Commodities

Corn Hits 3.5-Month Low Close, Wheat Drops 35 Cents for Week as China Steps Up Soybean Buying

December corn settled at $4.56 on Oct. 23, a 3.5-month low close, and Chicago wheat lost 35.5 cents on the week, while USDA reported 2.84 million tons of weekly U.S. soybean sales led by China.

Oct 24, 2026 - 12:15

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U.S. grain futures ended another losing week on Friday, October 23, 2026, as harvest selling pushed corn to its lowest close in about three and a half months and winter wheat contracts posted steep weekly declines. Soybeans edged higher on the day, supported by strong Chinese purchases of U.S. supplies and a jump in crude oil, but still finished the week slightly lower.

Corn extends its October slide

December corn futures fell 4 1/2 cents to $4.56 a bushel, a 3.5-month low close, and lost 18 1/4 cents for the week, according to Pro Farmer. Total Farm Marketing said it was December corn's lowest daily close since July 10 and its fourth consecutive lower weekly close. March corn fell 4 cents to $4.70 1/4.

Pro Farmer said the December contract had posted a technically bearish weekly low close every Friday so far in October and that its Relative Strength Index showed corn at its most oversold level in more than two and a half years. The harvest "remains in high gear," keeping commercial hedgers active, and large managed-money funds have continued to exit the unusually large net-long positions they held through most of September, the publication said. It added that the rally in crude oil above $100 a barrel and heightened inflation worries "have not helped out the grain market bulls."

The U.S. Department of Agriculture reported a daily sale of 116,000 metric tons of corn to unknown destinations for the 2026-27 marketing year on Friday morning. Total Farm Marketing said it was the third announced corn sale of October.

Wheat pressured by peace-talk prospects

December soft red winter wheat in Chicago rose 1/4 cent to $6.25 on Friday but fell 35 1/2 cents for the week, Pro Farmer reported. December hard red winter wheat lost 1 1/4 cents to $6.64 1/2, touching a more-than-three-month low and declining 39 1/2 cents for the week, and December spring wheat fell 1/4 cent to $6.41 1/2, down 35 cents on the week.

Traders have focused on potential Black Sea peace talks, which Total Farm Marketing said are tentatively scheduled for November 10 among the U.S., Russia and Ukraine. Wheat closed near its session lows even as crude oil surged, the firm said. In Europe, December Paris milling wheat futures fell 9.75 euros for the week, the contract's biggest weekly move since late August.

Global supply estimates added to the pressure. The Buenos Aires Grain Exchange projects a bumper Argentine wheat crop of 23.4 million metric tons, and TurkStat estimated Turkey's 2026 wheat harvest at 24.8 million tons, up 37.9%, according to Total Farm Marketing. FranceAgriMer said about 45% of the French soft wheat crop had been planted as of Monday, behind last year's 53% pace but 3% above the five-year average, the firm said.

China's soybean purchases jump

November soybeans rose 3 1/2 cents to $12.56 1/2 on Friday and were down 4 3/4 cents for the week, while December soybean meal fell $1.20 to $346.10 per short ton and was down $11.00 on the week, Pro Farmer reported. Total Farm Marketing attributed Friday's gain partly to "another sharp rally in crude oil as Middle East tensions continued to build." West Texas Intermediate crude settled at $103.27 a barrel.

Export demand has picked up. The USDA's weekly export sales report, released Thursday and covering October 9-15, showed net soybean sales of 2,841,200 metric tons for 2026-27, up noticeably from the previous week and the prior four-week average. China accounted for 2,178,600 tons, including 390,000 tons switched from unknown destinations, followed by Mexico at 232,200 tons. Soybean exports of 2,016,800 tons were up 75% from the prior week, with 1,333,600 tons shipped to China. Total Farm Marketing put the sales at about 104 million bushels, the highest weekly total in nearly three years.

The same report showed net corn sales of 1,527,100 tons, up 36% from the previous week, led by Mexico and Japan, while net wheat sales of 239,600 tons were down 25%.

What to watch

World Weather Inc. said corn harvesting should advance well overall during the next two weeks around periods of rain in parts of the Corn Belt, Pro Farmer reported. In Brazil, soybean planting is running ahead of schedule and the country is forecast to produce another record crop in 2026-27, according to Total Farm Marketing. Pro Farmer said traders' attention is likely to shift in the coming months from U.S. supplies to export demand and South American weather.