# Commodity Weekly: April losses led by grains and industrial metals | Saxo

> The Bloomberg Commodity Index was heading for its fifth straight monthly decline and its lowest monthly close since January 2022. Losses were broad across energy, grains and industrial metals in April, while softs and precious metals rose. Analysts attributed the weakness to global economic concerns and a less commodity-intensive Chinese recovery.

- Date: 2023-04-21 · published 2023-04-21T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/10364-commodity-weekly-april-losses-led-by-grains-and-industrial-metals-saxo
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak Chinese commodity demand and global growth concerns reduce demand for feed inputs and energy. This macro backdrop supports bearish pressure across the grain complex.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-03-20 | [Commodity weekly \| Saxo](https://feedsoft.ai/events/7426-commodity-weekly-saxo.md) | -0.6% | -3.1% |
| CORN | 2020-02-28 | [Commodity weekly Gold shines as the clouds darken \| Saxo](https://feedsoft.ai/events/54506-commodity-weekly-gold-shines-as-the-clouds-darken-saxo.md) | +3.2% | -2.7% |
| CORN | 2024-01-01 | [Feed Grain weekly outlook: Corn, barley on level ground](https://feedsoft.ai/events/32773-feed-grain-weekly-outlook-corn-barley-on-level-ground.md) | -2.0% | -3.6% |
| CORN | 2020-04-26 | [Oil price crash, COVID-19 weaken grains and oilseed markets](https://feedsoft.ai/events/53733-oil-price-crash-covid-19-weaken-grains-and-oilseed-markets.md) | -0.7% | -0.3% |
| CORN | 2018-06-25 | [COT Dollar strength and trade fears trigger big changes across forex and commodities \| Saxo](https://feedsoft.ai/events/11644-cot-dollar-strength-and-trade-fears-trigger-big-changes-across-forex-and.md) | -1.1% | -3.7% |
| WHEAT | 2018-06-25 | [COT Dollar strength and trade fears trigger big changes across forex and commodities \| Saxo](https://feedsoft.ai/events/11644-cot-dollar-strength-and-trade-fears-trigger-big-changes-across-forex-and.md) | -0.0% | -0.6% |
| WHEAT | 2022-01-28 | [Hawkish Fed a headwind for commodity prices \| Capital Economics](https://feedsoft.ai/events/43044-hawkish-fed-a-headwind-for-commodity-prices-capital-economics.md) | -1.8% | +2.3% |
| WHEAT | 2022-06-20 | [Selling trend picks up in commodity markets](https://feedsoft.ai/events/40852-selling-trend-picks-up-in-commodity-markets.md) | -2.9% | -14.0% |

## Sources

- home.saxo: https://www.home.saxo/content/articles/commodities/wcu-april-losses-led-by-grains-and-industrial-metals-28042023

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