With the 2021 soybean crop in the ground and the peak U.S. export window in the rearview mirror, weather markets and associated volatility start to take center stage. However, June 2021 saw market volatility come from sources beyond Mother Nature as speculation around biofuels policy coupled with monetary policy discussions drove a mid-month price tailspin before the Acreage report delivered a surprise to markets at the end of the month, spurring prices back up as the 87.56 million reported planted acres came in below market consensus. With the backdrop of supply tightness affirmed, we are entering a summer of potential high volatility where crop conditions and weather forecasts will be closely watched during the critical stages of crop development.
Starting with this month’s Market Intelligence Monthly, U.S. Soy is pleased to provide you with an additional appendix showcasing the value of international markets for the U.S. soybean complex, starting on slide 63. Thank you and enjoy the recap of a wild June.