EU soybean meal prices slide on Brazilian supply expectations

Soybean meal prices in the Netherlands fell sharply, declining 3.37% week over week, as expectations of ample supply from Brazil weighed on the market.

Platts assessed soybean meal FOB Netherlands at Eur313.25/metric ton for the February-March loading period on Jan. 19, down Eur10.75/mt week over week.

The European market entered 2026 with weak demand for January and February deliveries, as buyers had largely secured coverage earlier in anticipation of the EU Deforestation Regulation, according to market participants.

"Demand for January and February was lower because buyers had already built inventories ahead of EUDR," a Netherlands-based trader said.

Sentiment turned more bearish following the release of the latest USDA report, which reinforced expectations of a bumper Brazilian soybean harvest.

"With more Brazilian supply expected, offer prices are coming down," another trader said.

Market participants said that prices for the March-April period have fallen, with buyers continuing to wait on the sidelines. "The market has not yet found a floor, and buyers are still expecting further downside," a broker said.

Brazil dominates imports

Brazil has remained the EU's largest source of soybean meal imports over the past five years, driven by its competitive pricing, market participants said.

According to European Commission data, Brazil accounted for more than 44% of total EU soybean meal imports over the last five years, peaking in the marketing year 2023-24 (July-June), when its share rose to nearly 60%, the highest level in five years.

"Brazil is the dominant origin for the EU because of its price competitiveness," a Netherlands-based trader said.

From July to October in MY 2025-26, EU soybean meal imports totaled 7.313 million mt, up 10.8% year over year from 6.24 million mt in the same period of MY 2024-25, European Commission data showed.