Reduction in South American soybean meal export volumes to EU

EU imports of soybean meal from its top two suppliers, Argentina and Brazil, have been increasingly limited since the start of the 2020-21 marketing year, reports S&P Global Platts. The EU's soybean meal imports dipped 9% year on year to 9.9m mt between July 1, the start of the 2020-21 marketing year and January 24, while raw soybean purchases were 5% higher at 8.3 million mt, imported primarily from the US, according to the European Commission on January 25. Soybean meal crushers and traders in Argentina and Brazil are dealing with holdups in raw bean supply. Soybean farmers in Brazil have reduced stocks, and farmers in Argentina are disinclined to sell their inventories as a result of the government's punitive tax and revenue policies, according to the note from S&P Global​.​​ Argentina is also seeking numerous work stoppages by port workers, developments that are not supportive of exports. Both countries are also facing delays in harvest for the 2020-21 soybean crop, which ...