10/26/26 Wheat In Extended Daily, Weekly Losing Strings

10/26/2026 Click Above to Watch the Morning Market Talk Video Wheat In Extended Daily, Weekly Losing Strings On the Grains: Soybean futures faced heavy selling pressure overnight after President Luiz Inácio Lula da Silva won Brazil’s runoff election. But November soybeans failed to find sustained selling below last week’s low of $12.35 3/4, which is followed by support at the 100-day moving average around $12.29 1/4. Bulls may have to defend those levels today. Corn traded slightly lower on spillover from soybeans, marking a for the move low. A band of support for December corn extends from $4.50 to the June low of $4.25 3/4. Wheat traded in a varied tone, with SRW contracts mildly firmer, while HRW and spring wheat contracts modestly favored the downside. The Lula win will pressure the Brazilian real and create headwinds for U.S. ag exports, especially soybeans. Brazilian agricultural products have gained wider access in China during Lula’s three previous terms, snaring more market share for soybeans. But the Lula win isn’t as damaging to U.S. soybean export potential as headlines appear. China was only going to buy 25 MMT of U.S. soybeans for 2026-27 and the following tow years. That’s why Beijing kept…