# Soybean and soybean oil prices are rising amid another cut in Argentina’s crop forecasts

> USDA's Argentina representative cut the 2022/23 soybean crop forecast to 23.9 million tonnes, a 24-year low, with yields the lowest in 50 years. Soybean planting was only 4.3% harvested by April 12 and 65% of crops were rated poor or very poor. May soybean futures rose to their highest since March.

- Date: 2023-04-19 · published 2023-04-19T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/36470-soybean-and-soybean-oil-prices-are-rising-amid-another-cut-in-argentina-s-crop
- 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 deeper Argentine shortfall tightens world soybean meal and oil supplies and forces Argentina to import more beans, supporting soybean meal and soyoil prices for feed buyers.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-04-08 | [Continues the speculative rise in prices for soybean and sunflower oil](https://feedsoft.ai/events/53736-continues-the-speculative-rise-in-prices-for-soybean-and-sunflower-oil.md) | -1.5% | -2.8% |
| SOY | 2025-01-22 | [CBOT corn and soybean prices surge amid drought in Argentina – ProAgri Media](https://feedsoft.ai/events/11810-cbot-corn-and-soybean-prices-surge-amid-drought-in-argentina-proagri-media.md) | -2.1% | -3.3% |
| SOY | 2017-01-04 | [Soybeans charge higher amid reports of flooding in Argentina](https://feedsoft.ai/events/73022-soybeans-charge-higher-amid-reports-of-flooding-in-argentina.md) | +1.9% | +5.1% |
| SOY | 2022-12-14 | [Concerns over Argentine soybean crop raises meal prices in Brazil - DatamarNews](https://feedsoft.ai/events/38321-concerns-over-argentine-soybean-crop-raises-meal-prices-in-brazil-datamarnews.md) | -0.1% | +3.4% |
| SOY | 2023-11-20 | [Brazilian soybean crop faces problems, and replanting could cut future corn area](https://feedsoft.ai/events/13613-brazilian-soybean-crop-faces-problems-and-replanting-could-cut-future-corn-area.md) | -0.8% | -1.0% |
| SBM | 2022-12-14 | [Concerns over Argentine soybean crop raises meal prices in Brazil - DatamarNews](https://feedsoft.ai/events/38321-concerns-over-argentine-soybean-crop-raises-meal-prices-in-brazil-datamarnews.md) | +0.4% | +11.5% |
| SBM | 2023-02-17 | [Another cut expected for Argentina soy production \| World Grain](https://feedsoft.ai/events/13982-another-cut-expected-for-argentina-soy-production-world-grain.md) | +0.0% | -3.7% |
| SBM | 2018-01-22 | [The price of soybean meal is increasing due to the reduction in exports from Argentina](https://feedsoft.ai/events/12098-the-price-of-soybean-meal-is-increasing-due-to-the-reduction-in-exports-from.md) | +1.2% | +12.6% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/soybean-and-soybean-oil-prices-are-rising-amid-another-cut-in-argentinas-crop-forecasts/

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