10/30/26 Chinese Wheat Rumor, Month-End Trade Tricks Or Treats?

The Commstock Report is a twice daily market report. 10/30/2026 Click Above to Watch the Morning Market Talk Video Chinese Wheat Rumor, Month-End Trade Tricks Or Treats? On the Grains Corn and soybeans modestly favored the downside in light, two-sided trade overnight. Both markets are holding above Thursday’s for-the-move lows as they try to stabilize after sharp price declines. December corn futures are poised for a fifth straight weekly decline and losses in seven of the last eight weeks. January soybeans are lower for a third straight week. Wheat futures mildly favored the upside overnight, led by nearby SRW contracts, amid China’s purchase inquiries. China’s state-owned Cofco was reportedly seeking offers for U.S. SRW shipments, which pulled wheat off its lows yesterday. Wheat is one of the commodities we anticipate China will buy as part of its commitment to purchase $17 billion – the 2026 level will be prorated to an unspecified amount – in U.S. ag goods aside from soybeans, as its crop faced both drought and flooding issues this year. Until tariffs are rolled back, purchases will be made by state-owned firms, which gives the Cofco talk some validity, though confirmation of purchases is needed to trigger more…