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According to shipment data, Brazil exported a record 15.8 mmt (622 mbu) soybeans in May, with more than 72% headed to China.
Just as notable, soybean meal exports reached a record 2.6 MMT, up 16.8% from a year ago.
The bigger story isn't the record itself. It's what it says about the shifting balance of power in the global meal market.
While far from the world's largest soybean crusher, Argentina has long-dominated global soybean meal flows.
Not anymore.
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