Organic soybean meal prices are steady but several impetuses could generate additional volatility. The Jacobsen has heard of a range of prices FOB India, with highs near $620 per metric ton to lows near $575 per metric ton. The question is how long prices will remain at these levels given the continued spread of COVID-19 across the Indian nation and the lack of containers that are needed to ship grains to the US.
In the US, imports surged in August. Approximately 2.1 million containers were imported into major U.S. ports, in 20-foot-equivalent units, according to the Global Port Tracker. This was an increase of approximately 8% year over year and up 9.7% from July to the highest level in the past 18-years. At the same time, Indian imports have declined substantially during the same period. According to merchandisers Indian imports slowed by nearly 50% during the summer months, and several different vessels…
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