US Soybean Processing Reaches Highs

The volume of soybean processing in the United States in July reached a new record – 5.57 million tons (a month earlier – 5.36 million tons), which is also 0.31 million tons more than the result last year, Oil World (Germany) reports.

Against the backdrop of restrictions on soybean imports to China, which is the main market for American soybeans, the processing industry continues to update the record figures for processing the oilseed. Since the beginning of the year, soybean exports to China have decreased by 51%.

Since the beginning of MY 2024/25, the volume of soybean processing in the country has reached 61.15 million tons against 57.64 million tons in September-July MY 2023/24.

It is also reported that over the past three months, American soybean exporters have compensated for the loss of the Chinese market by increasing oilseed supplies to other destinations to the maximum of the past 3 years. Thus, in June-August, 5.2 million tons were shipped from the USA, and exports to Mexico, Egypt, Taiwan, Vietnam and the EU countries increased significantly.

Soybean oil reserves in the USA decreased to 850 thousand tons compared to 859 thousand tons a month ago and 911 thousand tons at the end of July 2024. This figure remains at the lowest level in the last 20 years.

Tags: soybean, USA