Organic Soybean Prices Continue to Rise

Organic Soybean Prices Continue to Rise

Organic soybean prices are elevated and trending higher. The Jacobsen is reporting trades of organic soybeans in Pennsylvania at $22.75 per bushel. Prices are now offered at $23 per bushel in the region.  Organic soybeans are bid near $20.00 to $20.75 in the northern mid-west.  For the Q3 organic soybeans are offered near $23 per bushel in Illinois. What is hard to believe is that a domestic crusher can purchase soybeans above $21 per bushel and still make money selling soybean meal and soybean oil. Prices of organic soybean meal and organic soybean oil will need to rise for domestic crushing to be abundant.

Organic soybean meal prices in the Pennsylvania region are rising slightly, hovering near the $850-$870 area. Prices for organic soybean meal customers cleared in Baltimore and transloaded are somewhat above the $825 level.  Organic soybean meal FOB India remains steady but prices for FCLs continue to rise. Exporters are telling The Jacobsen that an FCL is near $3,700-$3,800. This price level puts the prices near $180 per metric ton, which is up more than 50% over the past month.

Organic Turkey Retail Sales Surges in December

According to The Jacobsen, organic turkey retail sales at supermarkets and big-box stores continued to trend higher in December. Organic turkey sales rose 36% year over year in December, notching up sales of more than 31-million dollars. For the 12-months ending December 2020, organic turkey retail sales rose more than 29% year over year. The robust demand for organic turkeys at the supermarket and big-box stores confirms the tremendous organic turkey slaughter, which has increased more than 200% year over year.

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