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10-9 Midday: Wheat Market Remains Higher at Midday, Corn and Soybeans Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn is slightly weaker at midday, pressured by the ongoing harvest. December corn is up a 00-1/2 cent to $4.22-1/4, with March futures 00-3/4 cent lower to $4.37-00.
  • LSEG has lowered their Chinese corn production estimate by less than 1% from their previous estimate to 298.2 mmt.
  • China’s Ag Ministry lowered the countries corn imports forecast by 1 mmt to 6 mmt. They also lowered October corn stocks by 1 mmt to 2.46 mmt.

  • Soybeans continue to trade lower at midday as optimism drops regarding talks between President Trump and China’s Xi. November soybeans are down 4-00 cents to $10.25-1/2, while January futures are 3-00 cents lower to $10.41-1/4.
  • Anec sees Brazil’s October soybean exports at 7.1 mmt, up from 4.44 mmt during October 2024. Soybean meal exports during the month are estimated at 1.92 mmt, down from 2.46 mmt in October last year.
  • StoneX sees Brazil’s biodiesel demand increasing by 6.3% in 2026 to 10.5 billion litres. The increase in biodiesel will also increase soybean oil usage.
  • Wheat prices remain higher at midday on some short covering. December Chicago futures are up 4-00 cents to $5.11-1/4, December KC is up 00-1/4 cent to $4.93-1/2-, and December Minneapolis is up 4-3/4 cents to $5.60-1/4.
  • SovEcon reported that Siberia’s could see some c.rop losses as the country is experiencing its first snowfall of the year. There is an estimated 2 million tonnes left to harvest which is likely contributing to the short covering in the wheat market today.
  • The Rosario Grain Exchange increased their wheat production estimate in Argentina yesterday to 23 mmt, up 3 mmt from the previous estimate.

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