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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.
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.
The production of biomass-based diesel (BBD) is expanding globally, driven by policies mandating and incentivizing its use as an alternative to petroleum-based diesel. BBD policies tend to support rural economies, lower greenhouse gas emissions in transportation, and improve air quality.