# In Argentina's drought-hit fields, billion dollar losses and farmers going under

> Argentina's drought is causing large losses for farmers and affecting global food markets. Harvest outlooks are being cut, and supplies are shrinking from a top exporter of soy oil, soymeal and corn and a major wheat and beef supplier.

- Date: 2023-02-16 · published 2023-02-16T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/13981-in-argentina-s-drought-hit-fields-billion-dollar-losses-and-farmers-going-under
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Argentina's export share of soymeal, soy oil, corn and wheat is large, so lower supply tightens world markets and supports prices for these products.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2018-04-03 | [Argentine drought hits farmers hard, undermining economy \| AP News](https://feedsoft.ai/events/65362-argentine-drought-hits-farmers-hard-undermining-economy-ap-news.md) | +1.1% | +0.2% |
| SOY | 2025-02-03 | [‘It won’t come back’: Argentina farmers battle drought and a shrinking harvest \| Reuters](https://feedsoft.ai/events/13878-it-won-t-come-back-argentina-farmers-battle-drought-and-a-shrinking-harvest.md) | +0.7% | -4.2% |
| SOY | 2022-01-27 | [Corn and soybean farmers in Brazil hit by huge losses amid droughts - Fastmarkets](https://feedsoft.ai/events/13748-corn-and-soybean-farmers-in-brazil-hit-by-huge-losses-amid-droughts-fastmarkets.md) | +7.3% | +15.4% |
| SOY | 2023-04-15 | [Drought curtails Argentina's latest 'soy dollar' scheme \| Farmtario](https://feedsoft.ai/events/13973-drought-curtails-argentina-s-latest-soy-dollar-scheme-farmtario.md) | -1.1% | -4.4% |
| SOY | 2017-02-08 | [Soggy fields in Argentina](https://feedsoft.ai/events/72335-soggy-fields-in-argentina.md) | +0.2% | -3.0% |
| SBM | 2025-02-03 | [‘It won’t come back’: Argentina farmers battle drought and a shrinking harvest \| Reuters](https://feedsoft.ai/events/13878-it-won-t-come-back-argentina-farmers-battle-drought-and-a-shrinking-harvest.md) | -0.1% | -3.1% |
| SBM | 2022-01-27 | [Corn and soybean farmers in Brazil hit by huge losses amid droughts - Fastmarkets](https://feedsoft.ai/events/13748-corn-and-soybean-farmers-in-brazil-hit-by-huge-losses-amid-droughts-fastmarkets.md) | +7.8% | +15.4% |
| SBM | 2023-04-15 | [Drought curtails Argentina's latest 'soy dollar' scheme \| Farmtario](https://feedsoft.ai/events/13973-drought-curtails-argentina-s-latest-soy-dollar-scheme-farmtario.md) | -2.0% | -6.6% |

## Sources

- reuters.com: https://www.reuters.com/world/americas/argentinas-drought-hit-fields-billion-dollar-losses-farmers-going-under-2023-02-16/

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