# Argentine soy processing in crisis as drought threatens harvest -industry group

> Argentina's Rosario grains exchange projects the 2022/23 soybean crop at 27 million tonnes, the lowest in nearly 25 years, due to low rainfall and high temperatures. Soybean byproducts were Argentina's main source of foreign currency in 2022, with exports totaling $18.519 billion.

- Date: 2023-03-15 · published 2023-03-15T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/13976-argentine-soy-processing-in-crisis-as-drought-threatens-harvest-industry-group
- 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

A sharply smaller Argentine crop reduces supplies of soymeal and soybean oil, the world's leading exports from that country, supporting global meal and oil prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-03-31 | [Ongoing drought in Brazil, Argentina threatens crucial crop harvests - UPI.com](https://feedsoft.ai/events/53981-ongoing-drought-in-brazil-argentina-threatens-crucial-crop-harvests-upi-com.md) | -3.0% | -6.4% |
| SOY | 2018-02-28 | [Prolonged drought wrecking soybean and corn crops, threatens Argentina's growth — MercoPress](https://feedsoft.ai/events/66345-prolonged-drought-wrecking-soybean-and-corn-crops-threatens-argentina-s-growth.md) | +2.6% | -1.8% |
| SOY | 2017-12-07 | [Argentine drought threatens to wallop late-planted corn and soy — EMTV ONLINE](https://feedsoft.ai/events/67324-argentine-drought-threatens-to-wallop-late-planted-corn-and-soy-emtv-online.md) | -2.3% | -4.1% |
| SOY | 2023-06-22 | [Central US drought intensifies, threatening grains and soy \| Reuters](https://feedsoft.ai/events/9769-central-us-drought-intensifies-threatening-grains-and-soy-reuters.md) | -4.2% | -1.3% |
| SOY | 2022-11-25 | [Argentine drought, having cut corn, wheat crop hopes, takes aim at soybeans too - Grain Price News](https://feedsoft.ai/events/13998-argentine-drought-having-cut-corn-wheat-crop-hopes-takes-aim-at-soybeans-too.md) | -0.4% | +2.2% |
| SBM | 2020-03-31 | [Ongoing drought in Brazil, Argentina threatens crucial crop harvests - UPI.com](https://feedsoft.ai/events/53981-ongoing-drought-in-brazil-argentina-threatens-crucial-crop-harvests-upi-com.md) | -8.8% | -13.4% |
| SBM | 2018-02-28 | [Prolonged drought wrecking soybean and corn crops, threatens Argentina's growth — MercoPress](https://feedsoft.ai/events/66345-prolonged-drought-wrecking-soybean-and-corn-crops-threatens-argentina-s-growth.md) | -0.5% | -3.6% |
| SBM | 2017-12-07 | [Argentine drought threatens to wallop late-planted corn and soy — EMTV ONLINE](https://feedsoft.ai/events/67324-argentine-drought-threatens-to-wallop-late-planted-corn-and-soy-emtv-online.md) | -4.5% | -6.6% |

## Sources

- reuters.com: https://www.reuters.com/article/world/argentine-soy-processing-in-crisis-as-drought-threatens-harvest-industry-group-idUSKBN2VH20C/

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