Based on my end of the month calculation using 2020-2021 marketing year average for the cmdty National Soybean Price Indexes, US stocks-to-use at the end of February continued to tighten. The NSPI showed a daily average of $11.38 for the 2020-2021 marketing, correlating to a 0.7% stocks-to-use calculation based on a study going back through 2013-2014. With 6 months remaining in the 2020-2021 marketing year this is the second tightest stocks-to-use situation back through 2013-2014, though in another study I’ve brought in the 2007-2008 marketing year with its average cash price of $11.73 and ending stocks-to-use (es/u) of 0.5%. The benchmark remains 2013-2014 with an average cash price of $13.18 and es/u of 0.1%. Last month saw the 2020-2021 marketing year with an average price of $11.02 implying stocks-to-use of 0.9%.