# Corn, soybeans, wheat drop about 2% as global markets recoil | Financial Post

> Chicago corn, soybean and wheat futures fell about 2% on Monday as global markets sold off over coronavirus economic fears. Wheat hit its lowest in almost four months and soybeans reached their lowest since late February. Oil plunged more than 20% after Saudi Arabia cut its official selling price.

- Date: 2020-03-09 · published 2020-03-09T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11269-corn-soybeans-wheat-drop-about-2-as-global-markets-recoil-financial-post
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower crude prices reduce demand expectations for biofuel feedstocks like corn and soyoil, and broad commodity liquidation pressures grain prices further. Soymeal and feed-grain costs for buyers face downward pressure in the near term.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2020-03-08 | 1 | -2.2% | -3.2 | Soybeans fell about 2% on global risk-off selling over coronavirus fears and an oil price crash, a sentiment and cross-commodity shock that matches the size and timing of the move. |
| SBO | 2020-03-11 | 5 | -10.1% | -4.4 | CBOT oilseeds fell on March 9 amid the global selloff and the oil plunge, showing sentiment-driven pressure on soy complex prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-06-15 | [Corn, wheat, soya fall amid decline in financial markets - Markets - Business Recorder](https://feedsoft.ai/events/12701-corn-wheat-soya-fall-amid-decline-in-financial-markets-markets-business-recorder.md) | -1.6% | +0.4% |
| CORN | 2020-03-06 | [U.S. grains: Corn, soy, wheat slide with financial markets - Manitoba Co-operator](https://feedsoft.ai/events/7989-u-s-grains-corn-soy-wheat-slide-with-financial-markets-manitoba-co-operator.md) | -1.0% | -2.3% |
| CORN | 2021-05-13 | [Soybeans retreat from 8-1/2-year high as dollar holds gains \| Financial Post](https://feedsoft.ai/events/12368-soybeans-retreat-from-8-1-2-year-high-as-dollar-holds-gains-financial-post.md) | -7.7% | -2.2% |
| CORN | 2021-05-19 | [US MIDDAY: Soyabean, wheat and corn plunge - Markets - Business Recorder](https://feedsoft.ai/events/12365-us-midday-soyabean-wheat-and-corn-plunge-markets-business-recorder.md) | -5.0% | +3.5% |
| CORN | 2020-03-18 | [U.S. corn skids 2.2% to lowest level since September 2016; wheat, soy rise \| Financial Post](https://feedsoft.ai/events/8374-u-s-corn-skids-2-2-to-lowest-level-since-september-2016-wheat-soy-rise.md) | -0.6% | -3.4% |
| SOY | 2022-06-15 | [Corn, wheat, soya fall amid decline in financial markets - Markets - Business Recorder](https://feedsoft.ai/events/12701-corn-wheat-soya-fall-amid-decline-in-financial-markets-markets-business-recorder.md) | -2.7% | -5.2% |
| SOY | 2020-03-06 | [U.S. grains: Corn, soy, wheat slide with financial markets - Manitoba Co-operator](https://feedsoft.ai/events/7989-u-s-grains-corn-soy-wheat-slide-with-financial-markets-manitoba-co-operator.md) | -3.8% | -3.4% |
| SOY | 2021-05-13 | [Soybeans retreat from 8-1/2-year high as dollar holds gains \| Financial Post](https://feedsoft.ai/events/12368-soybeans-retreat-from-8-1-2-year-high-as-dollar-holds-gains-financial-post.md) | -7.4% | -7.0% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/corn-soybeans-wheat-drop-about-2-as-global-markets-recoil

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