US soybean meal exports hit a 10-year high

U.S. soybean meal exports in 2024/25 are forecast at a record nearly 16 million tons, driven by a record crop, the U.S. Department of Agriculture (USDA) says in a new report.

Higher supplies and competitive prices are further driving export sales volume in the new marketing year. As of August 29, 2024, U.S. soybean meal sales for the 2024/25 marketing year (October-September) reached a 10-year high compared to the same period in previous years.

Sales in 2024/25 to Canada, the Philippines and Colombia remain strong, reaching nearly 1.2 million tons. Canada is the leading destination for export sales by volume, with year-on-year growth of 76%. The Philippines and Colombia are second and third in terms of sales, followed by Mexico. Vietnam is an emerging market for the States in the new marketing year, with sales confirmed at nearly 250,000 tons. Colombia significantly increased purchases in 2023/24; export sales rose from 21 thousand to 292.1 thousand tons.

The US is expected to remain the third largest exporter of soybean meal in 2024/25 due to competitive prices and high inventories, maintaining 21% of the global market.

U.S. soybean production in 2024/25 is projected to decline by 3 million bushels to 4.6 billion bushels. With soybean processing in 2024/25 and exports unchanged, ending stocks are forecast at 550 million bushels, down 10 million from last month.

The average seasonal U.S. soybean price is forecast unchanged at $10.8 per bushel. Soybean meal and soybean oil prices are unchanged at $320 per ton and 42 cents per pound, respectively.

Overseas soybean production increased 0.6 million tons on higher production in Paraguay and Canada, partially offset by lower production in the EU and Serbia.

World soybean trade in 2024/25 is increased to 181.6 million tons due to higher exports by Paraguay and imports by Argentina.

World ending stocks of soybeans are increased by 0.3 million tons to 134.6 million, as higher stocks in Argentina and Canada are partially offset by lower stocks in the United States and the EU.

Tags: export, USA