Organic feed grain prices in Europe remain stable. You cannot find any organic soybean meal, and organic corn and organic wheat activity is light. Organic corn is trading near 270-275 euros per metric ton in Constanta. Ukrainian organic corn is difficult to find, and the price relative to conventional will make new crop organic corn scarce. Producers of conventional Black Sea corn can sell near the CME future rate which is 238 Euros per metric ton, making organic less attractive. The hassle a farmer faces to sell organic over conventional makes the spread between organic corn and conventional corn less appealing to produce organic corn.

The U.S. Trade Deficit Surges

Trade data for the United States was released on Tuesday. Imports surged, pushing the U.S. trade deficit to a fresh record high in March. Stimulus checks were the driving impetus as U.S. consumers flush with government cash. According to the Commerce Department, the trade deficit surged to…