Market Intelligence Monthly – January 2021

2020 may be in the rearview mirror, but for the 2020/21 U.S.soybean crop, the journey continues – and the road in January had some nice views as soybean prices crossed $14/bushel for the first time since 2014.

In the middle of the month, markets reacted strongly to additional balance sheet tightening both domestically and globally, as the U.S. crop size estimate was revised down and concerns about crop development in Argentina prompted another cut to projected production. This additional supply tightness comes against the backdrop of aggressive demand both domestically and internationally as exports continue to set a record pace. Domestic crush established an all-time record both for the final quarter of 2020 and the year as a whole. For more analysis of soybean markets during January, please enjoy this month’s U.S. Soy 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.