ARTICLE 98 FEED & ADDITIVE MAGAZINE February 2026 tioned to deal with changing market conditions and shifting consumer preferences. FEED COSTS: STABLE Feed costs can account for up to 70% of total production costs, that is why it is such an important KPI to track. An intensification of the La Niña phenomenon could reduce crop yields in South America – particularly soy and maize – and impact anchovy fishing in Peru, which is essential for producing fishmeal and fish oil. Feed costs are expected to remain stable, or trend moderately lower, in 2026, allowing producers to invest in specialty ingredients and feed additives inclusion to drive the health and performance of their animals. A potential risk could come from deteriorating trade relations between EU or US on one side and China on the other side. As China produces more than 70% of the world’s vitamins, and many critical amino acids, including more than 75% of the world’s lysine and more than 25% of methionine, access to Chinese suppliers is critically important for feed producers. SBM: STABLE Soybean Meal (SBM) has evolved from a traditional agricultural crop into a global strategic instrument. Although production reached record levels in 2025, pricing not only relates to available quantity, as politics, sustainability, and traceability are becoming ever more important. China is by far the biggest importer of soybeans and has a large crushing capacity. The trade relation with the US will determine whether their volume will be sourced from the US or Brazil. After China, Europe is the largest importer of soybeans and SBM, predominantly from South America. The EU’s own soybean harvest, all of it non-GM, is insufficient to serve the demands from the industry. The implementation of the EUDR, the strategic restructuring of U.S.–China trade relations, US and Brazilian biofuel policies, US farm subsidies, and logistical pressures in South America will define the soybean meal markets in 2026. Our current view is for price levels to remain stable in 2026. OCEAN FREIGHT: LOW PREDICTABILITY After years of unprecedented supply chain disruption – from the Covid-era chaos to the Red Sea crisis distortion – stability is not yet in sight. 2026 will see a strong influx of new vessels, increasing the global fleet capacity by as much as 5%. At the same Source: Created by AI
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