Grain market under pressure: the US harvest deepens the slide in corn prices as China steps up soybean purchases

The US grain market has come under pressure from a fast-moving harvest, with corn futures nearing 11-week lows. At the same time, Chinese demand for US soybeans has picked up noticeably, painting a mixed picture for agricultural market participants.

According to the trade publication Farm Futures, US corn export sales for the week ended October 15 reached 1.527 million tons, up 36% from the previous week and 87% above the prior four-week average. However, total corn export commitments for the 2026/27 season remained 34% below the level of a year earlier.

China returns for US soybeans

The rise in soybean purchases was especially notable. In the week to October 15, US soybean export sales totaled 2.84 million tons, compared with 574,900 tons the week before. China accounted for 2.18 million tons of that volume, making it the largest buyer.

Even so, strong export demand has not yet offset pressure from the supply side. Favorable harvest weather across the US Midwest is letting farmers bring in the crop faster, increasing the flow of grain onto the market. As of the start of the week, about 44% of the corn crop and 64% of the soybean crop had been harvested.

What this means for agribusiness

The situation shows how differently even closely related crops can behave. For corn, the key factor remains the need to speed up export shipments, while soybeans are getting extra support from Chinese demand.

For traders, exporters and growers, the key question in the coming weeks will be the balance between new-crop supply and the pace of international purchases. If corn exports do not pick up, pressure on prices may persist. For soybeans, the further trend will depend largely on how sustained Chinese demand proves to be.

Source: Farm Futures — Morning Market Review; Successful Farming — 3 Big Things Today, October 23, 2026