# Does the soybean rally have legs?

> USDA's January 12 reports slashed the 2016 soybean production estimate, triggering a rally that saw some profit taking overnight. The agency's first winter wheat seedings survey showed acreage down 10% to the lowest since 1909.

- Date: 2017-01-13 · published 2017-01-13T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/72941-does-the-soybean-rally-have-legs
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

The smaller soybean crop and sharply reduced winter wheat area tighten supplies and support prices, with traders weighing whether unplanted wheat acres will shift to soybeans.

## Read by commodity

- SOY: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-09-12 | [WASDE sparks a corn, soybean rally – The Seam](https://feedsoft.ai/events/39609-wasde-sparks-a-corn-soybean-rally-the-seam.md) | -2.7% | -8.2% |
| SOY | 2017-10-16 | [Soybean demand sparks market rally](https://feedsoft.ai/events/68490-soybean-demand-sparks-market-rally.md) | -2.1% | -2.3% |
| SOY | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -4.7% | -10.6% |
| SOY | 2025-01-10 | [Soybeans Post Rally on USDA Data Day](https://feedsoft.ai/events/8105-soybeans-post-rally-on-usda-data-day.md) | +2.7% | +5.8% |
| SOY | 2023-09-14 | [WASDE: Soybean Estimates Have Been Lowered](https://feedsoft.ai/events/34179-wasde-soybean-estimates-have-been-lowered.md) | -1.2% | -6.2% |
| WHEAT | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -0.9% | -6.9% |
| WHEAT | 2017-06-02 | [WEEKLY EXPORT REPORT: Soybeans, wheat have strong sales week](https://feedsoft.ai/events/70566-weekly-export-report-soybeans-wheat-have-strong-sales-week.md) | +0.7% | -0.1% |
| WHEAT | 2024-09-13 | [WASDE Report Spurs Wheat & Corn Price Rally, Soybeans Lag \| tastylive](https://feedsoft.ai/events/28257-wasde-report-spurs-wheat-and-corn-price-rally-soybeans-lag-tastylive.md) | -2.1% | +4.4% |

## Sources

- farmprogress.com: https://www.farmprogress.com/marketing/does-the-soybean-rally-have-legs-

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