U.S. Soy has retained its position as America's leading agricultural export, contributing $31.2 billion to the U.S. economy in the 2023/24 marketing year. While total soy export volumes decreased to 60.8 million metric tons (MMT), partly due to reduced carry-in stocks and increased domestic crush, U.S. soybean meal exports reached a record high.
The U.S. Soybean Export Council (USSEC) reported that soybean meal exports hit 14.4 MMT, valued at $6.7 billion, marking a 10% increase from the previous year and 17% above the 5-year average. This surge in meal exports addresses concerns about potential oversupply resulting from increased domestic crush for sustainable fuel production.
Jim Sutter, CEO of USSEC, highlighted the organization's global efforts in promoting U.S. soybean meal. "Our team of experts operating in 80-plus countries has been working to showcase the value of U.S. soybean meal through one-on-one meetings, technical seminars, education and advertising campaigns throughout the years," Sutter said.
The Philippines emerged as the top buyer of U.S. soybean meal, purchasing 2.6 MMT in MY 2023/24, followed by Mexico and Canada. Notably, several countries have shown significant growth in demand for U.S. Soy over the past five years, including Vietnam, Venezuela, and Indonesia.
Looking ahead, the U.S. Department of Agriculture projects global soybean demand to increase by 4.3% year-over-year to 346.2 MMT in MY 2024/25. This growth aligns with the Food and Agriculture Organization's forecast of increased calorie intake in middle-income countries, driven by greater consumption of livestock products and fats.
As the world's second-largest soybean producer, the United States is well-positioned to meet this rising global demand. Sutter emphasized, "As a source of high-quality, sustainable nutrition, U.S. soybeans are an excellent solution to help meet the demand, enabling sustainable food and nutrition security around the world."
