# First Thing Today | December 20, 2021 - Pro Farmer

> Corn, soybean and wheat futures faded from early gains and traded near session lows as markets adopted a risk-off stance, with crude oil more than $2 lower. Russia plans a stronger wheat export tax formula that rises at $375 and $400 per metric ton.

- Date: 2021-12-20 · published 2021-12-20T12:00:00.000Z
- Category: policy · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/8018-first-thing-today-december-20-2021-pro-farmer
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A tighter Russian export tax formula can reduce Black Sea wheat export flows and support world wheat prices. Broad risk-off selling pressures grain futures in the near term.

## Read by commodity

- SOY: bearish ▼
- WTI: bearish ▼
- CORN: bearish ▼
- WHEAT: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2021-12-20 | 1 | -4.9% | -4.0 | On Dec 20 grains faded from early gains into a risk-off session with crude oil down more than $2, which weakens corn's ethanol demand outlook and adds to selling pressure. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2025-01-28 | [The 2025 Farm Bill What-If Tool - farmdoc daily](https://feedsoft.ai/events/26504-the-2025-farm-bill-what-if-tool-farmdoc-daily.md) | +0.6% | +1.9% |
| WHEAT | 2021-12-02 | [Argentina readies 2022/23 farm plan to ease tensions with producers \| Financial Post](https://feedsoft.ai/events/14065-argentina-readies-2022-23-farm-plan-to-ease-tensions-with-producers-financial.md) | +0.3% | -2.1% |
| WHEAT | 2016-12-09 | [Oppn protests zero import duty on wheat, terms govt's move anti-farmer](https://feedsoft.ai/events/73458-oppn-protests-zero-import-duty-on-wheat-terms-govt-s-move-anti-farmer.md) | +1.5% | +0.3% |
| WHEAT | 2021-03-22 | [Why A Technical Proposal By FCI Could Add To Farmers’ Woes](https://feedsoft.ai/events/48081-why-a-technical-proposal-by-fci-could-add-to-farmers-woes.md) | +0.9% | +0.3% |
| WHEAT | 2017-07-28 | [Hearings Demonstrate Top Concerns for Ag Producers - Farm Policy Facts](https://feedsoft.ai/events/69930-hearings-demonstrate-top-concerns-for-ag-producers-farm-policy-facts.md) | +6.3% | -0.9% |
| CORN | 2021-08-23 | [After the Bell \| August 23, 2021 - Pro Farmer](https://feedsoft.ai/events/10058-after-the-bell-august-23-2021-pro-farmer.md) | +2.3% | -5.5% |
| CORN | 2019-09-26 | [Farmers say waivers are destroying demand](https://feedsoft.ai/events/56935-farmers-say-waivers-are-destroying-demand.md) | -0.9% | +0.8% |
| CORN | 2024-05-17 | [Key Provisions in House Farm Bill - Pro Farmer](https://feedsoft.ai/events/30234-key-provisions-in-house-farm-bill-pro-farmer.md) | +1.2% | +6.0% |

## Sources

- profarmer.com: https://www.profarmer.com/news/agriculture-news/first-thing-today-december-20-2021

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