# Grains respond to continued hot, dry weather in Brazil - Agweek | #1 source for agriculture news, farming, markets

> Grain markets traded in a narrow range in the week of December 18 to 22, 2023, as traders awaited confirmation of Brazil's dry weather. Soybeans rallied on Brazil rain shortfalls while wheat fell sharply early in the week. Argentina also announced a short-term halt to its grain exports.

- Date: 2023-12-22 · published 2023-12-22T12:00:00.000Z
- Category: weather · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/11282-grains-respond-to-continued-hot-dry-weather-in-brazil-agweek-1-source-for
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Argentina's export halt and Brazil's dryness both tighten near-term South American supply, which supports soybean and meal prices. Weakness in wheat reflects limited export demand.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2019-05-19 | [Markets finally respond to wet weather - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/5629-markets-finally-respond-to-wet-weather-agweek-1-source-for-agriculture-news.md) | +1.0% | +11.1% |
| SOY | 2016-06-06 | [Soybeans rise on U.S. weather view; wheat, corn firm - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/9123-soybeans-rise-on-u-s-weather-view-wheat-corn-firm-agweek-1-source-for.md) | +4.1% | +3.2% |
| SOY | 2022-01-21 | [The market rally after the reports - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/10893-the-market-rally-after-the-reports-agweek-1-source-for-agriculture-news-farming.md) | +1.6% | +11.7% |
| SOY | 2016-07-14 | [Chicago corn hits 2-week high on U.S. crop concerns - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/4939-chicago-corn-hits-2-week-high-on-u-s-crop-concerns-agweek-1-source-for.md) | -9.0% | -9.8% |
| SOY | 2016-04-18 | [Soy hits eight-month high as rains disrupt Argentina's harvest - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/8549-soy-hits-eight-month-high-as-rains-disrupt-argentina-s-harvest-agweek-1-source.md) | +3.2% | +10.4% |
| SBM | 2022-01-21 | [The market rally after the reports - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/10893-the-market-rally-after-the-reports-agweek-1-source-for-agriculture-news-farming.md) | +0.6% | +10.5% |
| SBM | 2024-08-26 | [Hot and Dry Weather Forecast for Central Brazil's Planting Season](https://feedsoft.ai/events/13550-hot-and-dry-weather-forecast-for-central-brazil-s-planting-season.md) | +2.0% | +3.8% |
| SBM | 2016-04-22 | [Farming News - Oilseed Market Report: Prices rise on weather concerns](https://feedsoft.ai/events/10300-farming-news-oilseed-market-report-prices-rise-on-weather-concerns.md) | +1.7% | +16.3% |

## Sources

- agweek.com: https://www.agweek.com/business/markets/grains-respond-to-continued-hot-dry-weather-in-brazil

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