Soybean Meal
U.S. Soybean Meal Exports in 2023
Total Export Value
$7.31 Billion
Total Volume (Millions)
13.96 Metric Tons
3-Year Average
$6.33 Billion
Compound Average Growth
2.9% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.27 Billion |
| Mexico | $824.1 Million |
| Colombia | $736.71 Million |
| Canada | $616.59 Million |
| European Union | $496.25 Million |
| Ecuador | $454.87 Million |
| Venezuela | $328.32 Million |
| Dominican Republic | $272.27 Million |
| Guatemala | $270.32 Million |
| Vietnam | $244.5 Million |
Data and Analysis
Due to higher input costs associated with planting corn, rice, and other crops, soybean and peanut production is expected to increase in marketing year (MY) 2024/25. Private sector investors are expanding oil palm production and increasing processing capacity to take advantage of strong demand and high prices.
India’s oilseeds production in marketing year (MY) 2024/25 (October-September) is forecast to reach 41.9 million metric tons (MMT), a marginal drop from MY2023/2024 estimate of 42.7 MMT due weaker prices for Indian producers, limited agricultural input availability, and weather trends.
FAS Manila forecasts MY 2024/25 soybean meal imports to reach 3.2 million metric tons (MMT), an increase of 4 percent attributed to the growing feed demand for livestock, poultry, and aquaculture. The projected 3 percent growth in soybean meal equivalent (SME) consumption coincides with the forecasted 3 percent increase in livestock production during the same period.
News and Features
Private exporters reported sales of 138,000 MT of soybean cake and meal for delivery to the Philippines during MY 2023/2024.
Private exporters reported the following sales activity: 110,000 MT of corn for delivery to Taiwan during MY 2023/2024 and 126,000 MT of soybean cake and meal for delivery to unknown destinations - 30,000 MT during MY 2023/2024 and 96,000 MT during MY 2024/2025.
Private exporters reported sales of 100,000 MT of soybean cake and meal for delivery to unknown destinations during MY 2023/2024.