# Supply uncertainty ignites CME meal - Grain Central

> CBOT March soymeal hit a new high of $496.50 per short ton after gaining $23 for the week. Drought in Argentina has cut soybean production potential, with output on track for its lowest level since 2008/09. The USDA cut its Argentine production outlook, and the forecast remains hot and dry.

- Date: 2023-02-07 · published 2023-02-07T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/12879-supply-uncertainty-ignites-cme-meal-grain-central
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Argentina is the largest soymeal and soyoil exporter, so a sharp crop shortfall tightens global meal supply and supports prices for feed buyers.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2017-01-24 | [SAM trumps Uncle Sam… - Grain Central](https://feedsoft.ai/events/72846-sam-trumps-uncle-sam-grain-central.md) | -2.6% | -1.8% |
| SBM | 2022-01-11 | [The heat is on in South America - Grain Central](https://feedsoft.ai/events/43043-the-heat-is-on-in-south-america-grain-central.md) | +2.9% | +6.0% |
| SBM | 2017-11-19 | [Daily market wire 20 November 2017 - Grain Central](https://feedsoft.ai/events/68031-daily-market-wire-20-november-2017-grain-central.md) | +2.8% | +0.1% |
| SBM | 2023-03-08 | [Global vegetable oil prices seen rising for the rest of 2023 on supply uncertainty: Oilworld's Mielke](https://feedsoft.ai/events/36959-global-vegetable-oil-prices-seen-rising-for-the-rest-of-2023-on-supply.md) | -1.9% | -8.4% |
| SBM | 2023-05-23 | [South American row crops tell a tale of two opposites - Grain Central](https://feedsoft.ai/events/13649-south-american-row-crops-tell-a-tale-of-two-opposites-grain-central.md) | -2.5% | +0.5% |
| SOY | 2017-01-24 | [SAM trumps Uncle Sam… - Grain Central](https://feedsoft.ai/events/72846-sam-trumps-uncle-sam-grain-central.md) | -3.3% | -3.0% |
| SOY | 2017-05-01 | [Daily market wire 2 May 2017 - Grain Central](https://feedsoft.ai/events/6137-daily-market-wire-2-may-2017-grain-central.md) | +1.9% | -2.0% |
| SOY | 2019-05-21 | [Daily Market Wire 21 May 2019 - Grain Central](https://feedsoft.ai/events/5632-daily-market-wire-21-may-2019-grain-central.md) | +2.9% | +9.8% |

## Sources

- graincentral.com: https://www.graincentral.com/markets/supply-uncertainty-ignites-soybean-meal-rally/

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