# Double Digit Rally for Soy Futures

> Soybean futures gained about 20 cents on July 24, 2023, with soymeal and soyoil also rising. Crop progress showed 70 percent of soybeans blooming and conditions slipping, while weekly export shipments were below last year.

- Date: 2023-07-24 · published 2023-07-24T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/11936-double-digit-rally-for-soy-futures
- 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

Slipping crop ratings and steady export demand support soybean and meal prices, which feed buyers must pay for protein supply.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-07-24 | 1 | +6.0% | 3.1 | Soybean futures, soymeal and soyoil rallied on July 24 as crop conditions slipped, which supports the day's price move through supply concerns. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -4.7% | -10.6% |
| SOY | 2024-07-02 | [Soybeans Up Double Digits to Begin Tuesday](https://feedsoft.ai/events/12751-soybeans-up-double-digits-to-begin-tuesday.md) | +0.2% | -11.4% |
| SOY | 2017-01-13 | [Does the soybean rally have legs?](https://feedsoft.ai/events/72941-does-the-soybean-rally-have-legs.md) | +3.4% | +2.6% |
| SOY | 2018-03-30 | [Futures File: Grain acres slashed](https://feedsoft.ai/events/66032-futures-file-grain-acres-slashed.md) | -1.1% | +0.0% |
| SOY | 2020-08-18 | [Soybeans Rally Despite Record Yield Forecast - ProAg](https://feedsoft.ai/events/11343-soybeans-rally-despite-record-yield-forecast-proag.md) | -1.4% | +8.7% |
| SBM | 2024-07-02 | [Soybeans Up Double Digits to Begin Tuesday](https://feedsoft.ai/events/12751-soybeans-up-double-digits-to-begin-tuesday.md) | +2.0% | -3.7% |
| SBM | 2022-02-09 | [New WASDE data keeps soy rally alive](https://feedsoft.ai/events/42672-new-wasde-data-keeps-soy-rally-alive.md) | -3.3% | +7.4% |
| SBM | 2019-08-12 | [Corn futures fall 6% after bearish USDA crop report; soybeans down 1.3%](https://feedsoft.ai/events/11736-corn-futures-fall-6-after-bearish-usda-crop-report-soybeans-down-1-3.md) | -0.6% | -2.8% |

## Sources

- barchart.com: https://www.barchart.com/story/news/18747965/double-digit-rally-for-soy-futures

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