Record Soymeal Exports Keep Soybean Complex Well Supplied in 2025/26

Record soybean meal exports from Argentina, Brazil and the United States are keeping the global feed complex well supplied, capping price gains across the soybean market, CMB News reported on 22 September 2026.

Combined soymeal shipments from the three major exporting nations reached a record 73 million tonnes in 2025/26, up from 68.9 million tonnes in the prior year. The source noted that shipments from these three origins have risen by around 17 million tonnes over the last three years. For the June-to-August window alone, exports from the three exporters reached 19.95 million tonnes, 2.1 million tonnes above the same period a year earlier.

The EU was identified as the largest soymeal importer at 19.92 million tonnes in 2025/26, followed by Indonesia at 6.91 million tonnes, Vietnam at 4.55 million tonnes, the Philippines at 3.79 million tonnes and Thailand at 3.01 million tonnes. CMB News noted that this diversified, sustained demand "confirms the structural importance of meal in global feed rations but does not yet signal scarcity."

On the supply side, the source pointed to record Brazilian soybean output in 2025/26 and what it described as "still-solid US production," with Argentine crushing also characterised as robust. Logistics, rather than production, were identified as the main short-term risk in some origins.

Physical Prices Broadly Stable

Physical soybean prices quoted in euros were described as broadly steady across key origins as of the report date. US Soybeans No. 2 were indicated at EUR 0.62/kg FOB Washington D.C., while Ukraine soybeans were quoted at EUR 0.34/kg FOB Odesa and Ukraine GMO-free soybeans at EUR 0.383/kg CPT Odesa. India sortex clean soybeans were indicated at EUR 0.87/kg FOB New Delhi, with Chinese yellow soybeans at EUR 0.74/kg FOB Beijing and organic yellow soybeans at EUR 0.81/kg FOB Beijing.

CMB News described these quotations as pointing to "a sideways to mildly soft tone outside niche segments (GMO-free, organic), consistent with abundant soymeal and strong crushing margins anchoring bean prices."

Weather and Outlook

The report noted that US soybean crop conditions were generally favourable heading into early harvest, with national ratings close to 60% good-to-excellent in mid-September and leaf-drop progressing ahead of the five-year average. In Brazil, the start of the 2026/27 planting season was described as cautious, with localised moisture concerns in key states such as Mato Grosso and Paraná, though the source stated it was "too early to identify significant yield risks."

CMB News characterised the base case for the coming weeks as "a rangebound soybean market, with downside limited by resilient feed demand and upside capped by ample meal availability." The report identified weather during the US harvest and the early Brazilian planting window as decisive for any breakout from that range.