Brazil narrows the gap with Argentina in global soybean meal exports

Brazil continues to strengthen its position among the world’s leading soybean meal exporters, steadily closing the gap with Argentina, which has long dominated the market. According to the Rosario Grain Exchange, Brazil is expected to export more than 12.3 mln tons of soybean meal in the first half of 2026, while Argentina’s shipments are forecast at 13.3 mln tons.

Analysts say the difference between the two exporters has narrowed dramatically. While Argentina’s soybean meal exports exceeded Brazil’s by nearly 86% in 2021, the gap could shrink to around 8% by mid-2026. This trend is driven by Brazil’s continued expansion of soybean crushing capacity, whereas Argentina’s processing industry has remained largely unchanged. At the same time, the growth of Brazil’s biodiesel sector has boosted domestic demand for soybean oil.

Higher soybean oil production also results in larger supplies of soybean meal, much of which is destined for export markets. As a result, Brazil is becoming an increasingly strong competitor to Argentina in the global feed ingredients market and is steadily reducing the long-standing export gap.

Meanwhile, Argentine soybean processors are facing mounting pressure. Global soybean meal prices have fallen by around 10% compared to May levels, reducing crushing margins. Any further decline in soybean oil prices could weaken processors’ purchasing power even more and limit support for domestic soybean prices.

Tags: soybean meal, Argentina, Brazil