# Another down day for soybeans, corn, wheat - Brownfield Ag News

> Soybeans fell sharply on May 17, 2023 on fund and technical selling, while corn and wheat also declined. Brazil's record harvest is largely complete, lowering its basis and potentially aiding U.S. exports. China canceled another 272,000 tons of old-crop U.S. corn, and ethanol output rose to 987,000 barrels per day.

- Date: 2023-05-17 · published 2023-05-17T12:00:00.000Z
- Category: trade · region US · magnitude medium
- Page: https://feedsoft.ai/events/5017-another-down-day-for-soybeans-corn-wheat-brownfield-ag-news
- 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), [DDGS](https://feedsoft.ai/c/DDGS.md)

## Why it matters

China's cancellations and Brazil's large harvest weaken U.S. export demand, pressuring corn and soybean prices, while firm ethanol output supports corn demand.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- DDGS: neutral
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2023-05-18 | 5 | -8.9% | -2.8 | Fund and technical selling on May 17, large Brazilian harvest and Chinese cancellations of US purchases weighed on soybeans. |
| CORN | 2023-05-18 | 5 | -8.8% | -3.2 | Fund and technical selling, China canceling US corn purchases and Brazil's large harvest pressured corn on May 17. |
| CORN | 2023-05-25 | 5 | +8.2% | 3.0 | China cancelled more US corn sales and funds sold on May 17, so export demand weakened and speculative selling added pressure. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2016-07-19 | [Soybeans, corn, wheat give back gains - Brownfield Ag News](https://feedsoft.ai/events/7423-soybeans-corn-wheat-give-back-gains-brownfield-ag-news.md) | -8.8% | -5.1% |
| SOY | 2018-06-25 | [Soybeans, corn down on trade tensions, weather - Brownfield Ag News](https://feedsoft.ai/events/8583-soybeans-corn-down-on-trade-tensions-weather-brownfield-ag-news.md) | -4.0% | -5.2% |
| SOY | 2024-05-16 | [Soybeans, corn, wheat continue mostly lower trend - Brownfield Ag News](https://feedsoft.ai/events/10512-soybeans-corn-wheat-continue-mostly-lower-trend-brownfield-ag-news.md) | +2.7% | -2.0% |
| SOY | 2019-04-05 | [Soybeans, corn down on lack of China deal - Brownfield Ag News](https://feedsoft.ai/events/59636-soybeans-corn-down-on-lack-of-china-deal-brownfield-ag-news.md) | -1.2% | -8.5% |
| SOY | 2019-08-23 | [Soybeans, corn sink on demand concerns - Brownfield Ag News](https://feedsoft.ai/events/57622-soybeans-corn-sink-on-demand-concerns-brownfield-ag-news.md) | +0.0% | +3.1% |
| CORN | 2016-07-19 | [Soybeans, corn, wheat give back gains - Brownfield Ag News](https://feedsoft.ai/events/7423-soybeans-corn-wheat-give-back-gains-brownfield-ag-news.md) | -3.7% | -6.8% |
| CORN | 2018-06-25 | [Soybeans, corn down on trade tensions, weather - Brownfield Ag News](https://feedsoft.ai/events/8583-soybeans-corn-down-on-trade-tensions-weather-brownfield-ag-news.md) | -1.1% | -3.7% |
| CORN | 2024-05-16 | [Soybeans, corn, wheat continue mostly lower trend - Brownfield Ag News](https://feedsoft.ai/events/10512-soybeans-corn-wheat-continue-mostly-lower-trend-brownfield-ag-news.md) | +0.1% | +4.6% |

## Sources

- brownfieldagnews.com: https://brownfieldagnews.com/blog/market-news/another-down-day-for-soybeans-corn-wheat-2/

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