This year, U.S. soy set a new record for exporting more product in more international markets than ever before.
The United Soybean Board, U.S. Soybean Export Council, and American Soybean Association announced that the 20/21 market year set a record of 61.65 million metric tons of whole soybeans shipped to markets across the globe. That is a value of over $28 billion in revenue for the U.S. Soy industry!
“This record is a result of efforts to enhance access and usage of U.S. soy across the food, feed and livestock industries and across international markets by the U.S. soy farmers and industry, our customers, and governments around the world,” said Jim Sutter, CEO of U.S. Soybean Export Council (USSEC). “Setting the new aggregate volume record demonstrates the value of the investment of U.S. soy farmers to create positive impact for our customers around the world to contribute to improved nutrition and food security, environmental sustainability, and livelihoods globally.”
The U.S. soy industry achieved high export results across the board this year. U.S. Soy shipped 74.76 million metric tons of total soybean complex, valued at more than $34 billion (based on September-August for whole beans, and October-September for soybean meal and oil). International markets purchased 12.3 million metric tons of soybean meal and approximately 781,766 metric ton of soybean oil.
USSEC Chairman, ASA Director and North Dakota soybean farmer Monte Peterson said, “Seeing the rising demand for sustainable protein and sustainable U.S. soy and knowing that we’re able to reliably provide high-quality, sustainable products to more people and places around the world is incredibly fulfilling. Farmers spend our lives growing these crops and care deeply about the families and communities in which we live and those around the world. I’m excited about the innovations, partnerships, and impacts we are realizing now and what comes next for U.S. soy in 2022.”
The new aggregate volume record reflects efforts to diversify and expand markets and usage. As additional importers and companies focus on value, the demand for high-quality soybeans continues to grow, driving U.S. soy forward as a premium, sustainable protein. This increase in demand has led to U.S. soy acting as a primary solution for protein demand worldwide, producing growth in several markets.
For the 20/21 market year, nearly half of U.S. soy destination markets grew by at least 10 percent compared to the 16/17 marketing year which was the prior record year for whole soybean exports. Examples of notable growth when comparing the 20/21 and 16/17 marketing years include: 178 percent in Egypt, 298 percent in Ecuador, 91 percent in Vietnam, 18 percent in Pakistan, and 28 percent in Guatemala. U.S. soy maintained a diverse market distribution balance to ensure stability and facilitate future market growth.
