# Corn and soybeans slump on supply glut, export competition | February 23, 2024

> CBOT corn fell below $4 per bushel for the first time since November 2020, with March futures settling at $3.99-3/4. Weekly US soybean export sales hit a marketing-year low of 55,900 tonnes, well below analyst estimates.

- Date: 2024-02-23 · published 2024-02-23T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/8023-corn-and-soybeans-slump-on-supply-glut-export-competition-february-23-2024
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Large US and South American supplies and weak export demand pressure corn and soybean prices lower. Continued low prices may affect planting decisions and farm income.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼

## Sources

- agriculture.com: https://www.agriculture.com/corn-soybeans-recover-from-3-year-lows-or-february-23-2024-8599178

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