Indian Soybean Prices Hit Record Highs

Indian Soybean Prices Hit Record Highs

 

The organic soybean prices and byproduct complex continues to experience upward price pressures. COVID pressures are again rearing its ugly head. Mumbai has avoided a complete lockdown but has imposed severe restrictions. Local contacts in India are telling the Jacobsen that operations at Nhava Sheva are expected to be hampered at least till April 30th, though not completely stopped.

Organic soybean meal prices have recently traded at $1,200 per short ton in the Pennsylvania area. The global rally in soybeans has helped buoy India’s soybean prices which closed at record levels on Tuesday. Conventional Indian soybeans closed at $875 per metric ton. Merchandisers have quoted organic soybeans FOB India at $1,100 per metric ton, equal to $30 per bushel. Organic soybean meal FOB India is quoted by merchandisers from $970 and $990. Over the past three years, the historical average ratio between Indian conventional soybeans and Indian organic soybean meal is 1.17,…

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