Soybean Meal
U.S. Soybean Meal Exports in 2022
Total Export Value
$6.16 Billion
Total Volume (Millions)
12 Metric Tons
3-Year Average
$5.48 Billion
Compound Average Growth
1.3% (2013-2022)
Top 10 Markets for Soybean Meal in 2022
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.01 Billion |
| Mexico | $864.08 Million |
| Colombia | $740.93 Million |
| Canada | $606.46 Million |
| Ecuador | $318 Million |
| Venezuela | $312.85 Million |
| Guatemala | $258.45 Million |
| Dominican Republic | $231.13 Million |
| Morocco | $199.2 Million |
| Honduras | $186.34 Million |
Data and Analysis
Modest growth in the animal protein sector is expected to raise China’s soybean imports to 97 million metric tons (MMT) in Marketing Year (MY) 23/24. The People’s Republic of China’s (PRC) removal of COVID-related restriction in December 2022 is expected to boost overall oilseed consumption.
In 2022/23, Brazil is forecast to reap a record soybean crop of 153 million metric tons (MMT). Post maintained the forecast for planted area expansion of 43.3 million hectares (ha). Harvest lags behind schedule compared to previous years,
Due to the recent ban on genetically engineered (GE) commodity imports, the 2022/23 soybean import forecast is reduced from 2.5 to 1.2 million tons. With the lower expected soybean imports, 2022/23 crush and soybean meal output is reduced accordingly.
News and Features
February 10, 2023
2022 Was Another Record Year for U.S. Farm Exports
The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion.
October 14, 2022
Export Sales to China, Philippines, and Unknown Destinations
Private exporters reported the following sales activity for MY 2022/2023: 392,000 MT of soybeans for delivery to China, 198,000 MT of soybeans for delivery to unknown destinations, and 230,000 MT of soybean cake and meal for delivery to the Philippines.
August 11, 2022
Export Sales to Mexico
Private exporters reported to USDA export sales of 103,400 metric tons of soybean cake and meal for delivery to Mexico during the MY 2022/2023.