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EU soybean meal imports have kept falling since the start of the 2020-21 marketing year, according to market sources cited by S&P Global Platts. Tight supplies from Argentina and Brazil, the EU's two top suppliers, are cited as the cause.
Raw soybean purchases were up 3% on the year at 10.5 million tonnes, and Argentine crushing is struggling on low Paraguayan bean supplies.
Lower EU meal imports from a tight South American supply base reduce competition for available meal and support soymeal prices, though weaker EU demand partly offsets this.
spglobal.comMar 22, 2021After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
