Argentine soybean meal trades above Brazilian for the first time since May
Export prices for Argentine soybean meal moved $7/t above Brazilian values last week. The premium was the widest since May 2026, when Argentina faced delays to its harvest campaign.
Soybean meal prices in South America rose by around 6% in September. The main driver was strong import demand from Europe ahead of the implementation of the EU Deforestation Regulation, or EUDR.
The current market structure is unusual, as Argentine soybean meal typically trades at a discount to Brazilian product. Logistics are an important factor: most Argentine exports move through the Up River corridor, where draft restrictions limit vessel size and loading volumes.
Stronger European demand has altered the usual price relationship between South America’s two largest soybean meal suppliers. Spain, Germany, Poland, the Netherlands and Italy remain the biggest buyers of soybean meal in the EU.
Further price movements will depend on the pace of EU purchases and logistics conditions in Argentina. Continued strong demand from European importers could keep Argentine soybean meal prices supported relative to Brazilian values.
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