Brazilian soy crush hits record May; export pace lifts FOB premiums
Crushing margins in Mato Grosso and Bahia widened through May as biodiesel B15 demand pulled domestic meal. The export line-up at Santos exceeded 4 Mt for June loading, keeping FOB premiums firm against a resilient CBOT.
What happened
The domestic soymeal bid strengthened as the B15 mandate lifted biodiesel throughput, and the crush industry responded by extending May processing hours. Meal moved into inland feed and biofuel channels; oil found immediate offtake. Both legs of the crush margin widened simultaneously — a rare configuration.
The export side did not slow. Santos loading windows through June filled up early; freight forwarders reported a competitive bid for barge and rail slots into the port. FOB premiums held at levels that were, by late May, closer to the March highs than to the April dip.
Fontana's read at the time
Buyers had two problems: rising FOB premiums and shrinking laycan flexibility. Our note to counterparties in late May was to fix Q3 tonnage forward at the June level rather than wait for a July correction that historically doesn't come during a record-crush cycle. In hindsight — with Anec calling September at 7.74 Mt and soymeal at 2.6 Mt (see the September note) — that guidance held up.
Source. Fontana trading desk, based on Anec weekly line-up data, Abiove crush statistics, and internal execution book. Written 29 May 2026.
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