Soybean Meal
U.S. Soybean Meal Exports in 2023
Total Export Value
$7.31 Billion
Total Volume (Millions)
13.96 Metric Tons
3-Year Average
$6.33 Billion
Compound Average Growth
2.9% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Philippines | $1.27 Billion |
| Mexico | $824.1 Million |
| Colombia | $736.71 Million |
| Canada | $616.59 Million |
| European Union | $496.25 Million |
| Ecuador | $454.87 Million |
| Venezuela | $328.32 Million |
| Dominican Republic | $272.27 Million |
| Guatemala | $270.32 Million |
| Vietnam | $244.5 Million |
Data and Analysis
Indonesia’s B40 biodiesel blending mandate program, which is expected to roll out in 2025, is projected to increase palm oil use by 3 percent to 22 million metric tons in 2024/25. Soybean consumption recovered in 2023/24 as soybean retail prices continue to decrease.
The Government of Vietnam (GVN) issued Decree 144/2024/ND-CP on November 1, 2024, lowering Most-Favored-Nation (MFN) tariff rates on soybean meal to one percent from two percent. The Decree will enter into force on December 16, 2024.
Post maintains Vietnam’s soybean meal consumption forecast for the marketing year (MY) 2023/24 at 5.85 million tons, aligned with feed consumption. It expects consumption to rise to 6.1 million tons in 2024/25 due to increased demand for animal and aquafeed.
News and Features
Private exporters reported the following sales activity for MY 2024/2025: 135,000 MT of corn for delivery to Colombia and 120,000 MT of soybean cake and meal for delivery to Colombia.
Private exporters reported sales to China, Philippines and unknown destinations during MY 2024/2025.
Private exporters reported the following sales activities for MY 2024/2025: 30,000 MT of soybean oil for delivery to India, 261,264 MT of soybeans for delivery to Mexico, 135,000 MT of soybean cake and meal for delivery to the Philippines.