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U.S. Soybean Meal Exports Forecast at Consecutive Records in 2022/23 and 2023/24
11.04.2024 23:48 "Agro Perspectiva" (Kyiv) —
U.S. soybean meal exports hit record levels in 2022/23, reaching 13.3 million tons. This record came amid a drought in Argentina, often the world’s largest soybean meal exporter, resulting in other major soybean producers like Brazil and the United States stepping in as alternative suppliers. Another major contributor to the record was rising U.S. domestic demand for feedstock oils used in biomass-based diesel production. U.S. soybean crush reached record levels to supply high soybean oil demand, leaving the United States flush with meal and well-positioned to make up for production shortfalls in Argentina. U.S. soybean meal was exported to a diverse set of countries in 2022/23, reaching both new markets and new heights in traditional markets. Norway and Madagascar each imported near-zero U.S. soybeans until 2021/22, and both rose substantially in 2022/23. U.S. exports to Kuwait, Grenada, and Saint Lucia also set records in 2022/23. While none of the top ten U.S. soybean meal markets set all-time record imports, a few — the European Union, Venezuela, and Morocco — reached their highest in over 5 years. In 2023/24, U.S. soybean meal exports are forecast to reach another record at 14.3 million tons. Year-to-date (Oct-Feb) exports are at 6.7 million tons, 25 percent higher than the same period last year. Many markets have continued to significantly grow imports of U.S. soybean meal. All the top ten U.S. soybean meal markets are ahead of last year’s pace and many markets are significantly higher. Among these are Vietnam (103 percent higher than last year), the Philippines (43 percent), Guatemala (42 percent), the European Union (37 percent), and Venezuela (36 percent). AGRO PERSPECTIVA offers Agro + «Ukrainian Grain & Oilseed Market» weekly analytical bulletin. Concerning subscription please contact: client@agroperspectiva.com or +380675964652 (WhatsApp, Viber, Telegram).
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