Global soybean meal trade set to record high in 2026/27

• Rising soybean meal use in animal feed to lift global exports
• Global imports projected to hit record high, led by EU demand

Global soybean meal trade is expected to expand further in the 2026/27 season, supported by ample soybean supplies and rising demand from the animal feed sector. According to USDA, global exports are forecast at 89.4 million tonnes (mnt), up 4.3% from the previous season. However, trade growth is expected to moderate compared with the previous three seasons.

Feed demand drives soybean meal trade

Increasing use of soybean meal in animal feed production remains the key driver of global demand. Growing requirements for feed proteins are expected to support both exports and imports, despite a slower pace of trade expansion.

Argentina to remain top exporter

Argentina is expected to retain its position as the world’s largest soybean meal exporter, with shipments forecast at 29.6 mnt, up from 29 mnt in the previous season.

Brazil is projected to rank second with exports of 27.1 mnt, followed by the United States at nearly 20.6 mnt.

Global imports forecast hit record high

Global soybean meal imports are forecast at around 85.4 mnt in 2026/27, increasing 3.5% from the previous season. Import demand has been rising for several consecutive years as livestock and feed industries increasingly rely on soybean meal as a protein source.

The European Union is expected to remain the largest importer, with purchases rising by 300,000 t to 20.4 mnt. Vietnam and Indonesia are projected to follow, with imports of 6.9 mnt and 6.8 mnt, respectively.

Outlook

The global soybean meal market is expected to remain well supported in 2026/27 as ample feedstock availability combines with sustained animal feed demand. While trade growth may slow from recent years, record export and import volumes point to continued expansion in global feed-protein consumption.