Corn and soybean meal prices in Europe approach record highs

Corn and soybean meal prices in Europe remain close to historic highs amid concerns over supply. The market is being supported by heatwaves and worsening EU crop prospects, disruptions to supplies from the Black Sea region, and high soybean meal premiums in Brazil.

According to Platts, corn in Spain was assessed at €245/t EXW as of August 26, up €6/t from a month earlier. Soybean meal in the Netherlands rose by €13/t over the month to €379/t FOB, while in Spain it gained €15/t to €381/t EXW.

One of the main factors supporting corn prices is the risk to Ukrainian supplies amid the escalation of the war and disruptions to Black Sea logistics. As a result, European buyers, particularly Spain, are relying more heavily on corn from Brazil and the US. Expectations of lower EU corn production in 2026/27 MY are adding further support.

High prices are already prompting feed producers to look for alternatives. In Spain, some expensive corn and wheat could be replaced with barley, which has already been harvested and is available on the domestic market.

Soybean meal prices are being supported by high Brazilian premiums amid weak soybean crush margins. At the same time, higher prices for Brazilian and Argentine soybean meal are making US product more competitive in the European market, potentially paving the way for increased US supplies.

Tags: corn, EU, prices, soybean meal