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If soybean meal (SBM) prices feel less predictable this year, you’re not imagining it. Trade flows have been fluid, and delivered costs now swing on logistics and currencies as much as on protein specs. That’s not an opinion — it’s what recent data and market reports indicate, while leaving room for regional exceptions.
Supply landmarks, not absolutes: Brazil has been a key swing supplier in 2025, with Q1 SBM exports reported higher year-on-year (approximately 5.3 million metric tons, +3.9% YoY), reflecting strong crush and export programs. This doesn’t make Brazil “the only” driver, merely an anchor in the flow picture.
