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. 

Organic soybean imports in July 2024 are estimated at 27,200t (metric tons), compared to just 100t in the same month of the prior year. Imports were also 10 times that of the prior month. Argentina was the majority supplier with 26,500t. Paraguay supplied the remaining 700t.

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 August 23, 2024, was $19.61/bushel, which is down $0.30 from the prior month and $1.74 from the prior year.

Containerized freight rates for importing organic soybeans into the East Coast from South America have risen significantly in recent weeks, according to market contacts, while bulk shipment costs have remained relatively unchanged. The increase in containerized freight rates comes right as new crop exports from South America are becoming available. The high freight rates for containerized shipments are likely to make any organic soybeans imported this way uncompetitive with domestic soybeans. Containers have become more difficult to come by, which has also made it hard for some importers to find shippers with sufficient capacity. Since bulk rates have not seen a similar increase, more bulk shipments of organic soybeans, especially out of South America, are expected until container rates decline. The greater cost of importing organic soybeans could help provide bullish pressure to domestic organic soybeans if bulk shipments are unable to meet East Coast demand.

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. 

Organic soybean imports in May 2024 were estimated at 5,500t (metric tons), down 87% from the prior year and 70% from the prior month. Canada supplied an estimated 3,000t, followed by Paraguay with 1,000t. Togo was the primary source of African soybeans with 800t. The balance is covered by 200t from Argentina and 300t from Turkey.

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 June 21, 2024, was $19.50, which is up $0.05 from the prior month but down $3.86 from the prior year. Trading activity is expected to increase in July once buyers have a better sense of early crop conditions.

Importers are keeping an eye on the threat of a strike by longshoremen along the East Coast and Gulf Coast. Talks between the union and ports recently stalled, which could lead to the first port strike on the East Coast in decades. The peak season for the import of Argentine organic soybeans starts in the summer, so a long-lasting strike could make bringing in the recent Argentine organic soybean harvest difficult. Market participants are also keeping an eye on the chance of a rail strike affecting the two largest rail companies in Canada, Canadian National and Canadian Pacific Kansas City. The union is expected to hold a second strike vote in late June, which could lead to a strike in mid-July if successful. While some of the volume would be moved via trucks, freight rates are expected to rise. A backup of imports being unloaded onto trains could impact exports of Canadian organic soybean meal to the U.S., as well as prevent imported African organic soybeans from making their way into Canada to be crushed.

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. 

Organic soybean imports in October 2023 were down sharply to 1,200 MT, a decline of 87% y/y and 96% m/m. No country sent more than 1,000 MT in October, with the largest source being Paraguay with 700 MT. Togo was the second largest with 200, followed by Argentina with 100 MT. Uruguay, Canada and China all sent volumes under 100 MT during October.

Domestic organic soybean prices recovered in September. The price of feed-grade organic soybeans delivered to the U.S. Corn Belt averaged $22.00 during July, which is up $1.24 from the prior month and down $12.98 from a year prior. Market activity has been picking up as the organic soybean harvest begins.

Indications for the organic soybean harvest have been overall positive in the United States, but there is some regional variety. The western Corn Belt region has generally seen higher-than-expected yields, though not anything approaching a bumper crop. Generally improved soil moisture across the Corn Belt region contributed to stronger yields than last year, but some areas of western Minnesota still had some soil moisture issues that kept yields below trend. Nebraska and surrounding states in the High Plains have been weaker than other regions, with dry soil conditions causing some hits to yield. Acres that were not irrigated saw significant yield hits, but irrigated acres put out expected yields.

Mercaris, the nation’s leading market data service for organic and non-GMO agricultural commodities, is an SSGA member and a monthly contributor to the SSGA E-newsletter