11.13.2024
Neste, Air Canada sign SAF agreement for Vancouver
Finnish transport fuel producer Neste and Air Canada have signed an agreement for the delivery of approximately 20 million gallons of sustainable aviation fuel (SAF) for use by the...
Organic soybean prices remain elevated, and while there is little activity ahead of new crop, organic soybean prices continue to hover near $20 per bushel. There is a small carry with new crop organic soybeans in the mid-west hovering near $20 and old-crop spot organic soybeans priced just below at $19.70. Organic soybean prices in India are reported near $635 per metric ton, buoyed by stronger demand for organic soybean oil. Organic soybean oil prices remain elevated. Prices in the US appear to be bifercated with some merchandiser reporting prices as low as the low 50’s while other see it closer to $0.65 per pound. Prices in India have moved up to $1,200 per metric ton FOB Nhava Sheva. That would put prices near $1,300 per metric tons at the port in Baltimore or $0.54 per pound, before customs clearing. With a 19.5% duty on oils from India, the price would be closer to $0.65 per pound.
Organic food-grade soybeans that are used for organic soybean milk have been experiencing a downward trend until the onset of the pandemic in March. You can see that the trend in the 12-month moving average has been downward sloping but appears to have bottomed in January of 2020. Since the trough, the 12-month moving average has rebounded nearly 5% since hitting a bottom in January of 2020. The rebound in demand for organic soybean milk, which has the largest sales value of any of the organic soybean food-grade byproducts, likely means there will be little to no spillover of organic food-grade soybeans into the feed soybean allotment during the new crop season.