USA- U.S. soybean meal exports have surged to record levels, with an estimated 13.2 million tons in the marketing year 2022/23 (October to September), boasting a total value of nearly US$7 billion according to a report by the Foreign Agricultural Service of the United States Department of Agriculture (USDA).
This remarkable achievement has been propelled by a substantial increase in soybean crush, aimed at providing the feedstock oil required for the expanding production of biomass-based diesel in the United States.
The export surge is primarily attributed to the significant expansion in shipments to key destinations, including the European Union and Vietnam. These countries have increasingly turned to U.S. soybean meal due to drought conditions in Argentina, which has historically been the world’s largest soybean meal exporter.
The drought in Argentina severely limited its exportable supplies, leading to a surge in demand for U.S. soybean meal.
The U.S. soybean meal export forecast remains highly optimistic, looking ahead to the marketing year 2023/24. Analysts anticipate another record-breaking performance, with exports expected to reach 13.9 million tons. This projection underscores the United States’ ongoing commitment to providing the global market with a reliable supply of soybean meal.
One key factor contributing to the rosy outlook is the competitive pricing of U.S. soybean meal compared to supplies from South America. As the United States continues to produce more soybean meal than is needed domestically, it ensures an abundance of reserves available to meet the growing demands of the international market.
This competitive pricing and robust supply chain make U.S. soybean meal an attractive option for countries seeking high-quality animal feed.
The soaring soybean meal exports mark a significant milestone in the U.S. agricultural industry and reflect the country’s growing influence in the global market.
As the demand for soybean meal remains robust worldwide, the United States is well-positioned to maintain its strong presence and further expand its exports in the future.