04.24.2024
Biodiesel output strong in Q2; producers start locking in Q3-Q4 sales
A second producer echoed this sentiment and said they have had to work a bit harder to secure feedstock to line it up with sales at the right time.
Organic soybean meal prices remain elevated, and merchandisers are becoming concerned that deliveries from India will not arrive. Prices in the mid-west have topped the $800 per short-ton for domestic organic soybean meal. There are still some offers for Q4 10-15 dollars per short-ton below that level. Prices are near $655 per Metric Ton FOB India. There are few old crop domestic beans to buy, and prices for new crop remain near the $20 per bushel level.
The Jacobsen expects farmers to plant more soybeans in the 2020/2021 season. Our 2020/2021 planting intention survey shows that acres that are allocated to soybean planting will increase by approximately 10% in the new crop season. This compares with a 6% year over year increase in acres planted related to organic soybean during the 2019/2020 season, and a 5% year over year increase in 2018/2019 season. The survey shows that more than 60% of the respondents that said they plan to increase organic…