# Daily Market Wire 11 May 2021 - Grain Central

> Chicago, Kansas and Minneapolis wheat, corn and soybeans fell sharply in overnight trade. China cancelled 280,000t of current-crop US corn purchases but added 1.02Mt of new-crop buying. AgRural cut its Brazil corn estimate to 95.5Mt, and reports said Russian conditions were too wet.

- Date: 2021-05-11 · published 2021-05-11T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/7465-daily-market-wire-11-may-2021-grain-central
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

China's cancellation of US corn cargoes weighs on export demand, while cuts to Brazil's corn crop support prices. Wet Russian conditions add to uncertainty over the wheat supply outlook.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2021-05-10 | 1 | +5.0% | 4.0 | Overnight selloff in Chicago, Kansas and Minneapolis wheat and corn, with China cancelling US corn purchases, extended the correction in grains. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2019-05-10 | [Grain market week in review - May 10, 2019](https://feedsoft.ai/events/5736-grain-market-week-in-review-may-10-2019.md) | +5.8% | +12.3% |
| CORN | 2023-01-24 | [China’s grain import volume declines in 2022 - Grain Central](https://feedsoft.ai/events/14873-china-s-grain-import-volume-declines-in-2022-grain-central.md) | +1.2% | +1.1% |
| CORN | 2024-01-23 | [China 2023 grain import volume up, value dips - Grain Central](https://feedsoft.ai/events/14782-china-2023-grain-import-volume-up-value-dips-grain-central.md) | -1.0% | -4.9% |
| CORN | 2023-01-23 | [Feed barley price drops 5 cents in Europe, pressure on global grain market](https://feedsoft.ai/events/37845-feed-barley-price-drops-5-cents-in-europe-pressure-on-global-grain-market.md) | -0.4% | -0.6% |
| CORN | 2019-11-21 | [DDGS Weekly Market Report – November 21, 2019 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/56171-ddgs-weekly-market-report-november-21-2019-u-s-grains-and-bioproducts-council.md) | -0.5% | +2.1% |
| WHEAT | 2020-07-17 | [Daily Market Wire 17 July 2020 - Grain Central](https://feedsoft.ai/events/6208-daily-market-wire-17-july-2020-grain-central.md) | +0.3% | -2.0% |
| WHEAT | 2016-10-23 | [Daily market wire 24 Oct 2016 - Grain Central](https://feedsoft.ai/events/10543-daily-market-wire-24-oct-2016-grain-central.md) | -2.0% | -0.5% |
| WHEAT | 2023-01-05 | [This weeks market movers: Grain market daily \| AHDB](https://feedsoft.ai/events/12191-this-weeks-market-movers-grain-market-daily-ahdb.md) | -2.7% | -3.0% |

## Sources

- graincentral.com: https://www.graincentral.com/markets/daily-market-wire-11-may-2021/

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