USDA review on US and China trends as of March 2024

Soybean

Published Mar 11, 2024

Tridge summary

In 2023, U.S. soybean exports saw a decline of 15% in volume and 19% in value due to increased production in Brazil and higher domestic demand for processed soybeans. However, soybean meal exports experienced growth, driven by domestic demand and lower production in Argentina. The EU and the Philippines were major markets for these exports. Despite a steady average seasonal farm price, soybean prices have been on a decline. Meanwhile, sunflower meal exports from Argentina and Bolivia, and rapeseed meal from Canada have seen an increase. However, vegetable oil trade has slightly declined due to a fall in Malaysian palm oil exports.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Mixed Trends for U.S. Soybean and Soybean Meal Exports in 2023 Calendar year 2023 saw mixed U.S. soybean and soybean meal export trends, with a notable decline in soybean exports compared to record high soybean meal exports. Compared to the same period last year, soybean exports fell 15 percent in volume (48.7 million tons) and 19 percent in value ($27.9 billion). Conversely, U.S. soybean meal exports grew 20 percent in volume (14.1 million tons) and 21 percent in value ($7.4 billion). Soybean exports in 2023 declined in value to three of the four largest markets compared to last year: China (-15%), Mexico (-24%) and Japan (-26%). The main reasons for this decline are record soybean production in Brazil and higher demand for processed soybeans in the United States, which contributed to higher prices for US soybeans. Meanwhile, exports to the European Union rose 32 percent in value, partly due to higher Chinese demand for Brazilian soybeans. Soybean meal has become one of the top ...

Source: Oilworld