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Export prices for Argentine soybean meal established a notable premium over Brazilian values last week, trading at $7 per tonne higher. This price gap represents the most significant margin between the two South American producers since May 2026, a period previously marked by harvest delays in Argentina.
The broader South American soybean meal market witnessed a price increase of approximately 6% throughout September. The primary catalyst for this upward trend is heightened import demand from the European Union. Traders are accelerating purchases to secure supplies before the European Union Deforestation Regulation (EUDR) comes into effect.
This shift in market dynamics is atypical, as Argentine product usually trades at a discount compared to Brazilian meal. A key factor influencing this relationship is the logistical infrastructure in Argentina, specifically the Up River corridor. Draft restrictions in this waterway often limit the capacity and loading volumes of vessels, impacting export efficiency.
The current price shift is largely driven by sustained demand from major European importers, including Spain, Germany, Poland, the Netherlands, and Italy. Future price trajectories will remain contingent upon the momentum of EU procurement and the evolution of logistical conditions within Argentina. If European demand remains robust, Argentine soybean meal is expected to maintain its support relative to Brazilian levels.
Source: UkrAgroConsult