# Soybeans slashed on supply and demand concerns

> Soybeans fell more than 3% and some wheat contracts lost over 4% on Tuesday, with corn losses in double digits. Traders cited ample overseas competition, large Brazilian crops and favorable U.S. weather, and crude oil also fell more than 4%.

- Date: 2023-05-30 · published 2023-05-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/5566-soybeans-slashed-on-supply-and-demand-concerns
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Brazilian export competition and benign U.S. weather weigh on grain prices, and lower crude reduces biofuel and feed-cost support.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-05-29 | 1 | -6.0% | -6.2 | Dated the day after the move (May 30), it describes double-digit corn losses on large Brazilian crops, favorable US weather and falling crude, so it likely reflects the same selling pressure, but it cannot be the cause of a drop ending May 29. |
| CORN | 2023-06-05 | 1 | -4.1% | -3.2 | Broad grain selloff on May 30 driven by ample Brazilian supply, favorable US weather and falling crude oil signals bearish sentiment that plausibly carried into the June 5 drop, though it predates the move by several days. |

## Sources

- feedstuffs.com: https://www.feedstuffs.com/market-news/soybeans-slashed-on-supply-and-demand-concerns

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