# Soy futures soar on US weather woes - Markets - Business Recorder

> CBOT November soybeans settled up 2.4% at $10.65 3/4, their highest since late July, while October soymeal jumped 6%. Hurricane Helene raised concerns about Gulf Coast infrastructure, and funds exited shorts ahead of key USDA reports.

- Date: 2024-09-28 · published 2024-09-28T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/28337-soy-futures-soar-on-us-weather-woes-markets-business-recorder
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Gulf Coast infrastructure worries and soymeal strength raise near-term soybean meal costs for feed buyers, though wheat weakness from Black Sea competition limits grain gains.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2024-09-26 | 1 | +4.7% | 3.3 | October soymeal jumped 6% as Hurricane Helene raised Gulf Coast infrastructure concerns and funds exited shorts, directly explaining the spike. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-07-11 | [CBOT soyabean futures higher - Markets - Business Recorder](https://feedsoft.ai/events/11496-cbot-soyabean-futures-higher-markets-business-recorder.md) | +0.7% | -2.4% |
| SOY | 2022-07-31 | [CBOT soyabean futures rally - Markets - Business Recorder](https://feedsoft.ai/events/40515-cbot-soyabean-futures-rally-markets-business-recorder.md) | -1.4% | -1.9% |
| SOY | 2024-09-26 | [Soybeans rise for fourth session on Brazilian weather woes - Markets - Business Recorder](https://feedsoft.ai/events/28339-soybeans-rise-for-fourth-session-on-brazilian-weather-woes-markets-business.md) | +0.3% | -5.3% |
| SOY | 2021-07-17 | [Drier US weather to once again test corn, soy health, yields - Markets - Business Recorder](https://feedsoft.ai/events/45916-drier-us-weather-to-once-again-test-corn-soy-health-yields-markets-business.md) | -3.7% | -2.1% |
| SOY | 2021-02-16 | [Wheat at one-week high as freezing US weather in focus - Markets - Business Recorder](https://feedsoft.ai/events/9253-wheat-at-one-week-high-as-freezing-us-weather-in-focus-markets-business-recorder.md) | +0.9% | +3.5% |
| SBM | 2020-07-11 | [CBOT soyabean futures higher - Markets - Business Recorder](https://feedsoft.ai/events/11496-cbot-soyabean-futures-higher-markets-business-recorder.md) | -1.5% | -3.7% |
| SBM | 2022-07-31 | [CBOT soyabean futures rally - Markets - Business Recorder](https://feedsoft.ai/events/40515-cbot-soyabean-futures-rally-markets-business-recorder.md) | +0.9% | -2.8% |
| SBM | 2023-08-28 | [Soybeans at 1-month high, corn firm as hot, dry weather hits US crops - Markets - Business Recorder](https://feedsoft.ai/events/34585-soybeans-at-1-month-high-corn-firm-as-hot-dry-weather-hits-us-crops-markets.md) | -1.5% | -7.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40324539

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