# Soybeans plunge 58¢ Friday

> CME soybean futures closed about 58 cents lower on Friday, with corn and wheat also declining. Traders cited improving Argentine weather, a firmer US dollar, Brazilian harvest progress and record-long speculative positions. Soybean meal and soybean oil futures also fell.

- Date: 2021-01-23 · published 2021-01-23T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/8234-soybeans-plunge-58-friday
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Better South American weather and harvest pressure reduce near-term supply risk, while liquidation of record fund longs amplifies the decline. Soybean meal and oil weakness lowers feed-ingredient costs.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Sources

- agriculture.com: https://www.agriculture.com/markets/analysis/soybeans-drop-20-monday

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