The trade has heavily focused on soybean exports in recent weeks but may be overlooking where the most potential for the entire soy complex could come from — a rise in crush and export demand of soymeal. 

Argentina has long been the world’s leading soybean crusher and exporter of soymeal. Many countries source the majority of their soymeal from Argentina, including China. Argentina has recently started to see economic issues, though, which has impacted the country’s crush industry. Some of Argentina’s largest...