# Reaction to March WASDE Is Mild; Soybeans Rise on China Demand Changes

> Chicago May soybeans initially fell on the March 8 WASDE day before rallying sharply on bullish changes to China demand and doubts about USDA's high Brazil soybean estimate. USDA left U.S. corn and soy balance sheets unchanged, while wheat recovered despite further Chinese cancellations of soft red wheat.

- Date: 2024-03-08 · published 2024-03-08T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/31130-reaction-to-march-wasde-is-mild-soybeans-rise-on-china-demand-changes
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Stronger Chinese import demand and skepticism about Brazil supply support soybean and meal prices, while wheat remains pressured by export cancellations.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2025-03-24 | [China’s soybean demand, crush projected to grow \| World Grain](https://feedsoft.ai/events/25571-china-s-soybean-demand-crush-projected-to-grow-world-grain.md) | +1.3% | +2.0% |
| SOY | 2024-03-08 | [March WASDE: USDA Steps Down Brazil Soybean Production](https://feedsoft.ai/events/31129-march-wasde-usda-steps-down-brazil-soybean-production.md) | +2.1% | +2.4% |
| SOY | 2017-09-11 | [Watch USDA’s WASDE Report, Hurricane Irma, and China’s Soybean Imports](https://feedsoft.ai/events/68856-watch-usda-s-wasde-report-hurricane-irma-and-china-s-soybean-imports.md) | +1.3% | +1.6% |
| SOY | 2026-08-18 | [Soy demand rises to meet large crop](https://feedsoft.ai/events/17987-soy-demand-rises-to-meet-large-crop.md) | +1.2% | +9.8% |
| SOY | 2026-03-10 | [Soybeans up, corn and wheat down after quiet March WASDE report - Brownfield Ag News](https://feedsoft.ai/events/10386-soybeans-up-corn-and-wheat-down-after-quiet-march-wasde-report-brownfield-ag.md) | -2.1% | -1.9% |
| SBM | 2025-03-24 | [China’s soybean demand, crush projected to grow \| World Grain](https://feedsoft.ai/events/25571-china-s-soybean-demand-crush-projected-to-grow-world-grain.md) | -1.7% | -1.1% |
| SBM | 2024-03-08 | [March WASDE: USDA Steps Down Brazil Soybean Production](https://feedsoft.ai/events/31129-march-wasde-usda-steps-down-brazil-soybean-production.md) | -1.4% | -3.2% |
| SBM | 2026-08-18 | [Soy demand rises to meet large crop](https://feedsoft.ai/events/17987-soy-demand-rises-to-meet-large-crop.md) | +3.4% | +12.3% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2024/03/08/reaction-march-wasde-mild-soybeans

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