# Markets droop following a ‘Christmas rally’ - Agweek | #1 source for agriculture news, farming, markets

> Agricultural futures gave back their Christmas rally in the first week of 2023. Market analysts cited Argentine and southern US rain, weak wheat and corn export demand, and record South American soybean crops expected from Brazil.

- Date: 2023-01-06 · published 2023-01-06T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/12189-markets-droop-following-a-christmas-rally-agweek-1-source-for-agriculture-news
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Expected record Brazilian soybean output and weak US export demand weigh on soybean meal and grain prices. Energy strength tied to China reopening concerns provides partial support.

## Read by commodity

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

## Sources

- agweek.com: https://www.agweek.com/business/markets/markets-droop-following-a-christmas-rally

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