Soybeans market in Americas

Earlier Report Observations

At the start of the period, the soybeans market in the Americas was shaped by trade tensions between the U.S. and China, which imposed tariffs and created volatility in trade flows. In 2019, adverse weather events linked to climate change reduced production, bringing market volume down to 201 million tonnes. Despite this, investments in new processing and crushing facilities in producer countries continued, laying groundwork for future demand.

The COVID-19 pandemic in 2020 disrupted supply chains but also accelerated a shift in consumer preferences toward plant-based proteins, boosting demand for soy. This, alongside expanded use of soy in biofuels driven by government policies, stimulated production, and market volume grew to 228 million tonnes by 2021. Improvements in logistics infrastructure in key producing regions further facilitated the movement of goods.

In 2022, inflationary pressures and a sharp rise in agricultural input costs squeezed producer margins, contributing to a drop in production and a decline in market volume. The strengthening of biofuel policies in the United States, particularly the B15 program, supported domestic demand for soybean oil. By 2023, investments in large processing facilities, such as the new Louis Dreyfus plant in Ohio, increased crushing capacity, while climatic events like droughts introduced price volatility.

Production soybeans in Americas

In kind, 2017-2020, M t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

After two consecutive years of decline, soybean production in the Americas rebounded in 2020. That year, the region produced 308.0 million tons of soybeans, marking a 7.3% increase from 2019. Production had previously reached its lowest point in 2019 at 287.2 million tons, following the largest decline of 4.8% in 2018.

Annual dynamics of production in Americas in kind, 2017-2020, M t

In value, 2017-2020, B $ US

In 2020, the value of soybean production in the Americas reached 109.4 billion US dollars, rising 7.0% year-over-year. However, from 2017 to 2020, overall production value decreased by 8.3%, averaging an annual decline of 2.8%. The lowest value was recorded in 2019 at 102.2 billion US dollars, while the peak occurred in 2018 at 120.2 billion US dollars. The most significant drop took place in 2019, with a 14.9% decrease.

Annual dynamics of production in Americas in value, 2017-2020, B $ US

Exports soybeans from Americas

Exports in kind, M t

In 2020, soybean exports from the Americas totaled 100.2 million tons, showing a modest 6.2% increase from 2019. Over the 2017-2020 period, exports grew by 12.8%, with a compound annual growth rate of 4.1%. The largest decline was in 2019 at 3.9%, while the biggest increase occurred in 2018 with a 10.5% rise.

Annual dynamics of product's exports from Americas in kind, 2017-2020, M t

From 2017 to 2020, China remained the primary destination for soybean exports from the Americas in volume terms, accounting for 70.9% of total exports. Other markets played a much smaller role during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Americas in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of soybean exports from the Americas was recorded at 35 617 million US dollars, reflecting a moderate 6.0% increase compared to the previous year. Between 2017 and 2020, export value rose by 5.6%, equivalent to an annualized growth rate of 1.8%. The lowest value was in 2019 at 33 614 million US dollars, while the highest was in 2018 at 39 412 million US dollars. The most significant decline occurred in 2019 with a 14.7% drop, and the largest increase was in 2018 with a 16.9% rise.

Annual dynamics of product's exports from Americas in value, 2017-2020, M $ US

Throughout 2017-2020, China continued to be the main destination for soybean exports in value terms, capturing 71.0% of total export flows. The remaining share was distributed among various smaller markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Americas in value, 2017-2020

Imports soybeans to Americas

Imports in kind, M t

The market exhibited volatility during these years. Imports reached their lowest point in 2017 and peaked in 2019, with a 2.9-fold difference between these two years. In 2020, soybean imports into the Americas stood at 5.9 million tons, down 31.7% from 2019. The highest volume was recorded in 2019 at 8.7 million tons, while the largest increase occurred in 2018 with a 121.7% surge.

Annual dynamics of product's imports to Americas in kind, 2017-2020, M t

From 2017 to 2020, India was the core market for soybean imports into the Americas in volume terms, accounting for 0.6% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Americas in kind, 2017-2020

Imports in value, M $ US

Market performance showed noticeable fluctuations during this period. Import values varied by 2.7 times between the low of 2017 and the high of 2019. In 2020, the value of soybean imports into the Americas totaled 2 984 million US dollars, declining 32.7% from the previous year. The peak value was recorded in 2019 at 4 436 million US dollars, while the largest increase took place in 2018 with a 122.9% jump.

Annual dynamics of product's imports to Americas in value, 2017-2020, M $ US

During 2017-2020, India remained the core market for soybean imports into the Americas in value terms, representing 1.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Americas in value, 2017-2020