Soybeans market in the United States

Earlier Report Observations

The U.S. soybean market volume fluctuated significantly between 2018 and 2020. Drought conditions in 2018, particularly in Southern Iowa, reduced soybean output, contributing to a sharp drop in domestic market volume to 44.7 million tons in 2019. The following year, the COVID-19 pandemic caused global supply chain disruptions, but production recovered to 114.7 million tons, helping market volume rise to 50.6 million tons despite a concurrent increase in exports.

From 2021 to 2023, market dynamics were shaped by evolving demand and industry expansion. Biofuel production became a key driver, with soybean oil accounting for 57% of U.S. biodiesel feedstock, supporting domestic consumption and helping push market volume to 69.0 million tons in 2021. High input costs, including elevated fertilizer prices, and trade route adjustments contributed to a market dip to 59.4 million tons in 2022. During this period, significant investments in processing capacity, such as Bunge's $550 million facility for soy protein concentrate, signaled growth in value-added segments. By 2023, strong demand for soy products and new crushing plants, like the Louis Dreyfus Company facility in Ohio, helped lift market volume to 65.2 million tons.

Production soybeans in the United States

In kind, 2017-2020, M t

From 2017 to 2020, the United States held the second position globally in soybean production.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In 2020, the United States produced 114.7 million tonnes of soybeans, marking a strong year-over-year increase of 18.7%. Over the period from 2017 to 2020, production declined by 4.4%, which translates to an average annual decrease of 1.5%. The lowest production level was in 2019 at 96.7 million tonnes, while the peak occurred in 2018 with 120.5 million tonnes. The most significant drop was observed in 2019, when production fell by 19.8%.

Annual dynamics of production in the United States in kind, 2017-2020, M t

In value, 2017-2020, M $ US

Following a two-year decline, soybean production in the United States rebounded. In 2020, the output was valued at 45 941 million US dollars, reflecting a sharp rise of 33.0% compared to 2019. The lowest value was recorded in 2019 at 34 550 million US dollars, and the largest decrease occurred that same year, with a drop of 22.5%.

Annual dynamics of production in the United States in value, 2017-2020, M $ US

Exports soybeans from the United States

Exports in kind, K t

Soybean exports from the United States grew for the second year in a row. In 2020, exports reached 64 571 thousand tonnes, up 23.3% from the previous year. Between 2017 and 2020, exports increased by 16.6%, averaging an annual growth rate of 5.3%. The lowest export volume was in 2018 at 46 415 thousand tonnes, and the biggest decline happened that year, with a decrease of 16.2%.

Annual dynamics of product's exports from the United States in kind, 2017-2020, K t

From 2017 to 2020, China, Mexico, and Egypt were consistently the top destinations for soybean exports in volume terms. China accounted for 44.4% of exports, Mexico for 8.6%, and Egypt for 5.1%, together making up 58.2% of total export flows.

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

World map of product's exports from the United States in kind, 2017-2020

Exports in value, M $ US

The value of soybean exports from the United States rose for the second consecutive year. In 2020, exports amounted to 25 851 million US dollars, showing a steep increase of 38.1% compared to 2019. Over the 2017-2020 period, export value grew by 20.1%, with a compound annual growth rate of 6.3%. The lowest value was in 2018 at 17 163 million US dollars, and the largest decline occurred that year, with a drop of 20.3%.

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

Between 2017 and 2020, China, Mexico, and Egypt emerged as the primary markets for soybean exports in value terms. China represented 45.1% of export value, Mexico 8.6%, and Egypt 4.9%, collectively accounting for 58.6% of total export flows.

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

World map of product's exports from the United States in value, 2017-2020

Imports soybeans to the United States

Imports in kind, K t

In 2020, soybean imports into the United States totaled 422 thousand tonnes, remaining largely unchanged from the previous year. From 2017 to 2020, imports decreased by 36.7%, which corresponds to an average annual decline of 14.2%. The most significant reduction was in 2019, with a decrease of 21.1%.

Annual dynamics of product's imports to the United States in kind, 2017-2020, K t

Throughout 2017 to 2020, Canada, India, and Argentina were the main sources of soybean imports into the United States in volume terms. Canada contributed 31.0% of imports, India 20.2%, and Argentina 15.9%, together representing 67.1% of total import flows.

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

World map of product's imports to the United States in kind, 2017-2020

Imports in value, M $ US

After a two-year downturn, soybean imports into the United States saw an uptick. In 2020, import value reached 293 million US dollars, indicating a moderate increase of 3.2% from the year before. Between 2017 and 2020, imports fell by 32.3%, averaging an annual decrease of 12.2%. The lowest value was in 2019 at 284 million US dollars, and the largest decline occurred in 2018, with a drop of 20.9%.

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

From 2017 to 2020, Canada, India, and Argentina played key roles in soybean imports into the United States in value terms. Canada accounted for 24.1% of import value, India for 21.3%, and Argentina for 16.2%, collectively making up 61.6% of total import flows.

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

World map of product's imports to the United States in value, 2017-2020