Market Intelligence Monthly – August 2020

In the world of U.S. Soy, September marks a changing of the seasons. Combines are starting to hit the fields and U.S. soybean farmers are hard at work to deliver what looks like a strong crop for 2020. We have moved out of the 19/20 marketing year, which saw the U.S. export nearly 45 million metric tonnes (MMT) of whole soybeans; and based on new crop bookings, 20/21 looks to be an even stronger year for U.S. soybean exports. From July 31 to September 3, China purchased over 6.5 MMT of U.S. new crop (MY 20/21) soybeans, bringing total new crop sales to China to 15.5 MMT heading into the new marketing year. But it’s not just China – U.S. export commitments to all overseas destinations going into the new season are over 29 MMT, a record high. Demand strength in the domestic market continues as well, with monthly crush figures above prior year levels, animal agriculture rebounding, and high demand for soybean oil in biodiesel. With all eyes on the United States’ harvest as we enter our peak selling season, let’s look back at the major dynamics impacting soybean markets in August, included here in U.S. Soy’s Market Intelligence Monthly report for August 2020.


Mac Marshall
Mac Marshall

Vice President, Market Intelligence

United Soybean Board and U.S. Soybean Export Council

Mac Marshall serves as the Vice President, Market Intelligence for the United Soybean Board (USB) and the U.S. Soybean Export Council (USSEC). In this capacity, Mac works with USB and USSEC leadership to evaluate and establish long-term strategic initiatives in support of advancing domestic and international market opportunities for the U.S. soybean industry. He also serves as an industry source of market information and analysis. Prior to joining the United Soybean Board, Mac served as global market analysis and trade lead at Bayer Crop Science, where he worked on international market access issues as part of a global agricultural policy team. Prior to Bayer’s acquisition of Monsanto, Mac worked in Monsanto’s global strategy group with a focus on commodity market analysis in support of the company’s long-term strategy setting and understanding of near-term market dynamics. Before joining Monsanto in 2014, Mac served as a staff economist at the United States Bureau of Labor Statistics with a focus on agricultural commodities, in addition to serving as the supervisory economist leading a team of economists covering service industries. He holds a B.A. in economics from Vassar College and an M.A. in applied economics from Johns Hopkins University.