Organic soybean prices in India are buoyed and prices in Baltimore are on the rise. Freight rates continue to climb and are currently near $120 per metric ton which is putting upward pressure on prices in Baltimore. Some of the increase in freight rates is tied to the surge in prices of shipping rates between the US and China which have reached a record high in the last 3-months. Rates could peak as recent government intervention on both sides of the Pacific and operator commitments to boost capacity, could help ease freight rate price pressures.
As the Jacobsen discussed in previous analysis pieces, that there continues to be an issue with containers coming back into India. The lack of containers and upward pressure on freight rates is buoying delivered organic soybean prices into the US. While organic soybean prices generally beat to their own drum in the US, prices in India are partially driven by gains and losses on the futures exchange. The NCDEX soybean prices have…
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