $4.55 a bushel.

HIGHLIGHTS

Blow From Brazil: Losses in the Brazilian real following President Luiz Inacio Lula da Silva's surprise re-election victory pushed soybean futures down as a weaker currency, if sustained, would make the South American country's soybean exports cheaper.

"I don't see that impacting Chinese buying, which is occurring for political reasons rather than economic reasons anyway," Arlan Suderman of StoneX said in a note. "However, it probably does help ration away some of the non-China business," he said.

Export Inspections: Soybeans were the star of the USDA's weekly export inspections report, rising to 2.48 million metric tons in the week ended Oct. 22 from 2.07 million tons the previous week. Corn inspections fell to 625,233 tons from 692,234 tons the week before and wheat inspections were 183,824 tons, down from 254,915 tons the week before.

INSIGHT

Wheat in Rubles: Russian ruble wheat prices rose for a second week, largely on slower farmer selling as the need to raise working capital eased, grains consultancy SovEcon said in a note.

Export demand is also helping. The firm estimates Russia's October wheat exports at 2.8 million metric tons, up from 2.1 million tons in August, on stronger shipments through the Baltic Sea. Government plans to buy 3 million tons of grain between Nov. 1 and June 30 may have provided some support, although the impact should be limited as constraints on Black Sea exports leave Russia roughly 2 million to 3 million tons per month short of normal export volumes, SovEcon adds.

Enough Corn: Questions remain about the overall size of the U.S. corn crop and national yield, but funds aren't willing to hold on to their record net-long positions, Cory Bratland of AgMarket.net said in a note. "The feeling is they think the corn crop is still big enough to meet the U.S. demand, and the corn global stocks are still in good shape."

U.S. dollar strength and the slide in the Brazilian real gives the U.S. a hard time competing on the global market, he added.

AHEAD

-Smithfield Foods will release its 3Q earnings report at 4:30 a.m. ET Tuesday.

-The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.

-Pilgrims Pride will release its 3Q earnings report after the stock market closes on Wednesday.

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

(END) Dow Jones Newswires

October 26, 2026 15:34 ET (19:34 GMT)