Conventional Indian soybeans eased for a second consecutive week, and while mid-Week the price moved back above $1,000 per metric ton, the prompt contract settled for the week below the $1K level. Organic soybean meal is offered at $1,100 per metric ton FOB India. The latest FLC price The Jacobsen has heard is $6,300. This level would put prices above $300 per metric ton to get a container from India to Baltimore or Oakland. While prices are offered at very high levels, it appears that many consumers are willing to live with a hand-to-mouth inventory approach. Consumers tell The Jacobsen they are not ready to lock in elevated prices at these levels for more than a quarter at most.

Retail Sales at Grocery Stores Remain Strong

For the second consecutive month in a row, grocery store retail sales were higher year over year. In May, grocery store retail sales increased to 66-billion for the month, the second-largest on record (only second to March 2020 when the…