# Argentina exchange cuts wheat outlook again, rains spell hope for soy

> Argentina's Buenos Aires grains exchange cut its 2022/23 wheat crop forecast to 12.4 million tonnes from 14 million, after frost and drought damage. The Rosario exchange had already cut its outlook, and the government let exporters defer some wheat shipments. Forecast rains for key farming regions offered hope for soybean planting.

- Date: 2022-11-14 · published 2022-11-14T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/13999-argentina-exchange-cuts-wheat-outlook-again-rains-spell-hope-for-soy
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A much smaller Argentine wheat crop tightens global wheat supply alongside weather problems in the US and Russia, supporting wheat prices. Expected rain reduces the risk to soybean output, which weighs on soy prices.

## Read by commodity

- SOY: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-09-26 | [Argentine exchange forecasts soybean harvest at 52 mln tons](https://feedsoft.ai/events/13902-argentine-exchange-forecasts-soybean-harvest-at-52-mln-tons.md) | +1.0% | -6.2% |
| WHEAT | 2022-09-15 | [Argentina wheat farmers abandon some lots due to drought, exchange says \| Reuters](https://feedsoft.ai/events/39652-argentina-wheat-farmers-abandon-some-lots-due-to-drought-exchange-says-reuters.md) | +5.5% | -9.2% |
| WHEAT | 2018-05-18 | [GRAINS-U.S. wheat futures rally; corn, soy firm on hopes for export deal](https://feedsoft.ai/events/10916-grains-u-s-wheat-futures-rally-corn-soy-firm-on-hopes-for-export-deal.md) | +4.1% | +2.4% |
| WHEAT | 2022-09-22 | [Exchange warns over La Nina, as it slashes Argentine wheat crop to 7-year low - Grain Price News](https://feedsoft.ai/events/39504-exchange-warns-over-la-nina-as-it-slashes-argentine-wheat-crop-to-7-year-low.md) | -0.2% | -10.7% |
| WHEAT | 2021-03-06 | [U.S. grains: Soy futures rally on dry Argentina weather - Grainews](https://feedsoft.ai/events/8633-u-s-grains-soy-futures-rally-on-dry-argentina-weather-grainews.md) | -2.8% | -2.7% |
| SOY | 2024-10-25 | [Argentina Weather Outlook Positive for Soy and Corn Planting, Meteorologist Says](https://feedsoft.ai/events/27780-argentina-weather-outlook-positive-for-soy-and-corn-planting-meteorologist-says.md) | -1.4% | -1.9% |
| SOY | 2017-01-31 | [Dry spell in Argentina may spoil buzz for soybean markets](https://feedsoft.ai/events/72847-dry-spell-in-argentina-may-spoil-buzz-for-soybean-markets.md) | +1.3% | +0.2% |
| SOY | 2019-04-11 | [Bumper harvest of soybeans and corn expected in Argentina, says Rosario grains exchange — MercoPress](https://feedsoft.ai/events/59433-bumper-harvest-of-soybeans-and-corn-expected-in-argentina-says-rosario-grains.md) | -2.5% | -11.3% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/argentina-exchange-cuts-wheat-outlook-again-rains-spell-hope-for-soy/

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