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U.S. Soybean Meal Exports Expected to Reach Record High

USDA’s Foreign Agriculture Service expects record soybean meal exports for marketing year 2022-23, at an estimated 13.2 million tons.

USDA says increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production is behind the expansion. The new record came from substantial expansion in shipments to the European Union and Vietnam as drought in Argentina, usually the world’s largest soybean meal exporter, severely reduced its exportable supplies. Additionally, U.S. soybean meal exports to the Philippines, Colombia, and Mexico held firm despite a strong dollar. In marketing year 2023/24, U.S. soybean meal exports are forecast to reach a new record of 13.9 million tons. U.S. export prices are likely to remain competitive with South American supplies as the United States continues to produce more soybean meal than will be needed domestically, ensuring growing supplies are available to the global market.

In the four previous marketing years, exports were relatively flat, hovering over 12 million tons per year.

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