Brazil increases soybean meal exports, increasing competition with Argentina

According to the forecast of the Rosario Grain Exchange, in the first half of 2026, Brazil will export 12.3 million tons of soybean meal, and Argentina - 13.3 million tons, which will reduce the gap between the world's two largest exporters of this product.

 

If in 2021 Argentina exported 86% more soybean meal than Brazil, then in the first half of 2025 the gap narrowed to 23%, and by mid-2026 it will decrease to 8% due to the rapid expansion of processing capacities in Brazil, while in Argentina their volume remains unchanged.

 

The increase in biodiesel production in Brazil has increased domestic demand for soybean oil, which has contributed to the development of the processing industry and the availability of soybean meal available for export.

 

In addition, experts note that soybean processing margins in Argentina are increasingly dependent on soybean oil prices, as the 10% decline in soybean meal export prices compared to May is destroying processors' traditional source of income. Therefore, a further decline in soybean oil prices will limit processors' purchasing power, which will reduce local soybean prices.