# Wheat down 3-4 cents, corn up 1-3 cents, soy down 4-5 cents - Markets - Business Recorder

> Wheat futures turned lower on Feb. 1, 2021 while corn rose on strong export demand. USDA confirmed private sales of 125,730 tonnes of corn to Mexico and 110,000 tonnes to Japan, and Russia was considering a formula-based export tax on wheat from June 1.

- Date: 2021-02-01 · published 2021-02-01T12:00:00.000Z
- Category: policy · region Russia · magnitude medium
- Page: https://feedsoft.ai/events/5824-wheat-down-3-4-cents-corn-up-1-3-cents-soy-down-4-5-cents-markets-business
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Confirmed corn export sales support corn demand, and Russia's planned export tax could tighten Black Sea wheat exports and lift global wheat prices later in the season.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2021-02-01 | 1 | -6.3% | -5.8 | Wheat futures turned lower on Feb. 1 with Russia weighing a formula-based wheat export tax, but the reported 3-4 cent decline is far smaller than the -6.26% move, so it explains only part of the drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-12-31 | [CBOT corn higher - Markets - Business Recorder](https://feedsoft.ai/events/49676-cbot-corn-higher-markets-business-recorder.md) | +6.2% | +17.5% |
| CORN | 2024-06-07 | [Corn, soy futures rise on new Brazilian tax rule - Markets - Business Recorder](https://feedsoft.ai/events/6150-corn-soy-futures-rise-on-new-brazilian-tax-rule-markets-business-recorder.md) | +5.6% | -4.9% |
| CORN | 2021-01-05 | [Chicago soybeans near 6-1/2-year high on LatAm supply concerns - Markets - Business Recorder](https://feedsoft.ai/events/11547-chicago-soybeans-near-6-1-2-year-high-on-latam-supply-concerns-markets-business.md) | +3.1% | +14.6% |
| CORN | 2021-01-19 | [Wheat holds near 6-1/2 year peak as focus stays on Russian export tax - Markets - Business Recorder](https://feedsoft.ai/events/49175-wheat-holds-near-6-1-2-year-peak-as-focus-stays-on-russian-export-tax-markets.md) | +0.0% | +0.0% |
| CORN | 2021-02-04 | [News Archives for Markets - 2021-02-04 - Business Recorder](https://feedsoft.ai/events/9449-news-archives-for-markets-2021-02-04-business-recorder.md) | -3.1% | -3.9% |
| WHEAT | 2022-01-27 | [Lower use of fertilizers could adversely affect wheat output: official - Markets - Business Recorder](https://feedsoft.ai/events/43444-lower-use-of-fertilizers-could-adversely-affect-wheat-output-official-markets.md) | -2.1% | +1.0% |
| WHEAT | 2021-01-19 | [Wheat holds near 6-1/2 year peak as focus stays on Russian export tax - Markets - Business Recorder](https://feedsoft.ai/events/49175-wheat-holds-near-6-1-2-year-peak-as-focus-stays-on-russian-export-tax-markets.md) | +3.5% | +2.0% |
| WHEAT | 2021-02-04 | [News Archives for Markets - 2021-02-04 - Business Recorder](https://feedsoft.ai/events/9449-news-archives-for-markets-2021-02-04-business-recorder.md) | -0.2% | +11.9% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40058602

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