# Soybeans close lower. Wednesday, March 9, 2022 10.03.2022 - UkrAgroConsult

> Soybean and corn futures closed lower on March 9 after the WASDE release. USDA cut its 2021 Brazilian soybean estimate to 127.0 million tonnes from 134.0 million, which was below trade expectations. Wheat fell 85 cents to $12.01 1/2 in May, and crude oil dropped sharply.

- Date: 2022-03-09 · published 2022-03-09T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42239-soybeans-close-lower-wednesday-march-9-2022-10-03-2022-ukragroconsult
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

The Brazil soybean cut tightens export supply and supports soybean meal and oil values over time. Prices still closed lower as funds liquidated positions and crude oil fell, so near-term direction was driven by broader selling.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2022-03-10 | 5 | +8.6% | 2.8 | The WASDE cut to Brazil's soybean estimate was below trade expectations, a supply shock relevant to meal. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-08-16 | [Soybeans drop 2% on U.S. crop forecast, weather; corn, wheat down 16.08.2022 - UkrAgroConsult](https://feedsoft.ai/events/6532-soybeans-drop-2-on-u-s-crop-forecast-weather-corn-wheat-down-16-08-2022.md) | +2.2% | +2.7% |
| SOY | 2022-07-12 | [Grain markets hit hard after slightly bearish USDA report. Tuesday, July 12, 2022 13.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/40432-grain-markets-hit-hard-after-slightly-bearish-usda-report-tuesday-july-12-2022.md) | -8.8% | -1.3% |
| SOY | 2022-06-14 | [COVID in China and the war in Ukraine remain the main factors influencing the oil markets 14.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/7218-covid-in-china-and-the-war-in-ukraine-remain-the-main-factors-influencing-the.md) | -1.6% | -7.0% |
| SOY | 2022-07-15 | [Despite a slight decrease in the oil production forecast, stock market quotations fell sharply 15.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/5594-despite-a-slight-decrease-in-the-oil-production-forecast-stock-market.md) | -11.9% | +6.2% |
| SOY | 2019-09-05 | [FAPRI sees lower wheat, corn, soybean prices \| 2019-09-05  \| Food Business News](https://feedsoft.ai/events/9145-fapri-sees-lower-wheat-corn-soybean-prices-2019-09-05-food-business-news.md) | -1.0% | +5.9% |
| CORN | 2022-08-16 | [Soybeans drop 2% on U.S. crop forecast, weather; corn, wheat down 16.08.2022 - UkrAgroConsult](https://feedsoft.ai/events/6532-soybeans-drop-2-on-u-s-crop-forecast-weather-corn-wheat-down-16-08-2022.md) | -3.7% | +2.5% |
| CORN | 2022-07-12 | [Grain markets hit hard after slightly bearish USDA report. Tuesday, July 12, 2022 13.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/40432-grain-markets-hit-hard-after-slightly-bearish-usda-report-tuesday-july-12-2022.md) | -13.6% | -16.3% |
| CORN | 2021-10-13 | [France raises 2021 maize, sugar beet crop estimates, cuts wheat 13.10.2021 - UkrAgroConsult](https://feedsoft.ai/events/44479-france-raises-2021-maize-sugar-beet-crop-estimates-cuts-wheat-13-10-2021.md) | +0.9% | +10.7% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/soybeans-close-lower-wednesday-march-9-2022/

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