Organic soybean prices remain elevated, hovering near the $19.75/$20 region for mid-west beans. Most of the beans are committed so it’s hard to find any. To get imported beans to the mid-west the price would be well above the current domestic price. Organic soybean prices FOB India remain near $680-$700 per metric ton.
There is also still a strong demand for conventional soybeans which is generating strong demand for containers to be sent to China instead of India. According to the most recent Census Bureau data, China purchased a record $4.8 billion of U.S. food, agricultural, and seafood products during October. Soybeans accounted for the bulk of sales, $3.5 billion, in October.
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11.15.2024
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