U.S. Soybean Meal Exports Expected to Reach Record High

  |   Trade Spotlight
Stacked column chart illustrating the growth of U.S. soybean meal exports which are forecasted to reach a record high in MY 2023/24

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. The new record came from substantial expansion in shipments to the European Union and Vietnam as drought in Argentina, usually the world’s largest soybean meal exporter, severely reduced its exportable supplies. Additionally, U.S. soybean meal exports to the Philippines, Colombia, and Mexico held firm despite a strong dollar.

In 2023/24, U.S. soybean meal exports are forecast to again reach a new record of 13.9 million tons. U.S. export prices are likely to remain competitive with South American supplies as the United States continues to produce more soybean meal than will be needed domestically, ensuring growing supplies are available to the global market.

Related Trade Spotlights

Trade Spotlight

A Sweet Boon for U.S. Trade and Economic Activity

The United States is one of the top three exporters of chocolate and candy products in the world. In 2023, the United States exported $1.9 billion of chocolate and cocoa products and $838 million of confectionery products, a combined $2.7 billion, reaching all-time records.
Between FY 2013 and 2023, U.S. agricultural exports increased by $33.7 billion, and many markets outside of the traditional top four saw significant export growth.
India, the world’s largest rice exporter, disrupted global rice markets by banning white rice exports in July 2023, before placing an export tax on parboiled rice exports in August 2023.