08/05/26 Rains Trumping Chinese Demand

08/05/2026 Click Above to Watch the Morning Market Talk Video Rains Trumping Chinese Demand On the Grains: Soybeans and corn extended their sharp price slides from the late-July highs overnight as rains are pushing across the western Corn Belt (primarily Iowa) this morning with multiple additional rainfall chances expected over the next two weeks. For soybeans, the timely rains during the key pod-fill stage are trumping the recent pickup in Chinese demand. August rains are difficult for traders to ignore.Wheat futures are trying to buck the trend amid further grain shipping disruptions in the Black Sea region, though it will take a notable pickup in export demand for U.S. wheat to turn that into a price-bullish situation. USDA announced another 132,000 MT of new-crop soybean sales to China on Tuesday. Additional daily sales are expected today. China is using the sharp break in prices to make goodwill purchases ahead of the planned meeting between President Trump and Xi Jinping in Washington on Sept. 24. Since the July 24 peak in November soybean futures, USDA has announced daily new-crop soybean sales of 884,000 MT to China, with another 514,150 MT to unknown destinations (likely China). And there were daily sales of…