Argus Murmurings: Buying activity expected to pick up once harvest wraps up

Organic soybean imports in September 2024 are estimated at 63,300t (metric tonnes), a 104% increase from the same month in 2023. Imports were also up 152% from the prior month. Argentina was the majority supplier with 58,200t. Turkey was the next largest supplier with 4,800t. The remaining 300t was sourced form Paraguay.

The Argus AgriMarkets Organic and non-GMO service weekly delivered spot price for feed-grade organic soybeans delivered to the US Corn Belt for the week ended Oct. 21, 2024, was $20.07/bushel, which is up $0.36 from the prior month and down $0.34 from 2023.

It is expected that producers will become more active in securing contracts as well, as growers will need to balance storing a large organic soybean harvest in addition to a large organic corn harvest. Market contacts have indicated that due to unattractive spot pricing, organic producers are more inclined to sell new crop organic soybeans and store organic corn until 2025. If this occurs along with increased end user demand, the U.S. organic soybean market is likely to become much more active by the end of October.

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.