# Soybeans hit highest in almost 7 years on S.American crop worry | Financial Post

> Chicago soybean futures hit their highest since June 2014 at $14.60 a bushel on March 8, 2021, as dry weather in Argentina and excess rain in Brazil raised supply concerns. Corn and wheat also rose ahead of USDA crop forecasts.

- Date: 2021-03-08 · published 2021-03-08T12:00:00.000Z
- Category: weather · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/6559-soybeans-hit-highest-in-almost-7-years-on-s-american-crop-worry-financial-post
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Argentina is the world's top soymeal exporter, and a rain deficit threatening 30% of its soy belt plus Brazil's delayed harvest tightens meal supply and lifts feed input costs. Buyers should expect higher prices for soy-based feed ingredients.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2021-03-08 | 1 | +5.1% | 3.8 | On March 8, 2021 soybeans hit a near 7-year high on Argentine dryness and Brazilian excess rain, and corn rose alongside ahead of USDA data, so South American supply worries plausibly drove the one-day corn jump. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-01-31 | [Soybeans, corn hit 7-month highs on South American crop worry \| Financial Post](https://feedsoft.ai/events/43158-soybeans-corn-hit-7-month-highs-on-south-american-crop-worry-financial-post.md) | +5.7% | +11.9% |
| SOY | 2022-07-29 | [Soybeans set for biggest weekly gain in 22 years as U.S. Midwest heats up \| Financial Post](https://feedsoft.ai/events/8740-soybeans-set-for-biggest-weekly-gain-in-22-years-as-u-s-midwest-heats-up.md) | +0.4% | -3.5% |
| SOY | 2021-04-22 | [Corn highest since 2013, soy tops $15 and wheat over $7 on supply fears \| Financial Post](https://feedsoft.ai/events/9788-corn-highest-since-2013-soy-tops-15-and-wheat-over-7-on-supply-fears-financial.md) | +4.0% | +2.7% |
| SOY | 2020-10-06 | [Dry weather pushes CBOT wheat, soybeans to multi-year peaks \| Financial Post](https://feedsoft.ai/events/11636-dry-weather-pushes-cbot-wheat-soybeans-to-multi-year-peaks-financial-post.md) | +1.2% | +2.9% |
| SOY | 2020-11-20 | [Soybeans at four-year high as demand and weather keep market bubbling \| Financial Post](https://feedsoft.ai/events/50177-soybeans-at-four-year-high-as-demand-and-weather-keep-market-bubbling-financial.md) | +1.2% | +3.6% |
| SBM | 2022-01-31 | [Soybeans, corn hit 7-month highs on South American crop worry \| Financial Post](https://feedsoft.ai/events/43158-soybeans-corn-hit-7-month-highs-on-south-american-crop-worry-financial-post.md) | +7.3% | +8.6% |
| SBM | 2022-07-29 | [Soybeans set for biggest weekly gain in 22 years as U.S. Midwest heats up \| Financial Post](https://feedsoft.ai/events/8740-soybeans-set-for-biggest-weekly-gain-in-22-years-as-u-s-midwest-heats-up.md) | +4.2% | -5.2% |
| SBM | 2021-04-22 | [Corn highest since 2013, soy tops $15 and wheat over $7 on supply fears \| Financial Post](https://feedsoft.ai/events/9788-corn-highest-since-2013-soy-tops-15-and-wheat-over-7-on-supply-fears-financial.md) | +2.3% | -1.7% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/soybeans-hit-highest-in-almost-7-years-on-s-american-crop-worry

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