# The Sprout: Agriculture futures slip as stock market falls in reaction to oil price drop - iPolitics

> Chicago corn, soybean and wheat futures slid close to 2% on Monday as global stocks and crude fell on coronavirus fears. Wheat dropped 1.8% to $5.06-3/4 a bushel, its lowest in almost four months. Oil fell over 20% after Saudi Arabia cut its selling price following Russia's refusal to agree to OPEC production cuts.

- Date: 2020-03-09 · published 2020-03-09T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11276-the-sprout-agriculture-futures-slip-as-stock-market-falls-in-reaction-to-oil
- 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

Oil-driven losses and coronavirus-led risk aversion reduce biofuel and general commodity demand expectations, pressuring grain futures lower. Feed grain prices face near-term downside.

## Read by commodity

- 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 | Corroborates the roughly 2% slide in Chicago grains as equities and crude fell, with oil down over 20% after the Saudi price cut. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-07-13 | [Corn prices fell 7.8%, pressured by a drop in the oil market and data from the USDA report 13.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/6833-corn-prices-fell-7-8-pressured-by-a-drop-in-the-oil-market-and-data-from-the.md) | -11.6% | -12.4% |
| CORN | 2020-04-10 | [Markets starting to reveal new demand paradigms — this week in the grain markets - RealAgriculture](https://feedsoft.ai/events/53693-markets-starting-to-reveal-new-demand-paradigms-this-week-in-the-grain-markets.md) | -5.4% | -6.1% |
| CORN | 2022-07-15 | [Volatility in the markets again this week from WASDE report and inflationary pressures - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/4309-volatility-in-the-markets-again-this-week-from-wasde-report-and-inflationary.md) | -10.7% | -8.4% |
| CORN | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | +3.7% | -4.4% |
| CORN | 2020-04-07 | [Coronavirus Sends Crop and Livestock Prices into a Tailspin \| Farm Bureau Intel Markets \| American Farm Bureau Federation](https://feedsoft.ai/events/5743-coronavirus-sends-crop-and-livestock-prices-into-a-tailspin-farm-bureau-intel.md) | -4.0% | -6.5% |
| SOY | 2022-07-15 | [Volatility in the markets again this week from WASDE report and inflationary pressures - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/4309-volatility-in-the-markets-again-this-week-from-wasde-report-and-inflationary.md) | -11.9% | +6.2% |
| SOY | 2020-04-07 | [Coronavirus Sends Crop and Livestock Prices into a Tailspin \| Farm Bureau Intel Markets \| American Farm Bureau Federation](https://feedsoft.ai/events/5743-coronavirus-sends-crop-and-livestock-prices-into-a-tailspin-farm-bureau-intel.md) | -1.0% | -2.0% |
| SOY | 2026-03-20 | [Grain Futures Slid As Oil Paused And The Dollar Firmed - Finimize](https://feedsoft.ai/events/11695-grain-futures-slid-as-oil-paused-and-the-dollar-firmed-finimize.md) | +0.4% | -0.1% |

## Sources

- ipolitics.ca: https://www.ipolitics.ca/2020/03/09/the-sprout-agriculture-futures-slip-as-stock-market-falls-in-reaction-to-oil-price-drop/

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