Argentine Soybean Meal Demand Underpins Global Soybean Market as FOB Prices Hold Steady

Strong demand for Argentine soybean meal from European and Asian buyers is sustaining high crushing activity in Argentina and providing a firm foundation for global soybean utilisation, even as FOB soybean prices across key origins moved largely sideways in euro terms in mid-September 2026, according to CMB News.

Argentine Meal Exports Drive Crushing Activity

Argentina exported approximately 2.98 million tonnes of soybean meal in August 2026, marginally above the 2.94 million tonnes recorded in the same month a year earlier, CMB News reported. The EU, Vietnam, Türkiye and Indonesia were identified as the primary buyers underpinning these flows.

By destination, EU imports of Argentine soybean meal reached roughly 740,000 tonnes year-on-year, Vietnam 410,000 tonnes, Türkiye 330,000 tonnes and Indonesia 270,000 tonnes, according to the report.

Crushing activity in Argentina reached around 4.1–4.2 million tonnes of soybeans in August, exceeding year-earlier levels for what CMB News described as "the fifth consecutive month." The source attributed this to "robust export demand for both soybean meal and oil, combined with favourable processing margins."

Sunflower Meal Exports Also Rise

Argentine sunflower meal exports also increased sharply in the July–August period, reaching about 430,000 tonnes — up roughly 50% year-on-year — with the EU and UK together absorbing most of this volume, CMB News reported. The source attributed the shift in part to "lower sunflower meal availability from Ukraine and Russia," which it said had diverted additional demand to Argentina.

FOB Prices Broadly Stable

Spot physical indications in Ukraine, the US and China showed only modest moves in euro terms as of mid-September 2026. Ukrainian soybeans at Odesa on an FOB basis were indicated at EUR 0.34/kg on 17 September, down from EUR 0.348/kg the previous week, while US No. 2 soybeans on an FOB basis were indicated at EUR 0.62/kg, described as flat versus early September. Chinese yellow soybeans on an FOB basis were indicated at EUR 0.74/kg, unchanged from 16 September, and Chinese organic yellow soybeans at EUR 0.81/kg, described as stable over the prior week, according to CMB News price data.

On futures markets, the CBOT November 2026 soybean contract traded around 1,323 USc/bu on 16 September, "posting modest daily gains but remaining within a recent range," CMB News reported.

Export Registrations and Policy Signals

CMB News cited official Argentine data on export sales registrations showing "record-high volumes of agro-industrial products registered in August," which it said confirmed that exporters were actively locking in overseas commitments, particularly in soy derivatives, and pointed to sustained crushing activity into the final quarter of 2026.

Brazil Weather Introduces Upside Risk

The report flagged emerging weather risks in Brazil as a potential upside price factor later in the 2026/27 season. In Mato Grosso, sowing was authorised from early September, but CMB News noted "producer caution due to concerns over delayed and irregular early rains and the influence of El Niño on the rainfall pattern."

Seasonal climate guidance for September–November indicated a tendency for below-average rainfall over much of Brazil's North and Northeast, with above-average precipitation favoured in the South and parts of the western and southern Center-West. CMB News described the risk profile as one that "argues for a weather premium to persist in prices if dryness episodes extend or intensify," while noting it was too early to draw conclusions on final crop size.

Market Balance

CMB News characterised the overall soybean meal and bean markets as "relatively well supplied" based on the latest available international supply-and-use assessments, with Argentina, Brazil and the US collectively meeting rising demand from Asia and Europe. The combination of strong Argentine meal exports and adequate stocks in the US and Brazil was described as preventing a sharp price spike in the near term, though the source noted the market was "increasingly sensitive to any negative surprises in South American production prospects."