Soybean futures surged on Monday on renewed hopes of Chinese demand and strong October crush numbers. Wheat posted strong gains as well, while corn moved more modestly higher.
Soybeans more than recovered Friday’s steep losses after USDA export sales data from the past several weeks showed only limited Chinese buying, despite Beijing’s commitment to step up purchases. However, the market rallied today on US President Donald Trump’s assurances later on Friday that China would indeed be back for larger American soybean buys. Meanwhile, NOPA data released earlier today showed a total of 227.65 million bu of soybeans crushed in October, a new record high for any month and topping trade expectations. January beans jumped 32 ¾ cents to $11.57 ¼, and March was 27 ¼ cents higher at $11.63 ¼.
Wheat climbed on bargain buying after Friday’s declines. Strong export demand for US supplies remains a support influence. Marketing year exports for 2025-26 US wheat are over 454 million bu since June 1, more than 19% above the same period last year. December Chicago ended 17 cents higher at $5.44 ¼, and December Kansas City was up 13 ½ cents at $5.28 ¾. December Hard Red Spring gained 11 cents to $5.40, and December Minneapolis closed 9 cents higher at $5.73 ¾.
Corn moved higher with the strong gains in soybeans, although the advances were limited by heavy American supplies. December was up 4 ½ cents to $4.34 ¾, and March gained 4 cents to $4.48.
