Soybeans, corn, and wheat funds experienced a pullback on Tuesday, September 22, 2026, as traders engaged in profit-taking ahead of potential signals regarding Chinese demand. The soybean-tracking fund SOYB settled at $28.08, a slight dip of 0.14%. Corn led the decline, with the CORN fund settling at $19.98, down 1.43%. Wheat, tracked by WEAT, eased 1.22% to $25.99.
The decline followed a strong rally fueled by optimism over China's agricultural purchases, particularly soybeans, and the anticipation of a meeting between US President Donald Trump and Chinese President Xi Jinping. China has already purchased more than half of its 25 million metric-ton commitment for soybeans. Analysts suggest a "buy the rumor, sell the fact" reaction is possible, as corn and beans have already reached the upper end of their price ranges. However, the bar for a positive outcome from the meeting is considered low; as long as neither side escalates tensions, the market expects China to continue buying soybeans towards its target, along with renewed discussions of an additional $17 billion in agricultural purchases.
Additional factors contributing to the market dynamics include expanding South American supply, with Brazil's 2026/27 soybean planting reaching 1.2% (ahead of 0.9% last year) and first-crop corn planting at 27% (versus 25% a year ago). Argentina's 2026 soybean harvest is 98.2% complete, indicating large South American supplies hitting the market. A weaker Brazilian real or Argentine peso could further incentivize South American exporters and put downward pressure on global prices. Meanwhile, the strength of the US dollar, which reached its highest level since late July, is making US grains more expensive for international buyers.
