Bunge Ltd logo is seen displayed in this illustration taken, April 10, 2023.
Argentina leads globally in soybean meal exports, while China is the top importer of soybeans, typically processing them domestically for animal feed. This shipment represents a shift, as China has rarely imported soybean meal directly. Ship tracking data shows NORDTAJO currently off Africa’s west coast, en route to San Lorenzo.
Last month, Chinese animal feed producers signed an agreement for an initial soybean meal shipment to diversify supply sources amid global trade uncertainties. This cargo serves as a trial for China’s market, which has been largely closed to soybean meal imports. If successful, it could pave the way for increased trade.
Gustavo Idigoras, president of Argentina’s CIARA-CEC oilseed and grains exporters chamber, stated: “It is a very important shipment that Bunge is making in July because it implies a real and effective opening of trade.” He added: “This should allow for a permanent flow in the future,” noting that Argentine soybean meal is highly competitive in quality and price.
China primarily imports soybeans from Brazil and the United States. Due to high tariffs stemming from trade tensions, Chinese buyers have favored Brazilian soybeans over U.S. exports. In 2024, Argentina exported 27.2 million tons of soybean meal, worth $10.55 billion, with Vietnam as the top destination, receiving 15% of shipments.
China’s approval of Argentine soybean meal in 2019 followed years of protecting its domestic processing industry. Until this shipment, no significant purchases had been recorded, per Chinese customs data.
