United States soybean product export performance

In the 23/24 market year, supported by the top 15 export markets for U.S. soybean products, exports of U.S. soybean products, including soybeans, soybean meal and soybean oil, totaled 60.8 million metric tons, totaling $31.2 billion.

In that market year, U.S. soybeans remained the No. 1 U.S. agricultural export. Although total soybean exports have declined compared to last year, partly due to reduced inventories and increased domestic crushing in the United States, demand for U.S. soybeans has increased in several countries and regional markets over the past five years, with the most significant increases being in Vietnam, Venezuela, Indonesia, Costa Rica, Sri Lanka and the EU27.

Jim Sutter, CEO of the United States Soybean Export Council (USSEC), said: The United States Soybean Export Council (USSEC) has been working with exporters and importers to promote market diversification and expand the export destinations of U.S. soybean products, while also maintaining contact with traditional export markets and strengthening sales results. It takes years of effort to build market relationships and win the trust of buyers, which is not something that can be done overnight.

U.S. soybean meal exports hit a record

Thanks to increased supply, strong demand, price competitiveness and nutritional value, U.S. soybean meal exports hit a new record. In the 23/24 market year, U.S. soybean meal exports reached 14.4 million metric tons, up 10 percent from the previous year and 17 percent compared to the previous five-year average. The United States exported $6.7 billion in soybean meal, with the Philippines, Mexico and Canada as its main markets.

This achievement is inseparable from the work of the U.S. soybean industry. Su Jian said: Our professional team has carried out relevant work in more than 80 countries and regions. Over the years, we have demonstrated the value of U.S. soybean meal through one-on-one meetings, technical workshops, education and marketing.

Us soybean product market demand

The growing market for U.S. soybean products is the result of the long-term cooperation of many U.S. soybean industry partners around the world to build a close market connection around the world. They have come together, driving demand for U.S. soybean products and benefiting American soybean farmers.

The OECD-FAO Agricultural Outlook 2024-2033, published by the Food and Agriculture Organization of the United Nations (FAO), projects that per capita food calorie intake in middle-income countries is expected to increase by 7%, driven mainly by the consumption of staple foods, livestock products and fats.

Looking ahead, the U.S. Department of Agriculture (USDA) forecasts that in the 24/25 market year, global soybean market demand will increase by 4.3% year-on-year to 346.2 million metric tons.

The United States is the world's second-largest soybean producer. Studies show that for every $1 invested in export market expansion, soybean farmers receive a net income return of $14.26.

The expanding scale of livestock and poultry farming, as well as the adoption of modern feeding practices in many parts of the world, have driven the broad growth of soybean meal market demand. The U.S. Department of Agriculture (USDA) expects global soybean meal trade to climb nearly 10.7 percent to 81.3 million metric tons by 2033/34.