After the Bell | Trump-Xi meeting canceled, grain markets react

Oct. 10, 2025

ProFarmer - After the Bell.jpg
Pro Farmer After the Bell
(Lindsey Pound)

Corn: December corn fell 5 1/4 cents to $4.13, nearer the daily low and for the week down 6 cents. The corn market bulls got punched in the gut today on news President Trump threatened a “massive increase” of tariffs on goods from China, citing recent “hostile” export controls on rare-earth minerals, and said he saw “no reason” to meet with Chinese President Xi Jinping.

Soybeans: November soybeans fell 15 1/2 cents to $10.06 3/4, nearer the session low and on the week down 11 1/4 cents. December soybean meal fell $1.90 to $275.00, near the daily low and for the week down $3.60. December bean oil fell 97 points to 49.97 cents, nearer the session low and for the week down 8 points. The soybean market today absorbed the brunt of a body blow to the grain markets as President Trump said on social media there is no reason for him to meet with China President Xi Jinping after the two countries exchanged fresh trade jabs today that further eroded U.S.-China relations.

Wheat: December SRW wheat fell 8 cents to $4.98 1/2, near the daily low and hit a contract low. For the week, December SRW was down 17 1/4 cents. December HRW wheat lost 6 3/4 cents to $4.83, near the daily low and set a contract low. December HRW was down 14 cents for the week. December spring wheat futures fell 5 1/4 cents to $5.51 3/4, nearer the daily low, and for the week down 8 cents. Wheat futures traders will be looking to the corn and soybean markets for near-term price direction.

Cotton: December cotton futures fell 63 points to 63.84 cents, nearer the daily low and hit a contract low. For the week, December cotton fell 146 points. China was already avoiding buying U.S. ag products, and today’s deterioration in U.S.-China relations makes better Chinese demand for U.S. cotton unlikely anytime soon.

Cattle: December live cattle futures rose $2.625 to $242.525, near the daily high, closed at a contract high close and for the week were up $8.025. November feeder cattle futures gained $1.85 to $375.90, near the daily high, hit a contract/record high and for the week up $20.475. The live and feeder cattle futures markets early today saw some profit-taking pressure but in late trade the bulls once again turned on the gas.

Hogs: December lean hog futures fell 32 1/2 cents to $84.025, near mid-range and hit a six-week low. For the week, December hogs were down $3.275. December lean hogs today saw a technically bearish weekly low close, which will further embolden the chart-based speculative bears early next week.