Argus Murmurings: Effects of port closure expected to be minimal for organic soy market

Organic soybean imports in April 2024 are estimated at 3,400 MT, down 90% from the prior month and 89% from the prior year. Ukraine and Canada both supplied an estimated 1,600 MT and the remaining balance of 200 MT was sourced from Togo.  

The Argus AgriMarkets Organic and non-GMO service weekly delivered spot price for feed-grade organic soybeans delivered to the U.S. Corn Belt for April 20 was $19.42, which is a decrease of $0.33 from the prior month and $4.15 from the prior year. The market has remained quiet as many buyers are willing to wait to start putting out new crop bids due to long stocks and concerns that prices could fall further. 

The closure of the Port of Baltimore resulting from the bridge collapse is not expected to have a significant impact on the organic soy market. Bulk shipments are not affected, but containerized imports will have to be moved to other ports until at least a partial reopening. Port authorities have indicated that they want a full reopening in May and both April and May have both historically been among the lowest months for imports of organic soy into Baltimore. As a result, minimal volumes are expected to have to be redirected into surrounding ports.  

Energy and commodity price reporting agency Argus acquired Mercaris, the leading provider of organic and non-GMO agricultural commodities in the US, in June 2023. The company is an SSGA member and a monthly contributor to the SSGA E-newsletter.