# Corn, soybean usage cuts overshadow smaller Argentine crops

> USDA cut Argentine corn and soybean production more than the market expected, tightening global ending stocks. Those cuts were largely offset by lower US corn ethanol and soybean crush usage, and wheat was supported by strong import demand from the Middle East, Southeast Asia and China.

- Date: 2023-03-01 · published 2023-03-01T12:00:00.000Z
- Category: report · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/37263-corn-soybean-usage-cuts-overshadow-smaller-argentine-crops
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [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

Argentina's drought-driven losses support global feed grain and meal prices, while weaker US usage limits the rally. Brazil's rising corn exports add competition for buyers.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2018-11-08 | [USDA cuts corn, soybean crops](https://feedsoft.ai/events/61984-usda-cuts-corn-soybean-crops.md) | -6.8% | -0.4% |
| CORN | 2017-02-24 | [USDA Forum: USDA sees smaller corn, soybean and wheat crops in 2017](https://feedsoft.ai/events/72340-usda-forum-usda-sees-smaller-corn-soybean-and-wheat-crops-in-2017.md) | +1.5% | -1.7% |
| CORN | 2020-09-30 | [U.S. Corn, Soybean Piles Get Smaller, USDA Says](https://feedsoft.ai/events/8792-u-s-corn-soybean-piles-get-smaller-usda-says.md) | +1.5% | +11.3% |
| CORN | 2022-05-13 | [Argentine farmers swap cereal crops for soyabeans in bid to counter…](https://feedsoft.ai/events/14034-argentine-farmers-swap-cereal-crops-for-soyabeans-in-bid-to-counter.md) | -1.0% | -1.1% |
| CORN | 2018-07-17 | [USDA crop progress: Corn and soybean condition drops again](https://feedsoft.ai/events/63867-usda-crop-progress-corn-and-soybean-condition-drops-again.md) | -0.7% | -0.1% |
| SOY | 2023-02-03 | [USDA FAS cuts Argentina soybean guess, sees big Brazil corn crop](https://feedsoft.ai/events/37252-usda-fas-cuts-argentina-soybean-guess-sees-big-brazil-corn-crop.md) | -1.0% | -0.2% |
| SOY | 2017-02-24 | [USDA Forum: USDA sees smaller corn, soybean and wheat crops in 2017](https://feedsoft.ai/events/72340-usda-forum-usda-sees-smaller-corn-soybean-and-wheat-crops-in-2017.md) | +1.5% | -2.0% |
| SOY | 2022-06-10 | [USDA Sees Smaller Soybean Stocks for Old and New Crops](https://feedsoft.ai/events/40896-usda-sees-smaller-soybean-stocks-for-old-and-new-crops.md) | -3.4% | -7.2% |

## Sources

- farmprogress.com: https://www.farmprogress.com/marketing/corn-soybean-usage-cuts-overshadow-smaller-argentine-crops

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