Organic soybean meal imports tumbled in March, declining by 33% month over month and by a similar volume year over year. This scenario was the most negligible monthly import of organic soybeans since September of 2018. Exporters tell The Jacobsen that few organic soybean meal shipments are moving west from India due to the open petition by the Organic Soybean Meal consortium, the certification issues, elevated shipping costs, and sky-high conventional price. Forget about the supply chain from India having problems that are related to COVID-19. Any one of these issues on its own would create higher prices, but the supply disruption is likely to keep a bid under prices. The coverage zone that likely instills the most fear is Q3.
The rally in conventional India soybeans is turbo-charging the rally related to organic soybean and organic soybean meal prices. Conventional soybean prices hit all-time highs on Monday, but…
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