Lower Prices Propel Mexico 2023/24 Soybean Meal Imports

15.07.2024 08:20 "Agro Perspectiva" (Kyiv) — Mexico soybean meal imports are expected to continue rebounding from the 9-year low seen in 2022/23, reaching the second highest total ever at over 2 million tons in 2024/25. Limited domestic soybean production makes Mexico structurally dependent on imports for livestock feed.

Feed manufacturers evaluate the cost of utilizing domestically crushed soybeans or importing meal to supply their operations.

The 2023/24 marketing year has seen strong import demand for soybean meal supplied by the United States due to competitive prices.

Back in 2022/23, lower Mexico soybean meal imports can be attributed to high soybean meal prices owing to reduced global supplies. In 2022/23, Argentina, historically the world’s top soybean meal exporter, experienced a significant drought that reduced soybean yields and soybean meal exportable

supplies. As a result, soybean meal prices increased relative to soybeans, and Mexico’s feed industry turned to domestic crushers to support the growing demand from their livestock-producing customers.

To support larger crush, Mexico increased soybean imports to record levels in 2022/23.

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