Market Intelligence Monthly – December 2020

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. 


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.