The NCDEX crashed $71 per metric ton on Wednesday, following an all-time high near $1,300 per metric ton for Indian soybeans. Exporters continue to describe massive volatility. Organic soybean meal is offered $1,250 per metric ton FOB India. The Jacobsen heard of some Turkish organic soybean meal offered near $1450 on the east coast but cannot confirm any size. With freight rates surging, prices of organic soybean meal to Baltimore and Oakland will remain elevated. The bulk vessel that is/was carrying organic soybean meal (the IKAN PULAS) appears close to Baltimore.

It’s unclear if there is still organic soybean meal on the ship and headed to Pennsylvania. The Jacobsen speculates that the merchandiser that loaded the ship would likely bring Indian organic soybean meal (nearly 8K metric tons) to a feed mill in PA. The Jacobsen has also heard that a second bulk vessel expected to load in India has been…