Exports of soybean meal from the US will reach a record level

U.S. soybean meal exports set a record of 13.2 million tons in 2022/23 MY (October-September), worth nearly $7 billion, driven by increased soybean processing to provide feedstock oil for the growing U.S. biomass diesel industry. The new record was the result of a significant increase in shipments to the European Union and Vietnam, as drought in Argentina, which is usually the world’s largest exporter of soybean meal, severely reduced export supplies. In addition, U.S. soybean meal exports to the Philippines, Colombia, and Mexico remained strong despite the strong dollar.

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

Tags: export, soybean meal, USA