Soybean Meal
U.S. Soybean Meal Exports in 2023
Total Export Value
$7.31 Billion
Total Volume (Millions)
13.96 Metric Tons
3-Year Average
$6.33 Billion
Compound Average Growth
2.9% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.27 Billion |
| Mexico | $824.1 Million |
| Colombia | $736.71 Million |
| Canada | $616.59 Million |
| European Union | $496.25 Million |
| Ecuador | $454.87 Million |
| Venezuela | $328.32 Million |
| Dominican Republic | $272.27 Million |
| Guatemala | $270.32 Million |
| Vietnam | $244.5 Million |
Data and Analysis
Post revises down its Marketing Year (MY) 2023/24 production estimates to 150 million metric tons (MMT) due to (i) the recent floods in Brazil’s southernmost state of Rio Grande do Sul and (ii) lower yields across several states.
During the past few years, the landscape for U.S. renewable diesel production has drastically changed, akin to the growth of ethanol and biodiesel during the past two decades. Driven by federal and state policies aimed at reducing emissions, this dramatic U.S. renewable diesel production and capacity growth is causing significant, market-altering shifts both domestically and to foreign feedstock trade.
Fresh fruit bunch (FBB) and kernel yields are expected to remain high in MY2024/25 due to stabilized fertilizer prices and a good weather forecast. In response to the growing domestic and export demands, MY2024/25 soybean production forecast has been raised by 16 percent over the preceding year’s estimate.
News and Features
Private exporters reported sales of 105,000 MT of soybean cake and meal for delivery to unknown destinations during MY 2024/2025.
Private exporters reported sales of 228,000 MT of soybean cake and meal for delivery to the Philippines during MY 2024/2025.
Private exporters reported sales of 138,000 MT of soybean cake and meal for delivery to the Philippines during MY 2023/2024.