The lack of organic soybean meal and soybeans that can be crushed has created an extensive bid-offer spread. Organic soybean meal prices are elevated in PA and are quoted at a range between $1,400 and $1,600. Imported organic soybean meal is offered at $1,400 in Baltimore on a truck which should place it closer to $1,430-$1,450 in Pennsylvania and near $1,480/90 in the mid-west. Exporters in India are telling The Jacobsen that COVID has created havoc. There is very little activity occurring, and expectations are for distribution to be approximately 25% of what was delivered in May of 2020. As a point of reference, according to U.S. Customs Department data, about 22K metric tons of organic soybean meal was delivered into the United States in May of 2020, and nearly 33K metric tons was imported into the United States in May of 2019.

The market now awaits to see if the United States will…