Soybean meal prices continue to fall driven by record supply

Soybean meal prices continued to fall in the first half of May, reflecting consumer caution – these agents expect greater supply this season and, consequently, lower prices. This scenario is linked to the record availability of soybeans in Brazil and the large harvest in Argentina, which tends to increase crushing in South America.

As a result, on average across the Brazilian regions monitored by Cepea, bran depreciated by 2.4% between April and the first half of May. In the annual comparison, the drop is 16.8%, in nominal terms.

Regarding supply, according to the United States Department of Agriculture (USDA), global soybean meal production is projected at a record volume of 287.63 million tons in the 2025/26 season, 3.4% above the 2024/25 harvest (278.1 million tons).

Global transactions for the 2025/26 season also point to growth, estimated at a record quantity of 80.92 million tons – of this volume, 37% should be of Argentine origin and 28.7%, Brazilian. In the 2024/25 harvest, the USDA indicates that, of the 79.7 million tons of soybean meal traded worldwide, 36.5% refer to shipments from Argentina and 28.4%, from Brazil. On the other hand, soybean meal imports from the European Union (the main global importer) should reduce from 18.4 million tons in the 2024/25 harvest to 16.9 million tons in the 2025/26 season.