The latter half of January featured a rally in grain prices that hasn’t been seen in almost a decade. Now that the USDA reports that kicked off that rally are well in the rearview mirror, the industry is looking to the demand side — at home and abroad — for signs that prices will continue to stay strong. Feed demand — which USDA said had fallen in January — is a major domestic demand component to watch, especially as the livestock sector starts to look for ways to ration prices. Ethanol production and exports are also major factors for corn; exports account for about 10% of total demand, and that’s holding firm right now as production continues around normal levels despite the surge in corn prices. For soybeans, strong domestic crush numbers, production and delivery hiccups in places like Argentina and Brazil, and China’s continued purchases are all factors to watch to get a feel for the sustainability of the soybean rally moving forward. See more of the latest data.