Organic US soy prices hit record and fuel food inflation

CHICAGO (Oct 11): US prices for organic soybeans used to feed livestock and manufacture soy milk have surged to record highs as imports that make up most of the country's supply have declined, triggering price increases for food including organically raised chicken. The costly soybeans and higher-priced organic products are fueling food inflation at a time consumers are eager to eat better and focus on health during the COVID-19 pandemic. The US$56 billion US organic food sector is also grappling with a shortage of shipping containers and a tight labor market as global food prices hit a 10-year high. Food companies and chicken producers are experiencing bigger sticker shock from prices for organic soybeans, which are shipped in containers, than for the conventional crops shipped in bulk. Regular soy prices are around a seven-year high, rather than an all-time record. Organic chicken producers are cutting corporate expenses to offset high feed costs and scrambling to source crops ...