# Oilseeds daily: crude oil pushes prices upwards - Mundus Agri

> Oilseed markets rose on March 8, 2021, with Chicago soybeans passing $14.50 a bushel amid a drought in Argentina expected to last another 14 days. Traders expected USDA's WASDE report to show lower US soybean ending stocks and world stocks falling to 82.9 million tonnes.

- Date: 2021-03-08 · published 2021-03-08T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/6558-oilseeds-daily-crude-oil-pushes-prices-upwards-mundus-agri
- 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

Argentine drought threatens yields on roughly 30% of the soybean belt, tightening world soymeal and oil supplies and raising feed protein costs. The expected WASDE stock cut adds further upward price pressure.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2021-03-08 | 1 | +6.0% | 4.9 | On March 8 Argentine drought and expectations of tighter US and world soybean stocks ahead of WASDE, plus crude oil strength, lifted Chicago oilseeds and supported the soyoil surge (supply and sentiment). |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2024-01-26 | [Grains and oilseeds: analysts caught out by weather - Mundus Agri](https://feedsoft.ai/events/32069-grains-and-oilseeds-analysts-caught-out-by-weather-mundus-agri.md) | -1.6% | -7.4% |
| SOY | 2018-03-21 | [Oilseeds prices rebound on Argentina, Malaysia dryness](https://feedsoft.ai/events/10260-oilseeds-prices-rebound-on-argentina-malaysia-dryness.md) | -0.9% | +1.3% |
| SOY | 2019-11-05 | [Kedia Daily Oilseed Update As On 05112019 \| Investing.com India](https://feedsoft.ai/events/56159-kedia-daily-oilseed-update-as-on-05112019-investing-com-india.md) | -2.2% | -5.9% |
| SOY | 2019-10-31 | [Kedia Daily Oilseed As On 31102019 \| Investing.com India](https://feedsoft.ai/events/56665-kedia-daily-oilseed-as-on-31102019-investing-com-india.md) | -0.1% | -3.7% |
| SOY | 2017-12-08 | [Drought dries out corn and soy profits, raises prices  : The Daily Digest](https://feedsoft.ai/events/67323-drought-dries-out-corn-and-soy-profits-raises-prices-the-daily-digest.md) | -2.4% | -3.4% |
| SBM | 2024-01-26 | [Grains and oilseeds: analysts caught out by weather - Mundus Agri](https://feedsoft.ai/events/32069-grains-and-oilseeds-analysts-caught-out-by-weather-mundus-agri.md) | +0.7% | -6.3% |
| SBM | 2018-03-21 | [Oilseeds prices rebound on Argentina, Malaysia dryness](https://feedsoft.ai/events/10260-oilseeds-prices-rebound-on-argentina-malaysia-dryness.md) | +3.0% | +4.1% |
| SBM | 2019-11-05 | [Kedia Daily Oilseed Update As On 05112019 \| Investing.com India](https://feedsoft.ai/events/56159-kedia-daily-oilseed-update-as-on-05112019-investing-com-india.md) | -0.6% | -3.3% |

## Sources

- mundus-agri.eu: https://www.mundus-agri.eu/news/oilseeds-daily-crude-oil-pushes-prices.n25526.html

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