Prices for soybean meal reach annual high

In Germany, UFOP reports that prices for conventional soybean meal reached their provisional annual high at the beginning of June, driven by soybean prices in Chicago. However, they have sagged continuously ever since.

Following several months of weakness, German soybean meal prices jumped sharply at the beginning of June. Within of two weeks, 44 per cent protein soybean meal surged 18 per cent to EUR 320 per tonne, 48 per cent protein soybean meal 16 per cent to EUR 346 per tonne. The reason was a jump in soybean prices in Chicago. It was due to continued rains and flooding in the US that not only massively impaired corn, but also soybean plantings.

However, German soybean meal prices have declined on average 9 per cent since June. Low-protein soybean meal (44%) was recently at EUR 292 per tonne, high protein meal (48%) at EUR 317 per tonne on German average. Weaker soybean prices and only sporadic buying interest from compound feeders have been weighing down prices.