I’ve had two contacts this morning asking about soybean meal availability and options for diets in late September and early October. If you haven’t been paying attention, the ‘trade’ fears that the upper Midwest will run out of soybeans (and soybean meal) prior to the new crop beans showing up at processors.
As I write this blog, ADM-Mankato is quoting cash soybean meal at $659.70/t with a +$225 basis. Old crop cash beans are $13.33.
Is this a trade ‘scare’ or is there a real shortage looming? I don’t know, but at $659.70/t, swine diets will change drastically.
In talking with several producers around the United States this morning, it doesn’t appear that this sudden spurt in pricing has caught their attention yet. For some, they rely on toll millers to make the purchase-and-supply decisions and the message hasn’t filtered down. For those who process on-farm, they don’t always follow pricing until it's time to receive another load of meal.