04.24.2024
Biodiesel output strong in Q2; producers start locking in Q3-Q4 sales
A second producer echoed this sentiment and said they have had to work a bit harder to secure feedstock to line it up with sales at the right time.
Organic soybean prices have remained elevated, and continue to be scarce. Prices for old crop beans have traded at $32 per bushel, but there is a robust inversion for near-crop beans. This compares to little to no inversion in for new crop organic corn.
Shipping rates continue to move higher, and the movement in transportation is impacted trucking rates in the U.S. The Jacobsen has heard that shipping from India to Baltimore and Oakland is currently near $6,200 per FLC (or $302 per metric ton). Shipping from China is even higher with rates near $9,000 per FLC or $439 per metric ton. Even if some of the tariffs that have curtailed the Organic Soybean meal shipments from China to the U.S. could restrart, the price with shipping would be elevated.
Bulk Organic Soybean Meal Might Not Appear
There is also some rumors that one of the ships that is loading organic soybean meal in India which is expected to be…