Soybean Meal
U.S. Soybean Meal Exports in 2022
Total Export Value
$6.09 Billion
Total Volume (Millions)
12 Metric Tons
3-Year Average
$5.46 Billion
Compound Average Growth
1.2% (2013-2022)
Top 10 Markets for Soybean Meal in 2022
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.01 Billion |
| Mexico | $862.67 Million |
| Colombia | $734.26 Million |
| Canada | $606.78 Million |
| Ecuador | $318 Million |
| Guatemala | $260.31 Million |
| Dominican Republic | $246.07 Million |
| Venezuela | $244.97 Million |
| Morocco | $199.33 Million |
| Honduras | $187.28 Million |
Data and Analysis
U.S. soybean meal exports set a record at an estimated 13.2 million tons in MY 2022/23 (Oct-Sep), valued at nearly $7 billion, driven by increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production.
After slow growth during the first half of 2023, Vietnam’s economy is on a path to recovery. Post has revised Vietnam’s feed consumption forecast to 26.6 MMT in MY2022/23 matching levels in MY2021/22.
India’s soybean oilseed and rapeseed production estimates for marketing year (MY) 2022/23 (October-September) increased to 12.4 and 11.8 million metric tons (MMT) respectively due to favorable weather conditions.
News and Features
Private exporters reported the following sales activity for MY 2023/2024: 200,000 MT of corn for delivery to Mexico and 183,000 MT of soybean cake and meal for delivery to the Philippines.
Private exporters reported to USDA the following sales activity: 181,000 MT of red winter wheat for delivery to China during the MY 23/24; 117,300 MT of soybeans for delivery to unknown destinations during the MY 23/24; 100,000 MT of soybean cake and meal for delivery to unknown destinations during the MY 23/24.
Private exporters reported sales of 185,000 MT of soybean cake and meal for delivery to the Philippines during MY 2023/2024.