Organic corn markets have languished during 2024, declining nearly 21% over the course of the year. Imports were abundant in the first quarter of 2024, ostensibly to prepare for the March implementation of the widely anticipated Strengthening Organic Enforcement Act (SOE).
SOE was developed to address fraud in organic markets, and in the months following implementation, many stakeholders wondered why they were not hearing about any fraud investigations. By the fourth quarter, the National Organic Program (NOP) had issued revised guidance for organic exports from West Africa.
Recognizing the high risk of fraud in the region, NOP moved to require import certificates for each cargo, rather than an aggregated approach that has been accepted previously. Soybean and soybean meal imports from the region have declined considerably.
Our contacts operating in the region told Fastmarkets that any future imports will come from the 2024 crop.
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