# Drought devastates Argentina’s oilseed crop | 2018-08-31  | World Grain

> A USDA GAIN report dated August 30 forecasts Argentina's 2017-18 soybean crop at 36 million tonnes, down 37% from early-year estimates. National average yield fell 22% to 2.12 t/ha, with only northern Buenos Aires, southern Santa Fe and eastern Cordoba escaping serious drought damage. Soybean imports for January-June 2018 reached 2.72 million tonnes, more than double the prior year.

- Date: 2018-08-31 · published 2018-08-31T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/63375-drought-devastates-argentina-s-oilseed-crop-2018-08-31-world-grain
- 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 much smaller Argentine crush and export supply tightens global soymeal and soyoil availability, supporting meal and oil prices and pushing buyers toward US and Brazilian beans. Argentina's import surge signals it is competing for supply, which underpins soybean prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-07-21 | [Drought drives down Argentina’s soybean outlook \| World Grain](https://feedsoft.ai/events/13958-drought-drives-down-argentina-s-soybean-outlook-world-grain.md) | +2.5% | -10.6% |
| SOY | 2019-09-30 | [Dryness impacting Argentine crops \| 2019-09-30  \| World Grain](https://feedsoft.ai/events/56912-dryness-impacting-argentine-crops-2019-09-30-world-grain.md) | +3.8% | +4.2% |
| SOY | 2018-03-05 | [Argentina drought bakes crops, sparks grain price rally](https://feedsoft.ai/events/65847-argentina-drought-bakes-crops-sparks-grain-price-rally.md) | -3.0% | -2.4% |
| SOY | 2017-12-18 | [Argentina’s farmers sweating out dryness \| World-grain.com \| December 18, 2017 14:10 \| World Grain](https://feedsoft.ai/events/67322-argentina-s-farmers-sweating-out-dryness-world-grain-com-december-18-2017-14-10.md) | -1.8% | +0.2% |
| SOY | 2022-05-31 | [Drought devastates Brazilian crop](https://feedsoft.ai/events/13720-drought-devastates-brazilian-crop.md) | -1.9% | -4.0% |
| SBM | 2023-07-21 | [Drought drives down Argentina’s soybean outlook \| World Grain](https://feedsoft.ai/events/13958-drought-drives-down-argentina-s-soybean-outlook-world-grain.md) | +4.5% | -7.2% |
| SBM | 2019-09-30 | [Dryness impacting Argentine crops \| 2019-09-30  \| World Grain](https://feedsoft.ai/events/56912-dryness-impacting-argentine-crops-2019-09-30-world-grain.md) | +3.1% | +4.6% |
| SBM | 2018-03-05 | [Argentina drought bakes crops, sparks grain price rally](https://feedsoft.ai/events/65847-argentina-drought-bakes-crops-sparks-grain-price-rally.md) | -4.7% | -3.3% |

## Sources

- world-grain.com: https://www.world-grain.com/articles/10911-drought-devastates-argentinas-oilseed-crop

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