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 January was still decreasing at a rapid pace. The NSPI is showing a daily average of $11.02 for the 2020-2021 marketing, correlating to a 0.9% stocks-to-use calculation based on a study going back through 2013-2014. With 7 months remaining in the 2020-2021 marketing year this is the second tightest stocks-to-use situation on record, trailing only 2013-2014 when the cash index averaged $14.52 correlating to a stocks-to-use calculation of 0.1%. On the other end of the scale is the 2018-2019 marketing year with an average index price of $7.95 and stocks-to-use of 22.0%. The next largest was 2018-2019 at $8.35 and 15%. Recall those two marketing years were dominated by the US-China trade war.