Mercaris Murmurings: Quiet month for organic soybean imports

Imports of organic soybean – both whole beans and meal – into the U.S. were quiet in April. Just 1,200 MT of organic soybeans came into the U.S. in April, which is 96% below the prior year and down 95% from the prior month. Both the Black Sea and Argentina – which are large sources of organic soybean imports – did not have any volume come in during April. The volume that did come in was primarily from Togo with 1,100 MT. The remaining 100 MT were sourced from Madagascar.

Organic soybean prices ticked down further during April. During April, the price of feed-grade organic soybeans delivered in the U.S. Corn Belt averaged $22.90, down from $24.20 in March and $39.00 from a year prior. Contracting activity has picked up – especially for new crop – but still remains quiet. Most buyers are still long on soybeans from last year and are hesitant to add to their stocks at current prices.

Soybean planting has been ahead of schedule in the largest organic soybean-producing states. As of the last Crop Progress & Condition Report, Illinois – which led the country in organic soybean acres harvested in 2022 – currently has 69% of its soybeans planted. This puts Illinois ahead of pace, with the five-year average being only 48% of the average planting in the ground to date. Meanwhile, the second largest state for organic soybean acres in 2022, Michigan, has planted 95% of soybeans compared to a five-year average of 84%, and Iowa – which is third in organic soybean acreage and first by number of operations – has 69% planted compared to a five-year average of 48%.