The US became the main exporter of soybeans to the EU in the new season

However, in the soybean meal category, Brazil, on the contrary, confidently maintains its leading position. Since July 1, the country shipped a little more than 3.72 mln tonnes of the product to Europe (67% share), which is almost 500 thsd tonnes higher than in July 1-November 12, 2022. Argentina is in the second position, having significantly reduced the shipments to the EU – from 2.08 mln tonnes (35.1% share) to 961.8 thsd tonnes (17.3%). The United States of America rounded out the top three exporters with 265 thsd tonnes (4.8% share), compared to 54 thsd tonnes (0.9%) a year earlier.

Argentina dominates in the soybean oil line, having shipped 134.1 thsd tonnes (51.8% share) of the product to the EU, compared to 30 thsd tonnes (16.4%) in 2022/23 MY. Moreover, Ukraine also imported significant volumes of the product – 72.9 thsd tonnes (28.2% share).