# Corn Futures Dip Below $5 and Soybeans Below $12 in Market Moves

> December corn futures settled below $5 a bushel on May 17, 2023, dipping to $4.94 before recovering to $4.99, the first time since 2021 the contract traded that low. November soybeans fell below $12, approaching their lowest since February 2021. Prices are reacting to forecasts for large U.S. and Brazilian crops.

- Date: 2023-05-17 · published 2023-05-17T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/5011-corn-futures-dip-below-5-and-soybeans-below-12-in-market-moves
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expectations of abundant supplies from the U.S. and Brazil weigh on feed grain prices, lowering feed input costs for buyers while signaling weaker prices for producers.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-05-18 | 5 | -8.8% | -3.2 | December corn fell below $5 for the first time since 2021 on large US and Brazilian crop forecasts, confirming the price slide. |
| CORN | 2023-05-25 | 5 | +8.2% | 3.0 | December corn fell below $5 on May 17 for the first time since 2021 on large US and Brazilian crop forecasts, which is a large part of the price move. |
| SOY | 2023-05-18 | 5 | -8.9% | -2.8 | November soybeans broke below $12 on large US and Brazil crop forecasts, showing the price decline in the window. |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2023/05/17/corn-futures-dip-5-soybeans-12-moves

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