Brazil soybean meal exports reach record in 2025 amid growing EU demand, low prices

A forecast 2026 bumper soybean crop in Brazil, partnered with a projected high crushing rate, is poised to pressure already-low South American soybean meal prices this year and keep the EU as a top consumer.

Brazil exported a record 23.3 million metric tons of soybean meal in 2025, with 11.7 million mt, or 50.2%, going to the EU, according to data from the Brazilian Secretariat of Foreign Trade. The Netherlands, France, and Spain were the main EU buyers.

It was the first time in six years that the EU accounted for over half of Brazilian exports. The last time it happened in 2019, Brazil exported 16.69 million mt, with the EU taking 8.83 million mt, or 52.9%.

S&P Global Energy CERA estimates that Brazil’s soybean meal exports, which have surged by 70% over the last decade, will grow to a new record of 24.5 million mt in 2026, a 5.2% increase year over year.

Low prices

The key driver of the EU’s consumption of Brazilian soybean meal has been low prices, as European purchase prices are typically at a sizable premium.

In 2025, FOB Paranaguá prices fell to their lowest since S&P Global Energy Platts began assessments in 2020, dropping to $284.17/metric ton on July 15, 2025.

Platts data showed Brazil soybean meal prices averaged $317.84/mt FOB Paranaguá in 2025, compared with $354.12/mt FOB in the Netherlands and $380.36/mt EXW in Spain. Platts began assessments of soybean meal prices in the Netherlands on May 1, 2025, and in Spain on Oct. 1, 2025.

Brazil soybean meal prices are expected to stay low throughout 2026 amid ample supply.

“With crush set to rise in 2025-26, South American meal prices should remain competitive, supporting a larger export program,” CERA analysts said in January’s South America Crops Market Update.

Over the past 10 years, Brazil’s soybean crushing and soybean meal production have grown by more than 50% nationwide, driven by rising demand for soybean oil input for the country’s biodiesel industry and ever-larger harvests.

CERA estimates Brazil to produce 184 million mt of soybeans this year, an all-time high. If confirmed, the crop will be 7% higher than 2025’s harvest.

In 2025, a record 58 million mt of soybeans were processed in the country. CERA projections show that volume will increase to a new high of 61 million mt in 2026, leaving a surplus of soybean meal supply available for export.

EUDR delayed again

Further incentivizing flows from Brazil across the Atlantic Ocean in 2026 is the second postponement of the EU Deforestation Regulation, a law meant to ensure deforestation-free imports.

The regulation, which could limit soybean meal export volumes from top suppliers in South America, was first postponed in 2024 and was delayed yet again in November 2025, just weeks before its anticipated implementation, due to concerns about the complexity of compliance and the need for further technical adjustments.

With the EUDR now not expected to come into effect until at least Dec. 30, 2026, for large operators and mid-2027 for smaller operators, EU soybean meal buyers this year will altogether avoid prohibitive sourcing issues in securing low-cost Brazilian supply.