# U.S. corn skids 2.2% to lowest level since September 2016; wheat, soy rise | Financial Post

> US corn futures fell 2.2% to their lowest level in about three and a half years as crude oil prices plunged. Lower energy prices cut ethanol production and corn demand, and cash bids to farmers were slashed. Wheat and soybeans rose from recent lows as pandemic-driven demand was seen as supportive.

- Date: 2020-03-18 · published 2020-03-18T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/8374-u-s-corn-skids-2-2-to-lowest-level-since-september-2016-wheat-soy-rise
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [DDGS](https://feedsoft.ai/c/DDGS.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Ethanol, which uses about 39% of US corn, is tied to crude prices, so further oil weakness could extend the corn decline, while wheat benefits from pandemic buying of food.

## Read by commodity

- SOY: bullish ▲
- WTI: bearish ▼
- CORN: bearish ▼
- DDGS: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-06-30 | [U.S. dollar posts best month since November 2016; nonfarm payrolls loom \| Financial Post](https://feedsoft.ai/events/46778-u-s-dollar-posts-best-month-since-november-2016-nonfarm-payrolls-loom-financial.md) | -0.4% | -10.6% |
| CORN | 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) | +0.3% | -1.7% |
| CORN | 2020-03-06 | [U.S. grains: Corn, soy, wheat slide with financial markets - Manitoba Co-operator](https://feedsoft.ai/events/7989-u-s-grains-corn-soy-wheat-slide-with-financial-markets-manitoba-co-operator.md) | -1.0% | -2.3% |
| CORN | 2022-06-15 | [Corn, wheat, soya fall amid decline in financial markets - Markets - Business Recorder](https://feedsoft.ai/events/12701-corn-wheat-soya-fall-amid-decline-in-financial-markets-markets-business-recorder.md) | -1.6% | +0.4% |
| CORN | 2022-08-15 | [Soy dives on China's economic uncertainty \| Financial Post](https://feedsoft.ai/events/6526-soy-dives-on-china-s-economic-uncertainty-financial-post.md) | -1.1% | -0.5% |
| WTI | 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) | -23.0% | -31.2% |
| WTI | 2020-03-06 | [U.S. grains: Corn, soy, wheat slide with financial markets - Manitoba Co-operator](https://feedsoft.ai/events/7989-u-s-grains-corn-soy-wheat-slide-with-financial-markets-manitoba-co-operator.md) | -31.3% | -45.0% |
| WTI | 2020-09-09 | [Dollar and yen rise as tech selloff sends investors to safety \| Financial Post](https://feedsoft.ai/events/51342-dollar-and-yen-rise-as-tech-selloff-sends-investors-to-safety-financial-post.md) | +3.9% | +10.1% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/u-s-corn-skids-2-2-to-lowest-level-since-september-2016-wheat-soy-rise

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