New-crop organic soybean prices in Quebec are creeping higher. In the last 4-weeks, prices have increased to more than $28 per bushel from $26 per bushel. While there have been few transactions to report of new-crop soybeans in the U.S., it is clear that farmers are now holding on to their organic soybeans, waiting to see where prices will go. Currently, there is less than a 1% inversion to U.S. conventional soybeans but a $6 inversion to organic soybeans from old-crop to new-crop. The Jacobsen believes there will be a convergence, and new-crop prices will likely continue to rise toward current old-crop prices.

 There seems to be little desire by consumers to lockin current prices. The DOC Preliminary Determination date for the organic soybean meal duty against India remains at September 7, 2021, backed up from August 31, 2021. Merchandisers tell The Jacobsen that organic soybean meal plants in India have closed down. The lack of activity and the threat of…