U.S. Soybean Meal Exports to Reach Record High

U.S. soybean meal exports set a record at an estimated 13.2 million tons in marketing year 2022/23 (October-September), valued at nearly $7 billion, driven by increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production. The new record came from substantial expansion in shipments to the European Union and Vietnam as drought in Argentina, usually the world's largest soybean meal exporter, severely reduced its exportable supplies. Additionally, U.S. soybean meal exports to the Philippines, Colombia, and Mexico held firm despite a strong dollar.

In 2023/24, U.S. soybean meal exports are forecast to again reach a new record of 13.9 million tons. U.S. export prices are likely to remain competitive with South American supplies as the United States continues to produce more soybean meal than will be needed domestically, ensuring growing supplies are available to the global market.

EDITOR’S TAKE:

Very good news for soybean markets as well as soy producers. With the demand for both soy oil and meal on the rise, this only portends more solid support for soybean prices. Couple this with some weather-related issues in the top soy production country, Brazil, and it appears the U.S. will be the supplier of choice. All of this means more money in the pockets of soy producers. Give them the attention they deserve with a service special after harvest. Once they are in the store, be sure to let them know about your current inventory and how they can lower their 2024 operating costs by using AgPack®!