Brazil and the U.S. failed to compensate for reduced soybean meal supplies from Argentina

According to Oil World (Germany), total soybean meal exports from the 3 major supplying countries totaled 5.03 million tons in July, broadly in line with the previous month (5.02 million tons) and down slightly from 5.28 million tons in July 2022.

Including the United States supplied 1.1 (1.26; 0.83) million tons to the foreign market, Argentina 1.73 (1.76; 2.5) million tons, and Brazil 2.2 (2; 1.95) million tons.

Thus, total exports of the product since the beginning of MY 2022/23 (October-July) reached 46.89 million tons, which is 3.42 million tons behind the result in the specified period of MY 2021/22. Experts note that the increase in exports of soybean meal from Brazil and the United States could not compensate for the reduction in supplies from Argentina to the world market.

Thus, since the beginning of the season, the United States shipped 11.44 (+0.81) million tons of soybean meal, Brazil – 17.38 (+0.81) million tons, Argentina – 18.08 (-5.04) million tons.

Key destinations were the EU, which imported a total of 13.56 million tons against 14.28 million tons in October-July 2021/22 MY, and Asian countries, especially Indonesia with 4.39 (4.57) million tons, Vietnam with 3.79 (4.3) million tons, Thailand with 2.61 (2.43) million tons, and the Philippines with 2.41 (2.51) million tons

Tags: Argentina, Brazil, soybean meal, USA