# US soybean crop and oil prices rise after cuts in the 2022/23 MY crop estimate

> CBOT soybean futures rose 4.7% month-on-month to about $15.29/bu on 12 January after USDA cut the US 2022/23 soybean crop estimate by 1.6% to 4.3 billion bushels on lower harvested area. USDA also slashed Argentina's crop by 8%, while soybean oil gained on biodiesel demand.

- Date: 2023-01-13 · published 2023-01-13T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/37865-us-soybean-crop-and-oil-prices-rise-after-cuts-in-the-2022-23-my-crop-estimate
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A bullish US and Argentine supply cut tightens soybean and soymeal availability for feed buyers, and rising biodiesel use keeps soybean oil supported.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-08-17 | [Corn prices rise again after USDA cuts crop estimates \| Feed Strategy](https://feedsoft.ai/events/45597-corn-prices-rise-again-after-usda-cuts-crop-estimates-feed-strategy.md) | -6.0% | -7.2% |
| SOY | 2023-11-28 | [USDA increase estimate for 2022-’23 soybean oil use in biofuel \| Biomass Magazine](https://feedsoft.ai/events/15262-usda-increase-estimate-for-2022-23-soybean-oil-use-in-biofuel-biomass-magazine.md) | -1.8% | -1.2% |
| SOY | 2020-01-20 | [Soybean: Prices on the rise in the new season \| CLAL News](https://feedsoft.ai/events/55116-soybean-prices-on-the-rise-in-the-new-season-clal-news.md) | -3.5% | -4.0% |
| SOY | 2025-01-13 | [WASDE update: US corn and soybean output estimates cut \| articles \| ING THINK](https://feedsoft.ai/events/26453-wasde-update-us-corn-and-soybean-output-estimates-cut-articles-ing-think.md) | +2.0% | +3.6% |
| SOY | 2023-08-25 | [Pro Farmer releases 2023 national corn and soybean estimates - Pro Farmer](https://feedsoft.ai/events/13255-pro-farmer-releases-2023-national-corn-and-soybean-estimates-pro-farmer.md) | -0.4% | -5.1% |
| SBO | 2024-09-12 | [USDA increases estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production  \| Biodiesel Magazine](https://feedsoft.ai/events/15188-usda-increases-estimates-for-2022-23-and-2023-24-soybean-oil-use-in-biofuel.md) | -0.0% | +3.5% |
| SBO | 2023-11-28 | [USDA increase estimate for 2022-’23 soybean oil use in biofuel \| Biomass Magazine](https://feedsoft.ai/events/15262-usda-increase-estimate-for-2022-23-soybean-oil-use-in-biofuel-biomass-magazine.md) | -1.5% | -4.8% |
| SBO | 2022-06-28 | [US soyabean oil prices rise due to tight supply and surging energy…](https://feedsoft.ai/events/41032-us-soyabean-oil-prices-rise-due-to-tight-supply-and-surging-energy.md) | -6.8% | -13.9% |

## Sources

- mintecglobal.com: https://www.mintecglobal.com/top-stories/us-soybean-crop-and-oil-prices-rise-after-cuts-in-the-2022/23-my-crop-estimate

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