# U.S. weather, Brazilian production slashes grain prices

> Grain futures closed lower on May 16, 2023, with corn down nearly 2% and soybeans down 2.5%, while most wheat contracts also fell. Favorable Midwest rainfall supports high yield potential, and Brazil's record safrinha corn crop nears harvest. July corn dropped 10.75 cents to $5.8175.

- Date: 2023-05-16 · published 2023-05-16T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/5014-u-s-weather-brazilian-production-slashes-grain-prices
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Good U.S. growing conditions and large Brazilian supplies increase competition in export markets, pressuring corn and soybean prices.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2023-05-18 | 5 | -8.9% | -2.8 | Soybeans fell 2.5% on May 16 as favorable Midwest rain boosted yield prospects and Brazil's large crops added supply pressure. |
| CORN | 2023-05-18 | 5 | -8.8% | -3.2 | Corn fell nearly 2% on May 16 on favorable Midwest rain and Brazil's record safrinha crop nearing harvest. |
| CORN | 2023-05-25 | 5 | +8.2% | 3.0 | On May 16 favorable Midwest rain and Brazil's record safrinha crop pushed corn lower, adding to supply expectations. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-12-15 | [2017 Ag review: Crop production and weather](https://feedsoft.ai/events/67335-2017-ag-review-crop-production-and-weather.md) | +2.7% | +2.5% |
| CORN | 2019-06-05 | [U.S. grains: Futures plummet on Midwest weather, profit-taking - Grainews](https://feedsoft.ai/events/8688-u-s-grains-futures-plummet-on-midwest-weather-profit-taking-grainews.md) | +0.9% | -0.2% |
| CORN | 2021-08-30 | [U.S. grains: Prices down on rains, Ida shuts grain facilities - Grainews](https://feedsoft.ai/events/45598-u-s-grains-prices-down-on-rains-ida-shuts-grain-facilities-grainews.md) | -6.1% | -11.6% |
| CORN | 2017-06-28 | [U.S. grains: Spring wheat futures top US$7 on weather worries - Grainews](https://feedsoft.ai/events/70514-u-s-grains-spring-wheat-futures-top-us-7-on-weather-worries-grainews.md) | +5.6% | +3.0% |
| CORN | 2021-06-17 | [U.S. grains: Corn, soy plunge on weather, broad commodities sell-off - AgCanada](https://feedsoft.ai/events/5762-u-s-grains-corn-soy-plunge-on-weather-broad-commodities-sell-off-agcanada.md) | -2.4% | +2.5% |
| SOY | 2026-02-13 | [Weather favors Brazil’s soybean crop \| World Grain](https://feedsoft.ai/events/13448-weather-favors-brazil-s-soybean-crop-world-grain.md) | +0.0% | +6.5% |
| SOY | 2017-12-15 | [2017 Ag review: Crop production and weather](https://feedsoft.ai/events/67335-2017-ag-review-crop-production-and-weather.md) | -2.0% | +0.0% |
| SOY | 2026-10-12 | [Argentina’s soy production grows under super El Niño \| World Grain](https://feedsoft.ai/events/13772-argentina-s-soy-production-grows-under-super-el-nino-world-grain.md) | -2.1% | — |

## Sources

- feedstuffs.com: https://www.feedstuffs.com/market-news/u-s-weather-brazilian-production-slashes-grain-prices

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