Soybeans: crush and foreign flour trade project records for 2024 globally

Soybean

United States

Published Mar 26, 2024

Tridge summary

The global oilseed crushing industry is witnessing significant growth, driven by increased demand for oils in the biofuel sector, with palm oil, rapeseed, and sunflower oil leading the production surge in the 2022/23 and expected growth in the 2023/24 cycles. Soybean's role in this expansion is also notable, despite its lower oil extraction ratio. The article delves into the dynamics of the soybean crush industry, highlighting Argentina's historical dominance in soybean meal export and the rising processing capacities in China, the United States, and Brazil. This growth is paralleled by a competitive landscape in the soybean meal market, where Brazil and the United States have significantly increased their soybean meal production and exports over the last decade, indicating an intensifying competition as both countries look to accommodate the surplus soybean flour generated by the rising demand for soybean oil in biofuels. These developments suggest a shifting landscape in global oilseed processing and trade, with implications for supply and competitiveness in the industry.

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

The oilseed crushing industry worldwide is in the process of strengthening due to the increased demand for oils in the biofuel sector. After two years of stagnation in global production of the main oils (2020/21 and 2021/22), in the 2022/23 commercial year production increased by 10 Mt and in the 2023/24 cycle a new productive increase of 5 Mt is expected. .1 Mt. When comparing the last two commercial years, the growth of crush and oil production in 2022/23 had special support in palm oil, added to rapeseed and sunflower, given that soybean crushing worldwide decreased due to the great drought that Argentina crossed. While in the current 2023/24 campaign the world continues to increase the crush and demand for oils, the growth in the production of palm, rapeseed and sunflower oil slows down sharply. In this sense, 45% of the productive growth of oils would be linked to soybeans and this is not a minor point. On the one hand, although there was a drop in soybean crushing in the ...

Source: Agromeat