Organic soybean meal prices remain steady near the upper end of the current range. Commentary from consumers is that prices are reaching resistance. The Shanghai Xin, now in Morehead City, NC, stopped in mid-February in Nola. Merchandisers tell Fastmarkets that the Nola stop was an organic soybean meal. We have not been able to confirm this information. The port of Origin was Samsung Turkey.

Surprisingly, new crop organic soybean meal is trading at levels that are $300 per short-ton less than spot and Q2/Q3 prices. Prices at these levels mean that crushers can buy organic soybeans at $31/$33 per bushel. It does not hurt that conventional soybean oil is trading north of $0.70 per pound.

At these levels, an organic crusher using an expeller press can purchase organic soybeans at $31/$33 per bushel and sell organic soybean meal for $1,350/$1,400 per short ton and still make money. Post the harvest, plenty of organic soybean oil seems to be around. The high…