The U.S. Department of Agriculture's latest Oil Crops Outlook report, released on January 14, 2025, highlights a significant expansion in U.S. soybean meal exports for the 2024/25 marketing year. Key findings include:
U.S. soybean meal exports are projected to reach 15.8 million metric tons in 2024/25, solidifying the country's position as the third-largest global exporter.
The U.S. share of global soybean meal trade is expected to increase to 20.9%, up from 19.6% in 2023/24.
Expanded domestic crush capacity, driven by demand for soybean oil in biomass-based diesel production, has led to increased soybean meal supplies and competitive pricing.
Global soybean meal equivalent consumption is forecast to grow by 3.9% in 2024/25, with soybean meal consumption expected to outpace this growth due to smaller supplies of alternative meals.
The Philippines remained the top U.S. soybean meal buyer in 2023/24, with shipments up 21% from the previous year to 2.6 million metric tons.
Emerging markets in Central America, South America, and Asia are expected to drive further growth in U.S. soybean meal exports.
The report attributes the expansion in U.S. exports to several factors, including:
- Increased domestic crush capacity supported by growing demand for soybean oil in biofuel production
- Competitive U.S. soybean meal prices in the global market
- Recovery of global livestock production, particularly in key markets like Mexico, Vietnam, and the Philippines
- Reduced supplies from traditional exporters like Argentina due to drought conditions in previous years
"The United States is well-positioned to meet the growing global demand for soybean meal," said a USDA economist. "Our expanded crush capacity and competitive pricing are allowing us to capture a larger share of the international market."
The outlook for 2024/25 suggests continued strong performance in the U.S. soybean meal export sector, with potential for further growth in both traditional and emerging markets.
