Non-GMO soybean meal prices surge
Published: February 8, 2021
Category: Non-GMO News
India’s non-GMO soybean meal exports triple
Prices for non-GMO soybean increased significantly in the second half of 2020.
In July 2020, non-GMO soybean meal with 48% crude protein was selling for $552 per ton. Six months later the price had increased to $729 per ton.
The rise was sparked by sharp price increases in Chicago driven by concerns over drought-related harvest losses in South America. Also, supply of soybean meal in Argentina waned, fueling concerns of potential supply bottlenecks in Germany.
Supply in Brazil, which is the main supplier of non-GMO soybean meal, also tightened due to China taking the market.
Other countries were also seeking non-GMO soybean meal, and the supply focus shifted to European suppliers such as Danube Soya.
The increased global demand for non-GMO soybean meal caused India’s meal exports to triple, according to the Soybean Processors Association of India.
The biggest importers of India’s non-GMO soybean meal were France, which purchased 43,257 tons in December, and Iraq, which purchased 41,000 tons in the same month.
Sources: Biofuels International, FeedNavigator.com
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Organic & Non-GMO Insights February 2021