The global soybean market has exploded in recent years, with U.S. production at the forefront. Soybeans account for approximately 90 percent of U.S. oilseed production, with other oilseeds (including peanuts, sunflower, canola and flax) accounting for the remainder. Intense international competition has prompted the U.S. market to explore alternative uses for soybeans, including biofuels, renewable diesel and bioplastics.
Soybean meal demand for 2022/23 is finalized at 53.1 million short tons (mt), with 14.7 mt of soybean meal exports and 38.4 mt of domestic consumption. This month's 2023/24 soybean meal demand forecast of 54.7 million short tons remains unchanged. The soybean meal price forecast is unchanged at $380 per short ton. 2022/23 U.S. soybean oil production is finalized at 26.2 billion pounds, a decrease of 38 million pounds from last month's forecast. Domestic demand increases by 114 million pounds to 26.6 billion pounds. Increased soybean oil use for biofuels is being used for food, feed, and other industrial purposes.
Cash from soybean exports alone soared to $26.4 billion by 2021, according to the USDA. However, the U.S. has since lost its dominance, in part because of its dependence on a single export market: China.
China is the world's largest importer of soybeans, accounting for about 60 percent of total soybean trade. About half of U.S. soybean exports go to China, according to the U.S. Department of Agriculture.This trade relationship has worsened in 2018 as the U.S. and China go head-to-head in a tit-for-tat tariff dispute, and soybeans are key to that fight. China will buy soybeans from Brazil, now that the South American country is the world's top soybean producer and exporter.
When you want to find soybean exporters in usa, you can use Tendata to quickly find the information using customs data. Customs data is a great tool for importers and exporters, and with the latest import and export trade data, it allows you to pinpoint importers and exporters who are trading, so you know which ones really have import and export needs.
For example, if you want to find soybean exporters in usa, you can enter soybean directly into Tendata, and you will see 182 exporters in the U.S. Exporters summary of soybean exports in 2023.
You may also want to know company-specific trade trends, products traded, supply chain, partners, ports, etc. Most importantly - company contact information! These Tendata will provide you with. For further information, please contact Tendata.
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