European soybean meal prices have started softening after reaching record highs in late April, supported by easing origin premiums and weaker market offers. The price correction comes after weeks of strong gains driven by geopolitical tensions, higher freight costs, and tight global supply.
According to Platts, part of S&P Global Commodity Insights, FOB Netherlands soybean meal prices touched a record Eur372.50/metric ton on April 29, up nearly 12% since early March. Spain’s EXW soybean meal prices also surged to Eur382/mt during the same period.
Market participants attributed the rally to escalating Middle East tensions, rising Chicago Board of Trade (CBOT) soybean prices, and supply constraints from key exporting countries such as Brazil and Argentina. Freight rates reportedly increased by 20–25% during March, adding further pressure on European feed markets.
However, prices have since begun to ease. FOB Netherlands soybean meal was assessed at Eur364/mt on May 6, while Spanish prices remained relatively firm due to nearby supply tightness.
Traders noted that declining CBOT soybean meal prices and improving supply expectations from South America have softened offers in the Netherlands. Spain, meanwhile, continues to witness an inverse market, with May prices trading significantly above June levels as buyers await larger arrivals expected later in May.
Market participants are closely monitoring South America’s new crop supplies, which could place additional downward pressure on soybean meal prices in the coming weeks.
