Argus Murmurings: Market remains slow as harvest approaches

Organic soybean imports in August 2024 are estimated at 25,100t (metric tonnes), twice that of the same month of the prior year. Imports were also down 8pc from the prior month. Argentina was the majority supplier with 16,200t. Turkey was the next largest supplier with 8,700t. The remaining 200t was sourced from Paraguay. 

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 the week ending Sept. 20, 2024, was $20.07/bushel, which is up $0.36 from the prior month and down $0.34 from the prior year.  

Availability of old crop organic soybeans is spottier and varies by region. Most merchandisers and end users have reported that they are covered through new crop. Availability has been tightening in some regions  still looking for coverage, especially in the Eastern Corn Belt and East Coast. East Coast old crop spot prices have ticked up over recent weeks as end users need to bid more aggressively on old crop loads.  

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.