3 Big Things Today, Oct. 14, 2025
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Wheat, soybean futures decline in overnight trading; China soybean, total imports surge
By Tony Dreibus Updated on October 14, 2025
1. Wheat, Soybean Futures Lower in Overnight Trading
Wheat futures dropped overnight as planting of winter varieties continues in the U.S. southern Plains and on concerns about Russian exports.
Planting rolled on in Kansas, Oklahoma and Texas this week amid mostly favorable weather.
Little rain was seen in the panhandles last week and little is expected this week, though there’s a slight chance for precipitation on Thursday.
Soybeans were lower in overnight trading as investors are still uncertain whether an additional 100% tariff will be imposed on China on Nov. 1 after a weekend of threats and reassurances from President Donald Trump.
The president said on Friday the U.S. would impose the tariffs starting next month after a move by China to restrict rare-earth materials. He also said there would be no reason to meet with Chinese President Xi Jinping later this month as planned.
That sent markets reeling with soybeans dropping double digits.
On Sunday, however, Trump walked back his comments, saying things with China were fine and that neither he nor China President Xi Jinping wanted depressions in their countries.
Treasury Secretary Scott Bessent said Monday that the planned meeting between the presidents later this month is still on track.
Wheat futures for December delivery were down 3 3/4¢ to $4.93 a bushel, and Kansas City futures lost 3 3/4¢ to $4.77 1/2 a bushel.
Soybean futures for November delivery dropped 4 1/2¢ to $10.03 1/4 a bushel overnight on the Chicago Board of Trade. Soymeal rose 80¢ to $274.90 a short ton and soybean oil futures plunged 0.71¢ to 49.89¢ a pound.
Corn futures fell 1/4¢ to $4.10 1/2 a bushel.
2. China Soybean Imports Surge, Total Purchases Jump
Chinese imports of soybeans jumped year over year in September as total purchases of all products surged.
Soybean imports by volume jumped more than 13% last month versus 1.2% in August, B of A Global Research said in a note to clients.
Imports from Brazil were up 24% in September, which compares with a 1.4% year-over-year decline in
August, the bank said. Purchases from the U.S., meanwhile, were down more than 16% on an annual basis, in line with the previous month’s decline.
Total imports into China jumped 7.4% year on an annual basis, a surprise to market-watchers and up from 1.3% previously, B of A said. The trade was expecting a 1.8% gain.
Chinese exports also picked up amid a surge in integrated circuits, rising 8.3% year over year in September versus 4.4% a month earlier and the consensus for a 6.6% gain.
The trade surplus with the U.S. has narrowed to $90.5 billion from $102.3 billion.
“Despite concerns of an imminent sharp slowdown in external demand, (the data from China) highlighted continued resilience in exports, supported by the ongoing tech cycle and stable demand outside the U.S.,” B of A analysts said.
“Another variable is the ongoing development on the U.S.-China trade front. With President Trump proposing an additional 100% tariff increase effective Nov. 1, businesses may frontload orders in October if they perceive this risk as likely to materialize.”
3. Cold Weather Headed to Ohio This Week
Cold weather is on its way to Ohio where temperatures for the next few nights are expected to drop below freezing, leaving frost inland from lakeshore areas, the National Weather Service said in a note to clients.
Frost is expected to be the most widespread on Thursday night, the agency said.
Further west in central Iowa, non-severe thunderstorms are forecast for late tonight, NWS said.
More storms are possible Friday and Saturday, though the threat of severe weather is low at this time, the agency said.
