Argus Murmurings: Pakistan approves imports of GM soybeans

Organic soybean imports in October 2024 are estimated at 1,237 MT, a 57% increase from the same month in the prior year. However, imports were down 98% from the prior month after a strong month of imports from Argentina in September. Argentina was the majority supplier with 721 MT. The remaining 516 MT was sourced from Uruguay.

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 ended Nov. 22 was $19.39/bushel, which is down both $0.39 from a month prior and $1.01 from a year prior.

Pakistan recently approved the importation of genetically modified soybeans, which could increase the organic soy supply in the global market, according to market contacts. Pakistan had previously only allowed imports of non-GMO soybeans, including organic soybeans, to fulfill their needs.

With genetically modified soybeans now allowed the supply of organic and non-GMO soybeans that fed their needs will instead be exported to other countries, including the U.S. Pakistan imported 160,000 MT of non-GMO soybean meal and 500,000 MT of non-GMO soybeans during the 2023-24 marketing year, according to U.S. Department of Agriculture estimates. This included both conventionally farmed non-GMO and organically grown soy products. These organic soy products, which can now be redirected to other importers, could add to an already amply supplied global organic soy market.

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.