The organic soybean and organic corn harvests are off to a mixed start. Farmers tell The Jacobsen that there is very little corn that has been harvested in the mid-West. In the Minnesota, Wisconsin, and Illinois areas, there is nothing to speak of to date. Surprisingly there are organic soybeans that have been harvested in the upper mid-West. Merchandisers tell Fastmarkets/The Jacobsen that some of their storage facilities have received up to 50% of the beans they have contracted. Most organic soybeans are in good shape, with moisture in the 13-14% range. While there are bids in the $31.5-$32 range in the upper mid-West, prices are experiencing upward pressure due to the lack of soybeans that are NOT under contract.
On Wednesday, the U.S. Labor Department reported its Consumer Price Index. The headline number was slightly higher than expected, while the core was less than expected. Food prices were the main catalyst for the…
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