# Why the bears are still in charge

> Corn, soybeans and wheat all fell for a fourth straight session on April 24, 2023, after a large corn sale cancellation and weak export inspections triggered technical selling. Corn hit an eight-month low, soybeans fell about 1.25%, and wheat losses varied widely. Crude oil rose about 1% to $78 per barrel on Chinese demand optimism.

- Date: 2023-04-24 · published 2023-04-24T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/10357-why-the-bears-are-still-in-charge
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Cancelled export sales and soft inspections signal weaker foreign demand for US grain, pressuring feed grain prices. Routine technical selling and crude moves add to the bearish tone for corn and soymeal.

## Read by commodity

- SOY: bearish ▼
- WTI: bullish ▲
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2023-04-24 | 1 | -5.7% | -3.4 | A fourth straight session of technical selling on April 24, triggered by the corn sale cancellation and weak export inspections, directly explains the sharp one-day drop in grains including wheat. |

## Sources

- feedstuffs.com: https://www.feedstuffs.com/market-news/why-the-bears-are-still-in-charge

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.