USA: China has contracted 15 million tons of soybeans, while corn export sales lag by 34%

In its weekly grain transportation report of October 29, the USDA Agricultural Marketing Service (USDA AMS) gave data as of October 22: total new-crop soybean export sales are up 80% from last year, at 28.8 million tons, of which 15.1 million tons are to China. Corn sales, by contrast, are 34% below last year, and wheat shipments stand at 68% of last year's level.

Key figures

• Soybeans: 28.8M t (+80%)
• China: 15.1M t soybeans
• Corn: 23.5M t (−34%)
• Mexico, corn: −31%
• Wheat shipped: −32%
• Gulf–Japan freight: $76.5/t

What changed

In the 2026/27 season the picture has split by crop. A year ago China was not buying US soybeans at all; now it ranks first among buyers. For corn, sales to the five largest importers are down 25%: Mexico by 31%, Japan by 7%, Colombia by 17%, Korea by 27% and Spain by 73%. Unshipped balances of corn, soybeans and wheat together total 36.55 million tons, 4% more than a year earlier.

By the numbers

Data as of October 22, 2026:

• Soybeans for the week: net sales of 2.58 million tons, 9% less than the previous week.
• Corn for the week: 1.30 million tons, 15% less than the previous week.
• Wheat for the week: 0.85 million tons.
• Soybeans: 9.49 million tons shipped vs. 1.0 million tons a year earlier.
• Corn: 10.1 million tons shipped, 95% of last year.
• USDA forecast for the season: soybeans 46.1 million tons (+12%), corn 83.8 million tons (−4%).
• Freight per ton of grain: Gulf of Mexico–Japan $76.50, US Northwest–Japan $38.50.

What it means for buyers

Corn sales cover only 28% of USDA's forecast for the season (41% a year ago), while soybean sales are already at 62%. For farms in Kazakhstan and Ukraine, this is a benchmark when choosing crops and buying seed: Chinese demand is supporting US soybeans, while export demand for US corn is weaker for now than a year ago. Final figures will depend on upcoming USDA reports, so it is best to check purchasing decisions against the weekly data.

Background

The report also says that in the week ending October 22, 28 grain vessels were loaded in the Gulf of Mexico, 15% fewer than a year ago, and that 42 vessels were expected to load over the next 10 days, 2% fewer than last year.

Source: USDA Agricultural Marketing Service (USDA AMS), Grain Transportation Report