U.S. soybean meal exports reached a record 13.2 million tons for the 2022-23 marketing year, and government analysts expect shipments to top that for the current marketing year.
This reason for the growth in soybean meal exports is the demand for soybean oil domestically for biofuel production, according to USDA’s Foreign Agricultural Service.
FAS noted this new export record was fueled by substantial growth in shipments to the European Union and Vietnam as the ongoing drought in Argentina, traditionally the world's leading soybean meal exporter, significantly limited its exportable supplies.
In addition, U.S. soybean meal exports to the Philippines, Colombia, and Mexico remained solid despite a strong dollar.
For the 2023-24 marketing year — which began Sept. 1 — U.S. soybean meal exports are expected to hit another all-time high of 13.9 million tons. U.S. export prices are expected to stay competitive compared to South American supplies, since the United States will continue producing more soybean meal than is needed to satisfy domestic demand, ensuring a steady supply for the global market.
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Expanding the soybean crushing capacity to meet the growing demand for both soybean meal and oil has been a major priority for the U.S. soybean industry.
With interest in renewable diesel production increasing, the need for an increased soybean crush capacity is at an all-time high. The industry is seeking to meet the demand from programs like California’s Low-Carbon Fuel Standard, which sets carbon standards for fuel used in the state.
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