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.
