Brazil Cuts June Soybean Meal Export Forecast, but Shipments Remain Well Above Last Year

Brazil’s National Association of Grain Exporters (ANEC) has lowered its forecast for soybean meal exports in June 2026 to 2.24 million tonnes. The revised estimate is 2.9% below the 2.31 million tonnes projected a week earlier.

Despite the downward adjustment, the forecast remains substantially higher than last year’s level. Brazil exported 1.67 million tonnes of soybean meal in June 2025, meaning shipments this month are expected to increase by 34.4% year-on-year.

Brazil remains one of the world’s leading soybean meal suppliers, and the sharp increase in its exports is contributing to ample availability on the global market. The abundant supply is putting pressure on domestic spot prices for soybean meal.

Weak sentiment is also persisting in the futures market. The most active September 2026 soybean meal contract on the Dalian Commodity Exchange closed at RMB 2,942 per tonne on June 18, down RMB 12 from the previous trading session. Open interest fell by 51,265 lots, indicating continued short-term pressure on prices.