# Corn, soy futures rise on new Brazilian tax rule - Markets - Business Recorder

> CBOT corn and soybean futures rose after a Brazilian executive order tightened rules on industry tax credits, which food exporters called unconstitutional. Traders expected the measure to make Brazilian exporters less competitive and boost US export business. Brazilian exporters hesitated to sell after the rule, and the order needs congressional approval within four months.

- Date: 2024-06-07 · published 2024-06-07T12:00:00.000Z
- Category: policy · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/6150-corn-soy-futures-rise-on-new-brazilian-tax-rule-markets-business-recorder
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Higher costs for Brazilian exporters could shift global demand toward US grain and soy, supporting US futures prices.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-06-10 | 1 | +5.1% | 5.4 | The Brazilian executive order tightening tax credits could make Brazilian exporters less competitive and shift export demand to the US, which is bullish for US corn. |

## 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 | 2021-02-01 | [Wheat down 3-4 cents, corn up 1-3 cents, soy down 4-5 cents - Markets - Business Recorder](https://feedsoft.ai/events/5824-wheat-down-3-4-cents-corn-up-1-3-cents-soy-down-4-5-cents-markets-business.md) | +0.8% | -2.0% |
| 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% |
| 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 | 2021-01-05 | [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% |
| SOY | 2021-08-20 | [Lower tax, higher tech help corn displace soya as Argentina's top crop - Markets - Business Recorder](https://feedsoft.ai/events/45421-lower-tax-higher-tech-help-corn-displace-soya-as-argentina-s-top-crop-markets.md) | +3.4% | -2.9% |
| SOY | 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) | +4.4% | +2.9% |
| SOY | 2022-01-30 | [Indonesia’s palm oil export curbs upend global edible oil markets - Markets - Business Recorder](https://feedsoft.ai/events/8091-indonesia-s-palm-oil-export-curbs-upend-global-edible-oil-markets-markets.md) | +5.7% | +11.9% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40307260

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