Organic soy prices continue to see support through trade concerns
An ag economist says organic soybean prices continue to push higher ahead of a record expected harvest because of import concerns.
Ryan Koory with Mercaris tells Brownfield organic soybean prices have been relatively stable over the past five years, until 2021.
“Last September you were looking at organic soybean prices that were around $20 per bushel delivered to U.S. elevators, right now as we get into harvest of this year, we’re looking at soybean prices that are around $35,” he says.
Typically, prices drop some during the harvest season and with a 15 percent increase in production expected to set a record, Koory says that should happen again but it’s not.
“If you’ve got beans to sell, it’s pretty easy to find someone who’s willing to buy them,” he says.
Organic soybean meal imports have also set new highs this year following the U.S.’s announcement it will end its organic recognition agreement with India and it’s the anti-dumping case with the country.
Koory says meal imports in the year ahead are expected to be extremely tight and he’s forecasting organic whole soybean imports to rise as well despite increasing domestic supplies.