Soybean meal prices in EU rise by 5%

Soybean meal prices in the EU have increased by 5% to $366-377 per ton due to harvest issues in Argentina, the second largest oilseed exporter to the bloc. The lack of rain and poor crop conditions in the north of Buenos Aires and the extreme south of Santa Fe have led to 19% of fields being in average or poor condition, potentially leading to lower yields and feed production. Brazil has become a larger exporter of soybeans to the EU, with the US purchasing an additional 1 million tons from Brazil for the 2024/2025 agricultural year compared to Argentina. The EU's own soybean crop production is less than its total need, due to limited land available for oilseed cultivation.

The cost of soybean meal in the EU countries increased by 5% to $366-377 per ton, S&P Global Platts reports. This data is provided for products with delivery terms CIF Netherlands. The reason for the growth in quotations was problems with the harvest in Argentina, which is the second largest exporter of oilseeds to the bloc. According to the Argentine Grain Exchange Rosario, which is also cited in the report, from the end of December to today, due to the lack of rain, crops in the north of Buenos Aires and the extreme south of the province of Santa Fe have seriously deteriorated. At the same time, 19 percent of fields for this crop in the republic are already in average and poor condition. The platform's analysts also warn that if the same situation continues in the coming days, this will lead to an irreversible decrease in yields, and then negatively affect the production of feed. It is noted that Brazil has also become a larger exporter of soybeans to the EU. According to ...