# Soybeans set for biggest weekly gain in 22 years as U.S. Midwest heats up | Financial Post

> Chicago soybeans rallied to set their biggest weekly gain in 22 years as forecasts pointed to hot, dry weather in the U.S. Midwest in early August. Corn was near flat but on track for its biggest weekly rise in nearly five months, and soybean meal hit life-of-contract highs in most months.

- Date: 2022-07-29 · published 2022-07-29T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/8740-soybeans-set-for-biggest-weekly-gain-in-22-years-as-u-s-midwest-heats-up
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Hot, dry weather during soybean pod development threatens yields when old-crop supplies are already tight. Strong meal demand and tight supplies point to higher feed costs for buyers.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBM | 2022-07-28 | 5 | +12.5% | 3.3 | Soybeans posted their biggest weekly gain in 22 years on hot, dry Midwest forecasts, and soybean meal hit life-of-contract highs, which directly explains the 5-day rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-12-30 | [Soybeans set to gain for 4th year amid Argentina drought, China demand \| Financial Post](https://feedsoft.ai/events/38279-soybeans-set-to-gain-for-4th-year-amid-argentina-drought-china-demand-financial.md) | -0.5% | +1.8% |
| SOY | 2021-03-08 | [Soybeans hit highest in almost 7 years on S.American crop worry \| Financial Post](https://feedsoft.ai/events/6559-soybeans-hit-highest-in-almost-7-years-on-s-american-crop-worry-financial-post.md) | -1.3% | -1.5% |
| SOY | 2022-07-27 | [Soybeans rally as U.S. forecast turns hot, dry \| Financial Post](https://feedsoft.ai/events/8742-soybeans-rally-as-u-s-forecast-turns-hot-dry-financial-post.md) | +2.4% | +2.2% |
| 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% |
| SOY | 2020-11-06 | [Dry Brazil, Demand Set Soybeans On Track For Biggest Weekly Gain Since August \| ESM Magazine](https://feedsoft.ai/events/12424-dry-brazil-demand-set-soybeans-on-track-for-biggest-weekly-gain-since-august.md) | +3.2% | +5.6% |
| CORN | 2022-12-30 | [Soybeans set to gain for 4th year amid Argentina drought, China demand \| Financial Post](https://feedsoft.ai/events/38279-soybeans-set-to-gain-for-4th-year-amid-argentina-drought-china-demand-financial.md) | -2.1% | -0.5% |
| CORN | 2021-03-08 | [Soybeans hit highest in almost 7 years on S.American crop worry \| Financial Post](https://feedsoft.ai/events/6559-soybeans-hit-highest-in-almost-7-years-on-s-american-crop-worry-financial-post.md) | +2.7% | +3.0% |
| CORN | 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) | +0.1% | +1.2% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/soybeans-set-for-biggest-weekly-gain-in-22-years-as-u-s-midwest-heats-up

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