# Soybeans Fall Double Digits

> Soybean futures fell sharply on August 15, 2023, as improved US crop condition ratings offset a drier forecast. Barchart raised its soybean yield estimate to 50.75 bpa, and NOPA reported a record July crush of 173.3 mbu. The Chinese yuan weakened after the central bank cut rates.

- Date: 2023-08-15 · published 2023-08-15T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/5612-soybeans-fall-double-digits
- 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 record crush supports soymeal and soyoil demand, but a higher yield outlook and a weaker yuan weigh on soybean and meal prices. Soyoil found support during the meal selloff.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2023-08-18 | 5 | -10.1% | -2.8 | Soybean futures fell sharply on Aug 15 on improved US crop ratings and higher yield estimates, despite a record NOPA July crush; this directly drove the weekly meal drop. |
| SBM | 2023-08-21 | 5 | -8.1% | -2.9 | Aug 15 soybean futures dropped sharply on improved crop ratings and higher yield estimates (supply-side bearish), plus weaker yuan reducing import demand appeal; this falls inside the 5-day window and directly pressures meal. |
| SOY | 2023-08-14 | 1 | -4.9% | -3.3 | Sharp soybean drop attributed to improved crop ratings, bigger yield estimates, and yuan weakness after a Chinese rate cut; dated Aug 15, so it is adjacent to the move and may reflect the same selling pressure. |
| SBM | 2023-08-14 | 1 | -10.2% | -7.2 | Soybean futures fell sharply on Aug 15 on improved crop ratings and a weaker yuan, showing the same selling pressure, but it is dated after the move so the link is weak. |

## Sources

- barchart.com: https://www.barchart.com/story/news/19408057/soybeans-fall-double-digits

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