# Soybeans Rally to Close in the Black - IBest Media

> Soybean futures closed slightly higher on December 27, 2023, with January 2024 contracts up 3.5 cents while soymeal fell 0.90 to 4.30 dollars. Canadian canola rallied 2% to 660.70 per tonne after hitting new lows. Brazil's Mato Grosso began soybean harvest at a record early pace, and Abiove cut Brazil's soy production forecast by 1.6 million tonnes to 160.3 million.

- Date: 2023-12-28 · published 2023-12-28T12:00:00.000Z
- Category: weather · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/11439-soybeans-rally-to-close-in-the-black-ibest-media
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

The Brazilian production cut and early harvest provide mixed signals, while weaker soymeal reflects ample meal supply. Feed buyers should watch Brazilian output revisions for further soybean meal price direction.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CANMEAL | 2024-01-01 | 1 | +6.0% | 3.2 | Canola rallied 2% on Dec 27 after hitting new lows alongside soy market moves and Brazil crop cuts, indicating a rebound and volatility in the oilseed complex just before the 6% meal move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2025-01-22 | [Soybeans Rallies on Tuesday - IBest Media](https://feedsoft.ai/events/11808-soybeans-rallies-on-tuesday-ibest-media.md) | -2.1% | -3.3% |
| 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 | 2026-02-11 | [Lack of rain pressures corn and soybeans in the South](https://feedsoft.ai/events/13451-lack-of-rain-pressures-corn-and-soybeans-in-the-south.md) | +1.0% | +6.9% |
| SOY | 2024-05-03 | [Soybeans with Double Digit Overnight Gains - IBest Media](https://feedsoft.ai/events/9328-soybeans-with-double-digit-overnight-gains-ibest-media.md) | +0.2% | +1.3% |
| SOY | 2019-01-18 | [What's Behind the Rise in Soybean ETF?](https://feedsoft.ai/events/12389-what-s-behind-the-rise-in-soybean-etf.md) | +1.9% | -0.0% |
| SBM | 2018-06-11 | [Rain in much of Midwest sends soybeans, corn lower - Brownfield Ag News](https://feedsoft.ai/events/8247-rain-in-much-of-midwest-sends-soybeans-corn-lower-brownfield-ag-news.md) | -5.3% | -7.3% |
| SBM | 2026-03-12 | [Brazil Crop, Midwest Weather Outlook for Soybeans](https://feedsoft.ai/events/13012-brazil-crop-midwest-weather-outlook-for-soybeans.md) | +0.6% | -0.7% |
| SBM | 2023-12-02 | [Soybeans slide on predicted rains in Brazil - Markets - Business Recorder](https://feedsoft.ai/events/32740-soybeans-slide-on-predicted-rains-in-brazil-markets-business-recorder.md) | -1.3% | -7.5% |

## Sources

- ibestmedia.com: https://www.ibestmedia.com/post/445.html

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