December was quite a month to mark the end of the year! Soybean markets closed out 2020 strong, crossing the $13/bushel mark for the first time since 2014, driven by a confluence of factors.
Exports continue on a record pace – not just for whole soybeans but also for soybean meal – and while China has been making headlines with its continued purchases, we are also seeing notable growth in sales to other markets such as Egypt, Thailand, and Vietnam. Aggressive exports coupled with continued strong domestic crush have kept balance sheets tight and prices have responded accordingly. In South America, soybeans are in the ground after some delays early in the season – now the focus is on how they develop in the coming weeks. For a recap of the key factors driving soybean markets in December, please enjoy U.S. Soy’s December Market Intelligence Monthly.
