US soybean meal exports to rise 11% to record 20.6 mln tons

US soybean meal exports could increase by 11% to a record 20.6 mln tons in the MY 2026/27, according to the October report from the US Department of Agriculture (USDA FAS). The main drivers of export growth will be rising global demand for feed ingredients and competitive prices for US soybean meal in international markets. According to USDA, US soybean meal production and exports have shown a steady upward trend since the MY 2021/22.

US soybean meal production is forecast to increase by 5% in the MY 2026/27 compared with the previous season. Growth will be supported by a larger soybean harvest, increased domestic crushing and stronger demand for soybean products. Expanding processing capacity and higher soybean meal supplies are allowing US exporters to compete more actively in global markets, particularly in countries with strong demand for feed ingredients.

Strong buying activity was already evident at the beginning of the new marketing year. As of October 1, US soybean meal export sales had reached 5.1 mln tons, exceeding the level recorded during the corresponding period of the previous season. According to USDA, the main export destinations remain the Philippines, Mexico, Canada, Colombia and Vietnam. The increase in contracted sales at the start of the season indicates strong demand for US products among traditional importers.

The Philippines remains the largest buyer of US soybean meal, supported by the continued expansion of its poultry industry. According to USDA, the country’s soybean meal imports are forecast to increase by 10% to 3.85 mln tons in the MY 2026/27. The main driver will be growth in poultry meat production, which could rise by almost 6% in 2027. Meanwhile, outstanding sales of US soybean meal to the Philippines at the beginning of the season exceeded the five-year average by 118 thsd tons.

Mexico remains the second-largest export market for US soybean meal and is also increasing its purchases. At the beginning of the MY 2026/27, outstanding sales to Mexico exceeded the five-year average for the corresponding period by 147 thsd tons. Canada, Colombia and Vietnam also remain among the leading importers of US soybean meal. Growing demand in these markets, combined with increased domestic soybean meal production, is creating favorable conditions for US exports to reach a new record in the MY 2026/27.

Tags: export, soybean meal, USA