10/16/26 Soybeans Breaking Down as China Buys More

10/16/2026 Click Above to Watch the Morning Market Talk Video Soybeans Breaking Down as China Buys More On the Grains: Soybeans mildly extended Thursday’s breakdown below the Oct. 9 low during overnight trade. Corn and wheat futures also traded lower overnight. Corn futures are still solidly above their Oct. 9 lows, while wheat markets are threatening a downside breakout from near-term support. Money is flowing out of the long side of the grain and soy markets. The pressure on soybeans is coming from a combination of seasonal pressure, chart-based selling and fund liquidation, despite aggressive Chinese buys this week. USDA has confirmed 800,000 MT of new-crop soybean sales to China over the past two days and more are coming. Bloomberg reports that China’s state-owned firms have booked at least 20 cargoes – around 1.3 MMT. What China hasn’t been buying is other agricultural goods, despite its May pledge to purchase at least $17 billion annually in U.S. farm products beyond its existing soybean commitments. Chinese commercial firms are waiting on tariff rollbacks before making purchases. Farmers, exporters and traders are still waiting for a precise prorated 2026 target and a clear accounting of purchases credited toward the agreement. The U.S./China…