From USDA
Both the A-Index and New York futures prices have experienced exuberant rallies in recent months, reaching levels well above $1.00 per pound. From the time of USDA’s first forecast for MY 2021/22 in February 2021 through September, the A-Index surged roughly 15 cents from the mid 80-cent range, coinciding with a tightening of world stocks in USDA’s projected balance sheet.