# Soybean supplies look tight, but more could be on the way | Feed Strategy

> Analysts at Feed Strategy said USDA's August cuts to U.S. soybean production were larger than expected, but prices fell as demand and export forecasts were also reduced. The analysis noted that the survey predates August rains and that China's state reserve has been buying soybeans. Demand from Germany for biodiesel feedstock was also cited.

- Date: 2023-08-16 · published 2023-08-16T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/34514-soybean-supplies-look-tight-but-more-could-be-on-the-way-feed-strategy
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Reduced U.S. supply supports soybean prices, but expected Chinese stockpiling and rising European crush demand could offset this. Buyers should watch whether the August rains improve yields.

## Read by commodity

- SBM: neutral
- SOY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2023-08-18 | 5 | -10.1% | -2.8 | Prices fell after USDA's August report despite production cuts because demand and export forecasts were also reduced and rains post-dated the survey, pointing to a bearish demand reaction. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2026-05-21 | [USDA forecasts tighter soybean supplies](https://feedsoft.ai/events/19295-usda-forecasts-tighter-soybean-supplies.md) | -0.4% | -6.4% |
| SOY | 2021-02-09 | [WASDE Sees Corn Stocks Decline; Beans Rally on Tightening Supplies](https://feedsoft.ai/events/48586-wasde-sees-corn-stocks-decline-beans-rally-on-tightening-supplies.md) | -0.2% | +3.9% |
| SOY | 2023-09-13 | [Tighter Global Oilseed Supplies Calls for Greater Operational Efficiencies - U.S. Soybean Export Council](https://feedsoft.ai/events/34138-tighter-global-oilseed-supplies-calls-for-greater-operational-efficiencies-u-s.md) | -1.2% | -4.5% |
| SOY | 2018-04-02 | [MIDF: Lower US soybean supply a positive for CPO \| The Star](https://feedsoft.ai/events/65611-midf-lower-us-soybean-supply-a-positive-for-cpo-the-star.md) | -1.1% | +0.0% |
| SOY | 2017-10-12 | [Soybeans surge on bullish WASDE updates \| Feedstuffs](https://feedsoft.ai/events/68417-soybeans-surge-on-bullish-wasde-updates-feedstuffs.md) | +2.0% | +2.4% |
| SBM | 2020-08-25 | [Growing demand for corn, soybeans driving up prices \| Feed Strategy](https://feedsoft.ai/events/51666-growing-demand-for-corn-soybeans-driving-up-prices-feed-strategy.md) | +5.4% | +16.7% |
| SBM | 2023-10-11 | [Supply and demand numbers could provide insight on the direction of feed costs - Brownfield Ag News](https://feedsoft.ai/events/33759-supply-and-demand-numbers-could-provide-insight-on-the-direction-of-feed-costs.md) | +6.6% | +20.0% |
| SBM | 2026-09-14 | [USDA Lifts Soybean Output Outlook, Weighing on Friday Prices](https://feedsoft.ai/events/10675-usda-lifts-soybean-output-outlook-weighing-on-friday-prices.md) | +1.8% | +5.5% |

## Sources

- feedstrategy.com: https://www.feedstrategy.com/business-markets/commodities/article/15544355/soybean-supplies-look-tight-but-more-could-be-on-the-way

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