Global demand for soybean oil outpaces interest in soybean meal
In January-May, soybean oil exports reached a record 4.7 million tons (+31% compared to the same period in 2024), while meal supplies slowed: +8% to 26.4 million tons.
Oil World experts note that against the backdrop of active biofuel production and consistently high consumption in the food sector, demand for soybean oil is growing faster than for meal.
South America provided about 70% of the additional volume: Brazil increased oil shipments by 0.9 million tons, Argentina – by 0.3 million tons.
China, India and the countries of Southeast Asia became the main drivers of imports: total purchases increased by 0.8 million tons over five months.
The EU is seeing the opposite trend: due to saturated warehouse stocks, oil imports fell by 12% in the first quarter.
Soybean processing rates in the world remain high, but processors are switching priorities to increasing oil yield. Oil World suggests that by the end of the 2024/25 season, global oil exports may exceed 13 million tons for the first time, while meal supplies will grow only to 55 million tons, maintaining a lag in dynamics.
The shift in demand towards oils intensifies competition between exporting countries for premiums on the “green” component of biofuels. At the same time, the sluggish growth of meal puts pressure on the margins of feed producers, especially in pig and poultry farming.
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