Grains Retreat After Monday’s Rally as Traders Eye China Summit

U.S. grain futures fell Tuesday, Sept. 22, reversing part of Monday’s rally. December corn dropped 6¼ cents to $5.3675 a bushel, November soybeans lost 2½ cents to $13.255, and December Chicago wheat slid 9½ cents to $7.1725.

Monday’s gains had lifted corn 15½ cents and soybeans 24½ cents, with traders betting that this week’s planned meeting between President Donald Trump and Chinese President Xi Jinping could bring fresh demand for U.S. crops. Tuesday’s pullback showed those hopes were not enough to keep prices rising.

The overnight retreat was sharper in some contracts than the final session’s move. Before the open, December corn was down about 4¼ cents, November soybeans 1¼ cents, and December Chicago wheat 4¾ cents, according to Agriculture.com. Corn and wheat ended the day lower; soybeans limited their loss.

Export demand offered support for corn. USDA data showed U.S. corn inspections for the week ended Sept. 17 rose to 1.94 million metric tons, from 1.55 million the prior week. But that support competed with harvest progress: 13% of the corn crop and 12% of soybeans were harvested, both ahead of their average pace, Farm Futures reported.

Wheat faced an extra pressure point. Agriculture.com reported that news Russia was working to reopen alternative wheat export routes weighed on prices, adding to the pullback after Monday’s rise. December Kansas City wheat fell 13¼ cents to $7.8125, a larger drop than Chicago wheat.

For soybean traders, China remains the near-term demand question. China’s state stockpiler Sinograin announced another soybean auction for the following week, according to Agriculture.com. Some traders saw the sale as a possible way to clear older supplies ahead of additional U.S. purchases, but that prospect is not a confirmed order.

The session suggests Monday’s rally had raised expectations ahead of the summit, while crop movement and trade news kept buyers cautious. Traders will look for concrete details from U.S.-China talks and further export data to see whether demand can sustain prices beyond headline-driven gains.