Soybeans market in Northern America

Earlier Report Observations

Soybean production in Northern America fluctuated between 2018 and 2023, starting at 127.9 million t in 2018 before dropping to 102.8 million t in 2019. Output recovered over the next two years, reaching 127.7 million t in 2021, then eased slightly to 120.3 million t by 2023. The domestic market volume followed a similar pattern, falling to 98.8 million t in 2019 and peaking at 123.3 million t in 2021.

In value terms, the market experienced a pronounced upswing from 2020 onward. After a decline to 38.2 billion USD in 2019, the market size rebounded to 50.8 billion USD in 2020 and surged to 74.8 billion USD by 2022, before moderating to 68.0 billion USD in 2023. This increase in market value coincided with a global rise in raw material prices linked to geopolitical and energy market pressures, which elevated soybean and meal costs.

Production soybeans in Northern America

In kind, 2017-2020, M t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In 2019, soybean production in Northern America reached its lowest point at 102.8 million tonnes. The following year, in 2020, production rebounded to 121.1 million tonnes, marking a significant 17.8% increase compared to 2019. Looking at the broader period from 2017 to 2020, overall production declined by 5.2%, which translates to an average annual decrease of 1.8%. The peak production occurred in 2018, with 127.9 million tonnes, while the sharpest year-on-year drop was recorded in 2019 at 19.6%.

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

In value, 2017-2020, M $ US

Following two consecutive years of decline, soybean production in Northern America saw a recovery in value terms. In 2019, the value hit a low of 39,495 million US dollars. By 2020, it surged to 52,596 million US dollars, representing a substantial 33.2% rise from the previous year. The most significant decline occurred in 2019, with a 23.7% decrease in value.

Annual dynamics of production in Northern America in value, 2017-2020, M $ US

Exports soybeans from Northern America

Exports in kind, K t

In 2019, soybean exports from Northern America were at their minimum, totaling 4,008 thousand tonnes. The following year, in 2020, exports increased to 4,456 thousand tonnes, up 11.2% from 2019. Over the period from 2017 to 2020, overall exports decreased by 4.5%, averaging an annual decline of 1.5%. The highest export volume was recorded in 2018 at 5,491 thousand tonnes, with the largest year-on-year increase that year at 17.7%. Conversely, the sharpest drop occurred in 2019, with a 27.0% decrease.

Annual dynamics of product's exports from Northern America in kind, 2017-2020, K t

Between 2017 and 2020, the export market for soybeans from Northern America was quite diversified, with no single country dominating. China was the largest buyer, accounting for 32.2% of exports in volume, followed by Iran at 9.5% and Japan at 7.4%. Together, these three countries represented 49.1% of total exports, while numerous smaller partners held the remaining shares.

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

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

Exports in value, M $ US

In 2019, the value of soybean exports from Northern America was at its lowest, at 1,540 million US dollars. By 2020, this figure rose to 1,935 million US dollars, reflecting a 25.7% increase from the previous year. The peak value was recorded in 2018 at 2,222 million US dollars, while the most significant decline occurred in 2019, with a 30.7% drop.

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

From 2017 to 2020, the top buyers of soybeans from Northern America in value terms were China, with 30.5% of exports, Japan at 10.6%, and Iran at 8.4%. Combined, these three countries accounted for 49.4% of total export value. The market remained fragmented, with many smaller partners contributing to the remainder.

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

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

Imports soybeans to Northern America

Imports in kind, K t

Soybean imports into Northern America declined for the second year in a row. In 2020, imports amounted to approximately 33 thousand tonnes, down 22.6% from the previous year. Over the period from 2017 to 2020, total imports fell by 61.4%, averaging an annual decrease of 27.2%. The highest import volume was in 2018 at 87 thousand tonnes, with the largest year-on-year increase that year at 1.1%. The sharpest decline occurred in 2019, with a 50.7% drop.

Annual dynamics of product's imports to Northern America in kind, 2017-2020, K t

Between 2017 and 2020, India and China were the leading sources of soybean imports into Northern America in volume terms, together making up 9.3% of total imports.

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

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

Imports in value, M $ US

Soybean imports into Northern America continued to decline for the second consecutive year. In 2020, the import value was 136 million US dollars, a sharp 40.5% decrease from the year before. From 2017 to 2020, overall import value fell by 39.9%, with an average annual decline of 15.6%. The peak value was recorded in 2018 at 374 million US dollars, which also saw the largest year-on-year increase at 65.6%.

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

From 2017 to 2020, the main contributors to soybean import value into Northern America were India, accounting for 13.5%, China at 2.3%, and Asia, not elsewhere specified, at 0.6%. Together, these sources represented 16.4% of total import value.

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

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