# What Factors are Driving the Current Grain Market Volatility? | Ohio Ag Manager

> Ohio State economist Seungki Lee outlined three drivers of grain market swings: expanding Midwest drought, USDA's June Acreage Report with more corn and less soybeans, and the looming expiration of the Black Sea grain deal. About 98% of Minnesota cropland was in drought.

- Date: 2023-07-18 · published 2023-07-18T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/7056-what-factors-are-driving-the-current-grain-market-volatility-ohio-ag-manager
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Drought risk is not fully priced in, and the shift toward corn acres lowers soybean supply, so volatility and upside risk for feed grains and meal remain elevated.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-06-29 | [What’s driving the volatile grain market? Grain market daily \| AHDB](https://feedsoft.ai/events/40981-what-s-driving-the-volatile-grain-market-grain-market-daily-ahdb.md) | +1.2% | -16.3% |
| CORN | 2021-06-25 | [Weather, exports driving factors in commodity markets \| Feed Strategy](https://feedsoft.ai/events/46664-weather-exports-driving-factors-in-commodity-markets-feed-strategy.md) | +5.6% | -5.6% |
| CORN | 2021-04-28 | [Global weather driving price rises in grains and oilseeds: Feed market report \| AHDB](https://feedsoft.ai/events/9793-global-weather-driving-price-rises-in-grains-and-oilseeds-feed-market-report.md) | +4.4% | -7.3% |
| CORN | 2020-07-01 | [What do bumper Oz crops mean for your price? Grain Market Daily \| AHDB](https://feedsoft.ai/events/52066-what-do-bumper-oz-crops-mean-for-your-price-grain-market-daily-ahdb.md) | +1.9% | -4.5% |
| CORN | 2025-08-22 | [What are the prospects for grain production in Argentina?](https://feedsoft.ai/events/13838-what-are-the-prospects-for-grain-production-in-argentina.md) | -0.6% | +7.6% |
| SOY | 2022-06-29 | [What’s driving the volatile grain market? Grain market daily \| AHDB](https://feedsoft.ai/events/40981-what-s-driving-the-volatile-grain-market-grain-market-daily-ahdb.md) | -5.0% | -5.1% |
| SOY | 2021-06-25 | [Weather, exports driving factors in commodity markets \| Feed Strategy](https://feedsoft.ai/events/46664-weather-exports-driving-factors-in-commodity-markets-feed-strategy.md) | +5.5% | +2.2% |
| SOY | 2025-08-22 | [What are the prospects for grain production in Argentina?](https://feedsoft.ai/events/13838-what-are-the-prospects-for-grain-production-in-argentina.md) | -0.6% | -0.9% |

## Sources

- u.osu.edu: https://u.osu.edu/ohioagmanager/2023/07/18/what-factors-are-driving-the-current-grain-market-volatility/

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