# Asian corn plunges $13/mt on day, posts biggest daily drop on record 17.03.2022 - UkrAgroConsult

> CFR Asian corn prices fell $12.50 per tonne to $412.50 on March 15, the largest one-day drop on record. The decline followed a slump in freight rates and fears of an economic slowdown in China. Coronavirus lockdowns in several Chinese cities, including Shenzhen and Shanghai, weighed on sentiment.

- Date: 2022-03-17 · published 2022-03-17T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/9946-asian-corn-plunges-13-mt-on-day-posts-biggest-daily-drop-on-record-17-03-2022
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Weaker Chinese demand and lower freight costs push Asian corn import prices down, which reduces the import parity for buyers in the region. Lockdowns that curb industrial and feed demand in China add further downside pressure.

## Read by commodity

- CORN: bearish ▼
- OCEANFRT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-07-13 | [Corn prices fell 7.8%, pressured by a drop in the oil market and data from the USDA report 13.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/6833-corn-prices-fell-7-8-pressured-by-a-drop-in-the-oil-market-and-data-from-the.md) | -11.6% | -12.4% |
| CORN | 2021-12-01 | [Global corn prices accelerated their decline 01.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/43623-global-corn-prices-accelerated-their-decline-01-12-2021-ukragroconsult.md) | +8.0% | +4.8% |
| CORN | 2021-05-19 | [US MIDDAY: Soyabean, wheat and corn plunge - Markets - Business Recorder](https://feedsoft.ai/events/12365-us-midday-soyabean-wheat-and-corn-plunge-markets-business-recorder.md) | -5.0% | +3.5% |
| 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 | 2023-01-17 | [China's 2022 economic growth one of the worst on record, post-pandemic policy faces test \| Reuters](https://feedsoft.ai/events/37986-china-s-2022-economic-growth-one-of-the-worst-on-record-post-pandemic-policy.md) | -1.8% | +0.1% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/asian-corn-plunges-13-mt-on-day-posts-biggest-daily-drop-on-record/

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