European soybean meal prices ease from record highs as origin premiums fall

European soybean meal price hit a record high on April 29 when Platts, part of S&P Global Energy, assessed FOB Netherlands soybean meal at Eur372.50/metric ton, up 11.8% since the beginning of March, while EXW Spain was assessed at Eur382/mt, up 13.6% in the same period.

Both FOB Netherlands soybean meal and EXW Spain assessments were at their highest levels since the launch of the Platts assessments in May 2025 and October 2025, respectively.

Since then, however, Platts assessed FOB Netherlands soybean meal eased to Eur364/mt May 6, while prices in Spain remained at a higher level, with a slight fluctuation at the beginning of May, Spanish traders said.

Traders, brokers and buyers across Europe had attributed the uptick in prices through March and April to geopolitical tensions, rising freight costs and tighter global supply.

According to traders, brokers, and buyers, the rally was primarily driven by the escalating Middle East conflict, stronger Chicago Board of Trade (CBOT)soybean prices and supply constraints from major origins, such as Brazil and Argentina.

As tensions intensified in March, freight rates surged by about 20%-25%, further supporting price increases in Europe from early March, a Spanish broker said.

“Amid the Middle East conflict, freight rates increased significantly, which made prices higher,” the same broker said.

“With higher fertilizer costs and tighter supply from Argentina, the situation worsened and premiums from all origins rose,” a Dutch trader said.

Current situation

The easing trend began after prices hit record levels, as market participants reported weaker offers and a decline in origin prices amid the lowering CBOT soybean meal prices.

“From the beginning of the week, offers are easing in the Netherlands,” a second Dutch trader said.

In Spain, however, the market remains inverse, with May prices trading Eur19-20/mt above June levels, the trader added.

Spain is expecting substantial arrivals during the second half of May, putting pressure on June prices, another trader said.

“With June offers going down while May remains stable, buyers are waiting until the last moment,” the trader said, adding that the market is watching whether South America’s new crop pressure may push prices lower in the coming weeks.