Organic US soy prices hit record and fuel food inflation

Updated Oct 12, 2021
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 produced in the United States rather than abroad. The US imports about 70% of its organic soybeans, according to industry estimates, and US organic production has not increased enough to keep pace with growing demand. Bell & Evans, a 127-year-old Pennsylvania-based chicken producer, feeds organic US crops to 500,000 to 600,000 chickens each week and must compete for soybeans with other buyers that formerly relied on imports, owner Scott ...
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