US Soybean Domestic Use & Exports Projected

Mar 20, 2017

The newly released USDA agricultural baseline projects strong demand for soybean meal and oil over the next decade. These gains reflect low expected feed prices, increasing livestock production, and steady demand by foreign importers. Strong global demand for soybeans—particularly in China—boosts U.S.

soybean trade over the projection period. While soybean exports are projected to rise, competition from South America—primarily Brazil—will lead to a reduced U.S. share of global soybean trade. U.S. soybean meal use is projected to increase about 1 percent per year over the baseline period.

Domestic soybean meal consumption, which accounts for roughly 75 percent of total disappearance, is projected to increase at just over 1 percent per year. U.S. soybean oil use is also projected to rise about 1 percent per year over the projection period. Soybean oil exports are projected to rise only modestly due to increased competition. This chart appears in the ERS Agricultural Projections to 2026 report released in February 2017.

U.S. soybean domestic use and exports projected to increase through 2026

Source:usda.gov

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This material is based upon work that is supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, under agreement number 2023-38640-39573 through the North Central Region SARE program under project number ENC23-226. USDA is an equal opportunity employer and service provider. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and should not be construed to represent any official USDA or U.S. Government determination or policy.