# Soybeans, Wheat and Corn Pushed Down by Strong Dollar | February 5, 2024

> Chicago wheat, corn and soybeans fell on February 5, 2024, with soybeans hitting 24-month lows. The dollar rose to eight-week highs and grain import tenders were scarce, with only Iran buying.

- Date: 2024-02-05 · published 2024-02-05T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/7197-soybeans-wheat-and-corn-pushed-down-by-strong-dollar-february-5-2024
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar makes U.S. grain more expensive in export markets during a period of weak import demand, which pressures U.S. futures prices.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-02-05 | 1 | -3.3% | -4.4 | Corn fell on 2024-02-05 as a stronger dollar (eight-week high) and scarce import tenders weakened export competitiveness and demand, directly matching the move date. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-09-28 | [Why is the US dollar so strong, and what does it mean?](https://feedsoft.ai/events/10320-why-is-the-us-dollar-so-strong-and-what-does-it-mean.md) | +1.9% | +4.4% |
| CORN | 2026-06-01 | [Corn, Wheat Continue to Fall with Crude Oil: Soybeans and Cattle Rally](https://feedsoft.ai/events/19274-corn-wheat-continue-to-fall-with-crude-oil-soybeans-and-cattle-rally.md) | -5.5% | -10.2% |
| CORN | 2020-09-23 | [Corn ends lower on strong dollar](https://feedsoft.ai/events/11767-corn-ends-lower-on-strong-dollar.md) | -0.0% | +6.4% |
| CORN | 2016-06-16 | [Weak economy and strong dollar both matter](https://feedsoft.ai/events/9291-weak-economy-and-strong-dollar-both-matter.md) | -5.4% | -14.1% |
| CORN | 2026-03-01 | [Why Corn and Soybean Prices May Not Rebound Until 2027](https://feedsoft.ai/events/20625-why-corn-and-soybean-prices-may-not-rebound-until-2027.md) | +2.0% | +5.1% |
| SOY | 2022-09-28 | [Why is the US dollar so strong, and what does it mean?](https://feedsoft.ai/events/10320-why-is-the-us-dollar-so-strong-and-what-does-it-mean.md) | -1.7% | -1.8% |
| SOY | 2026-03-01 | [Why Corn and Soybean Prices May Not Rebound Until 2027](https://feedsoft.ai/events/20625-why-corn-and-soybean-prices-may-not-rebound-until-2027.md) | +2.4% | +0.2% |
| SOY | 2020-03-09 | [Corn, soybeans, wheat drop about 2% as global markets recoil \| Financial Post](https://feedsoft.ai/events/11269-corn-soybeans-wheat-drop-about-2-as-global-markets-recoil-financial-post.md) | -4.1% | -3.3% |

## Sources

- agriculture.com: https://www.agriculture.com/soybeans-wheat-and-corn-pushed-down-by-strong-dollar-or-february-5-2024-8558821

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