Organic soybean prices remain high, and there is no relief in sight. According to trade data from the U.S. Customs Department, organic soybean imports declined 19% year over year for the 12-months ending December 2021. Merchandisers tell The Jacobsen/Fastmarkets that 1 and 2 load increments of organic soybeans are around, but there are no large quantities of domestic organic soybeans for sale. There are also no organic soybeans that can come from Canada to satisfy the needs of feed mills in the North East. If consumers wait for South American organic soybeans to go to the rescue in June and July, they might be in for a rude awakening.
The prices of conventional soybeans are rocketing higher and are poised to test the highs seen in May 2021. The drought in South America is driving up the price as consumers fear that demand will exceed supply. On Wednesday, the USDA releases its monthly WASDE report. According to our sister company Agricensus, the USDA has reduced its…
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