US soybean meal exports hit a 10-year high

Published Sep 13, 2024

Tridge summary

The U.S. Department of Agriculture forecasts a record 16 million tons in U.S. soybean meals exports for the 2024/25 marketing year, driven by a high crop yield and competitive pricing. Sales have reached a 10-year high, with significant exports to Canada, the Philippines, and Colombia. The U.S. is expected to remain the third-largest exporter of soybean meal, with projections showing a slight decline in soybean production and a slight increase in global soybean trade and ending stocks, despite higher production in Paraguay and Canada.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

U.S. soybean meal exports in 2024/25 are forecast at a record nearly 16 million tons, driven by a record crop, the U.S. Department of Agriculture (USDA) says in a new report. Higher supplies and competitive prices are further driving export sales volume in the new marketing year. As of August 29, 2024, U.S. soybean meal sales for the 2024/25 marketing year (October-September) reached a 10-year high compared to the same period in previous years. Sales in 2024/25 to Canada, the Philippines and Colombia remain strong, reaching nearly 1.2 million tons. Canada is the leading destination for export sales by volume, with year-on-year growth of 76%. The Philippines and Colombia are second and third in terms of sales, followed by Mexico. Vietnam is an emerging market for the States in the new marketing year, with sales confirmed at nearly 250,000 tons. Colombia significantly increased purchases in 2023/24; export sales rose from 21 thousand to 292.1 thousand tons. The US is expected to ...

Source: UkrAgroConsult