# U.S. grains: Soy hits 2-yr lows on South American crop prospects, demand worries - Manitoba Co-operator

> CBOT soybean futures fell to two-year lows below $12 per bushel on January 29, 2024, as South American harvest prospects improved for Argentina and Brazil. Corn and wheat also declined as crude oil fell and the U.S. dollar strengthened. Chinese demand concerns deepened amid a real estate crisis, including a Hong Kong court ordering liquidation of China Evergrande.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: weather · region South America · magnitude medium
- Page: https://feedsoft.ai/events/6842-u-s-grains-soy-hits-2-yr-lows-on-south-american-crop-prospects-demand-worries
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Expectations of larger South American crops increase global supply, and weaker Chinese demand reduces import pull, both pressuring soybean and meal prices. Bigger Brazilian supply could also limit U.S. export opportunities.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2017-01-03 | [U.S. grains: Soy hits six-week low on South American prospects - Grainews](https://feedsoft.ai/events/73024-u-s-grains-soy-hits-six-week-low-on-south-american-prospects-grainews.md) | 0.0% | +2.8% |
| SOY | 2019-09-09 | [U.S. grains: Corn, soy hit lows on weather, before technical bounce - Manitoba Co-operator](https://feedsoft.ai/events/9144-u-s-grains-corn-soy-hit-lows-on-weather-before-technical-bounce-manitoba-co.md) | +4.7% | +8.4% |
| SOY | 2024-07-10 | [U.S. grains: Soy futures fall to 2020 low on strong US crop prospects](https://feedsoft.ai/events/11196-u-s-grains-soy-futures-fall-to-2020-low-on-strong-us-crop-prospects.md) | -6.1% | -11.5% |
| SOY | 2016-07-14 | [U.S. grains: New forecast ends rallies - Manitoba Co-operator](https://feedsoft.ai/events/4942-u-s-grains-new-forecast-ends-rallies-manitoba-co-operator.md) | -9.0% | -9.8% |
| SOY | 2019-12-19 | [U.S. grains: Soy futures ease on rains in South American forecasts - Grainews](https://feedsoft.ai/events/55628-u-s-grains-soy-futures-ease-on-rains-in-south-american-forecasts-grainews.md) | +1.0% | +0.1% |
| SBM | 2017-01-03 | [U.S. grains: Soy hits six-week low on South American prospects - Grainews](https://feedsoft.ai/events/73024-u-s-grains-soy-hits-six-week-low-on-south-american-prospects-grainews.md) | -1.0% | +6.9% |
| SBM | 2024-07-10 | [U.S. grains: Soy futures fall to 2020 low on strong US crop prospects](https://feedsoft.ai/events/11196-u-s-grains-soy-futures-fall-to-2020-low-on-strong-us-crop-prospects.md) | -9.3% | -6.5% |
| SBM | 2019-12-19 | [U.S. grains: Soy futures ease on rains in South American forecasts - Grainews](https://feedsoft.ai/events/55628-u-s-grains-soy-futures-ease-on-rains-in-south-american-forecasts-grainews.md) | -1.1% | -0.8% |

## Sources

- manitobacooperator.ca: https://www.manitobacooperator.ca/daily/u-s-grains-soy-hits-2-yr-lows-on-south-american-crop-prospects-demand-worries/

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