While organic corn prices and organic wheat prices remain subdued, the whipsaw price action in organic soybean meal prices expresses concern. There are few organic soybeans around ahead of the 2020/2021 harvest. Prices are hovering near the $21.50 per bushel level in Pennsylvania. Organic soybean meal prices are also getting elevated. Prices no longer appear to have 7-handle in front of them. The Jacobsen has seen prices offered from 800-860 per short-ton for Q3 between the Midwest and PA.

Will the COVID Impact Last?

The cheese market has been on a tear, as conventional prices spiked to all-time highs (CME futures) last week. The runup was due to the surge in restocking. The conventional space is likely to ease as the decline in restaurant demand likely outweighs the rise in retail demand. With cheesemakers running at full capacity, prices will likely peak now that inventories are restocked.

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