# Soybeans Rallying with Meal as Specs Covering Shorts on Argentine Dryness

> Soybeans rallied 10 to 15 cents on Thursday as soymeal futures gained, with speculators covering short positions. Forecasts called for near-normal rain in most of Brazil but dryness in southern Brazil and Argentina. Statistics Canada reported November canola crush up 12.2% year over year.

- Date: 2024-12-26 · published 2024-12-26T12:00:00.000Z
- Category: weather · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/11397-soybeans-rallying-with-meal-as-specs-covering-shorts-on-argentine-dryness
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Dryness in Argentina and southern Brazil raises concern about South American soybean and meal output, supporting soybean and meal prices. Short covering amplified the move, but the rally depends on whether dry weather persists.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2024-12-26 | 5 | +7.4% | 2.9 | Speculators covering short positions amid Argentine dryness drove soybeans and meal higher, a sentiment and positioning-driven rebound from oversold levels. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2026-02-25 | [Soybeans Rally with the Help of Meal](https://feedsoft.ai/events/5500-soybeans-rally-with-the-help-of-meal.md) | +1.4% | +1.4% |
| SOY | 2023-02-14 | [Soybean Meal Futures Rise On Argentina Drought](https://feedsoft.ai/events/37454-soybean-meal-futures-rise-on-argentina-drought.md) | +0.4% | -2.8% |
| SOY | 2022-12-14 | [Concerns over Argentine soybean crop raises meal prices in Brazil - DatamarNews](https://feedsoft.ai/events/38321-concerns-over-argentine-soybean-crop-raises-meal-prices-in-brazil-datamarnews.md) | -0.1% | +3.4% |
| SOY | 2018-02-13 | [Soybeans, meal up on more dry weather in Argentina - Brownfield Ag News](https://feedsoft.ai/events/10479-soybeans-meal-up-on-more-dry-weather-in-argentina-brownfield-ag-news.md) | +2.5% | +3.9% |
| SOY | 2018-02-18 | [Soybean rallies on supply worries amid Argentina drought - BusinessWorld Online](https://feedsoft.ai/events/66344-soybean-rallies-on-supply-worries-amid-argentina-drought-businessworld-online.md) | +1.2% | +0.1% |
| SBM | 2026-02-25 | [Soybeans Rally with the Help of Meal](https://feedsoft.ai/events/5500-soybeans-rally-with-the-help-of-meal.md) | +0.5% | +4.1% |
| SBM | 2023-02-14 | [Soybean Meal Futures Rise On Argentina Drought](https://feedsoft.ai/events/37454-soybean-meal-futures-rise-on-argentina-drought.md) | -2.3% | -2.7% |
| SBM | 2022-12-14 | [Concerns over Argentine soybean crop raises meal prices in Brazil - DatamarNews](https://feedsoft.ai/events/38321-concerns-over-argentine-soybean-crop-raises-meal-prices-in-brazil-datamarnews.md) | +0.4% | +11.5% |

## Sources

- barchart.com: https://www.barchart.com/story/news/30208416/soybeans-rallying-with-meal-as-specs-covering-shorts-on-argentine-dryness

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