Global soybean meal exports increased thanks to strong supplies from Argentina, Brazil and the US

According to Oil World (Germany), soybean meal exports from the four main supplier countries reached 6.8 million tonnes in June, exceeding the same level last year (5.88 million tonnes). Argentina accounted for the largest volumes at 2.7 million tonnes (2.59 million tonnes), Brazil at 2.51 million tonnes (1.84 million tonnes), and the United States at 1.49 million tonnes (1.32 million tonnes).

Overall, global soybean meal exports accelerated significantly in April-June of this year after a slowdown in the first quarter, reaching 20.3 million tonnes, 12% higher than the same period last year. Argentina delivered the largest increase thanks to increased domestic soybean supply, while Brazil increased exports amid increased soybean processing volumes, and the United States continued to ship soybean meal significantly more actively than a year earlier.

At the same time, changes in trade flows are being recorded in the global market. Thus, over the past six months, there has been a decrease in deliveries to the European Union, indicating a decrease in demand from this importer (5.60 million tons were imported in April-June compared to 5.66 million tons last year), while a significant increase in exports was recorded to Indonesia (1.84 million tons versus 1.69 million tons), the Philippines (0.95 million tons versus 0.59 million tons), Turkey (0.51 million tons versus 0.33 million tons), Saudi Arabia (0.88 million tons versus 0.41 million tons), Iran (0.93 million tons versus 0.66 million tons), Ecuador (0.75 million tons versus 0.49 million tons), Mexico (0.75 million tons versus 0.55 million tons), and Vietnam (1.41 million tons versus 1.36 million tons).

Thus, despite weaker demand from the EU, the global soybean meal market remains active thanks to the reorientation of trade flows to countries in Asia, the Middle East and Latin America, which maintains high volumes of international trade.

Tags: EU, prices, soybean meal, USA, Argentina, export, Brazil