Indian conventional (non-GMO) soybeans declined by $340 per metric ton as traders took profits from the recent all-time highs. Last week, soybean prices surged above $1,300 on the NCDEX. The combination of higher conventional soybeans and the increase in freight rates continue to help buoy the price of organic soybeans. Merchandisers have told The Jacobsen that the freight rate from Nhava Sheva to Baltimore and Oakland hit a high of $9,500 per FCL this week. This elevated level is approximately $450 per metric ton, up from $90 per metric ton in October 2020. Shipping rates are up globally, not only in India. The rate for an FCL from China has surpassed $20,000.

Organic Chicken Slaughter Remain Upbeat

In 2020, organic chicken slaughter by weight came back late, following a drop in April and May. The decline in organic chicken slaughter coincided with the shuttering of several slaughterhouses as COVID spread through these operations. In 2021, there has…