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. 

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. 

Organic soybean imports in June 2024 are estimated at 2,400 metric tons (t), down 92% from the prior year and 7% from the prior month. Ukraine was the largest source with 1,500 MT, followed by Paraguay with 500 MT and Turkey with 400 MT.

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 July 19, 2024, was $20.12, which is up $0.62 from the prior month but down $2.63 from the prior year. Trading activity has been picking up now that the organic soybean crop has been planted.

Availability of African organic soymeal has been tightening, according to market contacts. North America-based importers have reported greater difficulty finding volumes for exports to the U.S., with many African exporters unwilling to offer detailed quotes for organic soybean meal past July. It is unclear if the tightness in the African market is going to continue long-term. Organic soybean stocks in Africa have been drawn down by persistent strong exports to the U.S. Availability is likely to increase when North Africa harvests in the fall, but in the short term the tighter stocks could be a challenge for some end users that have relied on spot purchases to cover their needs.

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 April 2024 are estimated at 13,000t (metric tons), up 148% from the prior year but down 55% from the prior month. Turkey was the largest source with 8,000t, followed by Canada with an estimated 2,000t. Ukraine supplied 2,000t, while Paraguay and Argentina both sent volumes under 1,000t.

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 May 24, 2024, was $19.45, a decrease of $0.01 from the prior month and $4.93 from the prior year. The market has been quiet as buyers wait to get a better idea of how organic soybean planting goes.

Even as U.S. organic soybean pricing has fallen, Africa has continued to ship significant volumes of organic soybean meal into the U.S. Market contacts have reported that some loads are brought into the U.S. without a buyer, at which point the importer regularly discounts the price until it is sold. As a result of the availability of African organic soybean meal, traders have reported difficulty selling domestic soybean meal into the East Coast. The steady shipment of 10,000-15,000t per month of African soybean meal into the U.S. has applied further bearish pressure to an already amply supplied 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. 

Organic soybean imports in Nov. 2023 increased significantly to 28,000 MT, an increase of 56% y/y and 2200% m/m. Argentina was the largest source with 16,000 MT, followed by Turkey with 8,000 MT. Uruguay and Ukraine both sent 1,000 MT. This was the first month that Ukraine has exported organic soybeans to the United States since Oct. 2022.

Domestic organic soybean prices recovered in November. The price of feed-grade organic soybeans delivered to the U.S. Corn Belt averaged $22.00 during November, which is down $0.15 from the prior month and down $7.49 from a year prior. Organic soybean trading has been quieter than usual for this time of year but has picked up from recent months.

The recent election in Argentina, a major source of organic soybeans, has raised questions about the potential dollarizing of the Argentine economy proposed by the new president would affect exports. In recent years, the Argentine economy has been affected by significant inflation, which has made farmers hesitant to export their grain. Grain stored on farm will be paid for with U.S. dollars when exported to the U.S., so while held on farm the value is not affected by the persistent inflation. When farmers do sell the grain and convert the revenue into Argentine pesos, it then becomes vulnerable to inflation and can lose value quickly. Farmers are then incentivized to hold onto their grain for longer. If the Argentine economy was converted to U.S. dollars, then farmers would have less of an advantage to carrying grain rather than selling it for export. This could help to front end Argentine exports more heavily towards harvest. However, a recent increase of 3% points for export duties will hamper some agricultural exports.

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