A combination of higher freight rates and lack of mobility in India could put additional upward pressure on organic soybean meal prices. According to Apple Mobility, driving within India is down 56% since January 13, 2020. While this is up significantly from its lows (down 85%), it still reflects the issues India is likely to have with shipping organic soybeans/meals to the United States.
India reported 8,380 cases on Sunday, May 31, which increased the total of confirmed cases to 182,143, one of the top 10 highest totals in the world. This is up from 110,000 on May 22, 2020. The concern is that the spread continued to impede port workers from returning from their villages which have kept the ports running well below capacity. Organic soybean meal prices have eased slightly but it will cost more to get it to Baltimore. Some merchandisers are quoting transportation costs up 15% compared to prices in March.
In addition to the hardships that are…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
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