Poor Argentine harvest represents an opportunity for US soybean meal exporters

NAPERVILLE, Calif. (Reuters) - U.S. soymeal exports are on track to hit new highs this season, with high weekly sales volumes following a catastrophic soybean harvest in Argentina, a major global soymeal supplier. , at the beginning of this year. The United States has been well prepared to increase shipments of soybean meal, as low-carbon fuel mandates and the soybean oil boom have driven soybean processing to record levels. As of Oct. 19, U.S. soybean meal exporters have sold 5.5 million metric tons for shipment in 2023-24, which began Oct. 1. This is a nine-year high to date and a 45% increase over the previous year. Those sales cover 40% of the USDA's full-year export record forecast of 13.9 million metric tons, the highest share to date in eight years. and above the five-year average of 33%. In recent history, final exports have been higher than the October estimate whenever sales have exceeded 40% by this time, suggesting the target for record shipments could be expanded ...