11/06/2025 Wheat Traders Sell the Fact

11/06/2025 Click Above to Watch the Morning Market Talk Video Wheat Traders Sell the Fact On the Grains Soybeans traded notably lower overnight, continuing the pattern of big price swings the three previous days. In typical fashion, corn followed soybeans. Wheat futures also weakened overnight, after a string of recent strong gains, in “buy the rumor, sell the fact” trade with Chinese purchases. China’s state-owned grain trader COFCO held a soybean procurement signing ceremony at the U.S./China Agricultural Trade Cooperation Forum in Shanghai, part of the China International Import Expo. No details on purchase volumes were released, though as I previously reported, talk ahead of the event said it could be up to 5 MMT. Beijing on Nov. 10 will suspend retaliatory tariffs on many U.S. ag imports, though U.S. soybeans will still face a 13% duty in addition to the 13% VAT that is charged for all soybean imports. Note: The key difference lies in import tariff — 3% for Brazil versus 13% for the U.S. (remaining fentanyl tariff). If Trump takes off the 10% remaining fentanyl tariff, then China would likely lower the soybean tariff by 10 percentage points leaving it at the 3% MFN rate. A soybean industry…