# Robust demand keeps grain stocks tight amid Black Sea export cuts

> USDA projects China's soybean imports at 94 million tonnes this year, reflecting a large demand reduction. The agency also put Brazil's crop at 127 million tonnes, below trade expectations and down from 134 million in February.

- Date: 2022-03-10 · published 2022-03-10T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12633-robust-demand-keeps-grain-stocks-tight-amid-black-sea-export-cuts
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A smaller Brazilian crop and reduced Chinese demand give mixed signals, but the lower Brazil estimate supports soybean and meal prices in a market already tight on grain stocks.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2022-03-10 | 5 | +8.6% | 2.8 | USDA cut Brazil's crop to 127 million tonnes, below expectations, which tightens South American supply and supports meal prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-05-13 | [Soy stocks tighten; biofuel demand strong in May report](https://feedsoft.ai/events/46963-soy-stocks-tighten-biofuel-demand-strong-in-may-report.md) | -7.4% | -7.0% |
| SOY | 2021-05-04 | [2021 Grains, oilseeds, and pulses outlook update: Tight stocks and uncertain demand \| FCC](https://feedsoft.ai/events/12619-2021-grains-oilseeds-and-pulses-outlook-update-tight-stocks-and-uncertain.md) | +3.8% | -0.8% |
| SOY | 2023-02-24 | [Black Sea grain exports seen moderating global grain prices \| World Grain](https://feedsoft.ai/events/37370-black-sea-grain-exports-seen-moderating-global-grain-prices-world-grain.md) | -0.9% | -7.5% |
| SOY | 2022-04-12 | [US soybean stocks cut, Brazil’s soy export highs, Canadian grain exports: Top stories in the soy market - Fastmarkets](https://feedsoft.ai/events/41801-us-soybean-stocks-cut-brazil-s-soy-export-highs-canadian-grain-exports-top.md) | +3.7% | -1.5% |
| SOY | 2020-12-03 | [Ag Markets Surprised by Stocks Report \| Feed & Grain](https://feedsoft.ai/events/49582-ag-markets-surprised-by-stocks-report-feed-and-grain.md) | +0.5% | +14.1% |
| SBM | 2020-12-03 | [Ag Markets Surprised by Stocks Report \| Feed & Grain](https://feedsoft.ai/events/49582-ag-markets-surprised-by-stocks-report-feed-and-grain.md) | -1.3% | +11.5% |
| SBM | 2018-03-29 | [Grain ETFs Surge as U.S. Cuts Back in Planting Season](https://feedsoft.ai/events/66028-grain-etfs-surge-as-u-s-cuts-back-in-planting-season.md) | +3.3% | +2.1% |
| SBM | 2025-04-11 | [WASDE Report Cuts Corn Ending Stocks More Than Expected - ProAg](https://feedsoft.ai/events/25066-wasde-report-cuts-corn-ending-stocks-more-than-expected-proag.md) | -0.1% | -3.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/robust-demand-keeps-grain-stocks-tight-amid-black-sea-export-cuts-2022-03-10/

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