# Soybean prices decline despite cuts to US crop – WASDE update

> USDA's August WASDE cut its 2023/24 US soybean production estimate by 2.2% to 114 million tonnes due to dry weather. It also lowered US ending stocks by 18.2%. CBOT soybean futures still fell 0.8% on the day, as the cut was largely expected.

- Date: 2023-08-14 · published 2023-08-14T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/5615-soybean-prices-decline-despite-cuts-to-us-crop-wasde-update
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A smaller US crop and lower ending stocks would normally support prices, but the cut was already priced in and Brazil's record crop keeps export competition strong. Prices declined as a result.

## Read by commodity

- SOY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2023-08-14 | 1 | -4.9% | -3.3 | Soybeans fell after the WASDE despite the production cut because the cut was largely expected and demand and exports were also lowered, though it cites only a 0.8% fall. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-02-10 | [US soybean and oil prices decline w-o-w following WASDE report](https://feedsoft.ai/events/37421-us-soybean-and-oil-prices-decline-w-o-w-following-wasde-report.md) | +0.5% | -0.4% |
| SOY | 2024-10-01 | [Corn and Soybean Prices Collapse Due to Big Crop Estimates](https://feedsoft.ai/events/27882-corn-and-soybean-prices-collapse-due-to-big-crop-estimates.md) | -2.2% | -7.9% |
| SOY | 2020-05-26 | [Soybean prices expected to fall despite growing demand \| Feed Strategy](https://feedsoft.ai/events/53461-soybean-prices-expected-to-fall-despite-growing-demand-feed-strategy.md) | +0.9% | +5.2% |
| SOY | 2018-11-08 | [USDA cuts corn, soybean crops](https://feedsoft.ai/events/61984-usda-cuts-corn-soybean-crops.md) | +0.3% | +5.6% |
| SOY | 2024-01-15 | [WASDE update: Higher US corn and soybean supplies \| articles \| ING THINK](https://feedsoft.ai/events/11446-wasde-update-higher-us-corn-and-soybean-supplies-articles-ing-think.md) | +1.5% | -1.1% |

## Sources

- mintecglobal.com: https://www.mintecglobal.com/top-stories/soybean-prices-decline-despite-cuts-to-us-crop-wasde-update

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