# Parched soybean fields fuel price rally

> Stewart Peterson's market adviser says three August weather events, including the derecho, heat and dryness, shifted the soybean outlook from bearish to potentially bullish. Many Midwest states recorded about half of normal August rainfall during the critical pod-filling stage. November soybean futures returned near $9.25, a level not seen since early March, and funds are long roughly 100,000 contracts.

- Date: 2020-08-27 · published 2020-08-27T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/51454-parched-soybean-fields-fuel-price-rally
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Crop losses during pod fill and a rally to pre-COVID levels raise soybean costs and make soybean meal supplies tighter for feed buyers.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2020-08-27 | 5 | +5.5% | 2.9 | Dry August and derecho damage during pod-filling shifted the soybean outlook bullish, pushing November futures to about $9.25 on the final day of the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2016-05-12 | [Soybean prices rally as P.E.I. farmers prepare to plant](https://feedsoft.ai/events/6525-soybean-prices-rally-as-p-e-i-farmers-prepare-to-plant.md) | +0.5% | +9.9% |
| SOY | 2022-02-11 | [Corn, soybean prices spike on reports of decreased yields \| Feed Strategy](https://feedsoft.ai/events/42746-corn-soybean-prices-spike-on-reports-of-decreased-yields-feed-strategy.md) | +1.1% | +7.4% |
| SOY | 2020-07-02 | [Soybeans, corn extend rally - Brownfield Ag News](https://feedsoft.ai/events/12774-soybeans-corn-extend-rally-brownfield-ag-news.md) | +0.5% | -0.2% |
| SOY | 2026-02-25 | [Soybeans Popping Higher, Following Meal Rally](https://feedsoft.ai/events/5501-soybeans-popping-higher-following-meal-rally.md) | +1.4% | +1.4% |
| SOY | 2018-02-14 | [U.S. grains: Soymeal rally lifts soybean futures - AgCanada](https://feedsoft.ai/events/10004-u-s-grains-soymeal-rally-lifts-soybean-futures-agcanada.md) | +2.2% | +1.7% |
| SBM | 2022-02-11 | [Corn, soybean prices spike on reports of decreased yields \| Feed Strategy](https://feedsoft.ai/events/42746-corn-soybean-prices-spike-on-reports-of-decreased-yields-feed-strategy.md) | -1.4% | +10.3% |
| SBM | 2020-07-02 | [Soybeans, corn extend rally - Brownfield Ag News](https://feedsoft.ai/events/12774-soybeans-corn-extend-rally-brownfield-ag-news.md) | +0.8% | -1.0% |
| SBM | 2026-02-25 | [Soybeans Popping Higher, Following Meal Rally](https://feedsoft.ai/events/5501-soybeans-popping-higher-following-meal-rally.md) | +0.5% | +4.1% |

## Sources

- farmprogress.com: https://www.farmprogress.com/marketing/parched-soybean-fields-fuel-price-rally

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