European soybean meal prices rise, tracking stronger CBOT futures

European soybean meal prices rose Feb. 5, tracking gains in Chicago Board of Trade futures.

The futures rose after US President Donald Trump said in a Truth Social post Feb. 5 that China had agreed to buy additional volumes of US soybeans in the current season.

According to media reports, China may purchase 20 million metric tons of US soybeans in the current season despite cheaper Brazilian supply, a move reportedly linked to diplomatic considerations ahead of Trump's planned April visit.

CBOT soybean meal futures rose 2.6% for the March contract on Feb. 5.

A Spanish buyer linked the price movement directly to political developments: "In the end, it is a matter of what Trump tweeted yesterday."

In Spain, EXW soybean meal offers increased to Eur335/mt for loading through June on Feb. 5, from Eur324/mt, while spot buying interest was reported at Eur328/mt, according to market sources.

In Northern Europe, a Netherlands-based trader said the price direction will depend on the evolution of US-China trade flows. "Final volumes will depend on economic conditions, logistics and further political agreements between the two sides, and this will also influence EU prices," the trader said.

FOB Netherlands soybean meal offers rose to Eur325/mt for March loading, from Eur317/mt, according to market sources.

Platts, part of S&P Global Energy, assessed FOB Netherlands soybean meal at Eur317/mt on Feb. 5, up Eur4/mt day over day for March loading. Platts assessed EXW Spain soybean meal at Eur329/mt, up Eur6/mt day over day for February-March loading.