Organic soybean meal prices continue to edge higher and are currently quoted at 630 per metric ton FOB India. There are concerns amongst merchandisers that are helping to keep prices buoyed. First, the weather in India has been wetter than expected and has likely damaged some of the crop. The Jacobsen had expected the total production of soybeans in India for the 2020/2021 season to produce close to 11-million metric tons per year, just a 1-month ago. All of the soybeans produced in India are non-GMO with a portion that are organic. The Jacobsen is now hearing that as much as 30% of the crop could be damaged which could take the total production down to 7.7 million metric tons per year. Its hard to believe that the volume of organic soybeans harvested could be less than last years 8.5 million metric ton that were produced in 2019/2020. A more realistic target would likely be 9-million metric tons of Indian soybean production.
Second, merchandisers are seeing…
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