# US corn falls after China cancels purchases; drags wheat, soy lower

> China cancelled US agricultural purchases, pushing US corn lower and dragging wheat and soybean futures down with it. Traders linked the cancellations to weak US export demand as Brazil harvests massive crops. Wheat also reacted to a Black Sea shipping deal for Ukrainian grain.

- Date: 2023-04-24 · published 2023-04-24T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/10358-us-corn-falls-after-china-cancels-purchases-drags-wheat-soy-lower
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Chinese purchase cancellations reduce US export demand, weighing on corn and soybean prices. Competition from record Brazilian supplies reinforces the bearish outlook for US feed grains.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2023-04-24 | 1 | -5.7% | -3.4 | China's cancellation of US purchases hit corn and dragged wheat lower via weak export demand, and the Black Sea shipping deal for Ukrainian grain added bearish supply-side pressure on the same day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-04-25 | [China's move to cancel US corn purchases leaves Asian traders in split](https://feedsoft.ai/events/14848-china-s-move-to-cancel-us-corn-purchases-leaves-asian-traders-in-split.md) | -2.4% | -6.4% |
| CORN | 2023-12-20 | [China ramps up Brazil soy, corn purchases \| World Grain](https://feedsoft.ai/events/14787-china-ramps-up-brazil-soy-corn-purchases-world-grain.md) | +3.1% | -1.9% |
| CORN | 2020-03-20 | [U.S. wheat, soy rise after export deals; corn sags on ethanol woes \| Financial Post](https://feedsoft.ai/events/6108-u-s-wheat-soy-rise-after-export-deals-corn-sags-on-ethanol-woes-financial-post.md) | -0.6% | -3.1% |
| CORN | 2019-05-31 | [U.S. grains: Trump tariff threat pushes corn, soy, wheat lower - Grainews](https://feedsoft.ai/events/6687-u-s-grains-trump-tariff-threat-pushes-corn-soy-wheat-lower-grainews.md) | -2.5% | +3.0% |
| CORN | 2026-06-01 | [Explainer: What do China's new US farm purchases mean for global trade?](https://feedsoft.ai/events/14575-explainer-what-do-china-s-new-us-farm-purchases-mean-for-global-trade.md) | -5.5% | -10.2% |
| SOY | 2023-12-20 | [China ramps up Brazil soy, corn purchases \| World Grain](https://feedsoft.ai/events/14787-china-ramps-up-brazil-soy-corn-purchases-world-grain.md) | +0.3% | -7.6% |
| SOY | 2019-08-01 | [China’s U.S. Soybean Purchases Slump to 2004 Low](https://feedsoft.ai/events/57948-china-s-u-s-soybean-purchases-slump-to-2004-low.md) | -1.8% | -1.3% |
| SOY | 2023-09-22 | [China cuts soybean purchases from the US in August](https://feedsoft.ai/events/14811-china-cuts-soybean-purchases-from-the-us-in-august.md) | +0.5% | +1.7% |

## Sources

- reuters.com: https://www.reuters.com/article/markets/commodities/us-corn-falls-after-china-cancels-purchases-drags-wheat-soy-lower-idUSL1N36R10P/

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