Issues at Suez Canal Delay Containers from India

Issues at Suez Canal Delay Containers from India

Non-GMO soybean prices are not experiencing a robust move in their premiums. The premium over the conventional local prices remains near $1.30-$1.40 per bushel. While the non-GMO soybean’s flat prices have moved higher in tandem with conventional prices, the premium over conventional has remained steady. Non-GMO soybean meal premiums have also remained steady, around $100 per short ton over the local cash prices.

Organic soybean prices remain elevated, and there are not many left in the United States’ interior. Organic soybean meal prices are trading at big numbers on the coast, and merchandisers are concerned that Q3 will be more volatile. Organic soybean meal on the East-Coast is selling near $1,200/$1,250 per short ton.

Organic soybean meal prices FOB India range from a low of $900 per metric ton to $970 per metric ton. This situation comes at conventional soybean prices in India again hit an all-time high, trading above $800 per metric ton.

Unfortunately, the Suez Canal issue is not helping shipping rates that continue to move higher on the spot market. All of India’s organic soybean meal shipped to either Baltimore or Montreal needs to go through the Canal. The backup is only making issues more complex and delaying any containers headed to the U.S. or Canada from India.

Organic soybean prices that are imported from Canada are also notching up high levels. Prices FOB the farm in the Quebec region is trading near $25 per bushel. The Jacobsen also hears the organic soybean oil prices are heading back up to the highs seen in late 2019 early 2020. Merchandiser has told The Jacobsen that organic soybean oil prices are hovering near $0.68-$0.70 per pound.

 

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