# Soybeans drop to 7-month low on U.S. weather; wheat eases

> Chicago soybeans fell on May 17, 2023 to their lowest levels in more than seven months, while corn eased and wheat slid 0.6% to $6.43-3/4. Strong U.S. crop prospects and planting progress ahead of average pressured prices. Weak export demand was compounded by large Brazilian soybean and corn crops.

- Date: 2023-05-17 · published 2023-05-17T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/5015-soybeans-drop-to-7-month-low-on-u-s-weather-wheat-eases
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Record U.S. crop expectations and strong Brazilian competition weaken export demand, pushing soybean, corn and wheat prices lower for buyers and producers alike.

## 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 to a seven-month low on May 17 on strong US crop prospects, fast planting and weak export demand, directly within the window. |

## Sources

- reuters.com: https://www.reuters.com/article/global-grains-idAFL1N37E05W/

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