U.S. soy remains America’s number one agricultural export, adding $31.2 billion to the U.S. economy in marketing year 2023-2024.
Total soy export volumes were down from the prior year at 60.8 million metric tons, partly due to fewer carry-in stocks and the expansion of domestic crush. However, U.S. soybean meal exports set a record based on increased supply, strong demand, competitive prices, and its nutritional advantage. In the 2023-2024 marketing year, U.S. soybean meal exports totaled a record 14.4 million metric tons, valued at $6.7 billion. This volume was up 10 percent from the prior year and 17 percent higher than the five-year average. The Philippines bought the most soybean meal at 2.6 million metric tons during the marketing year, valued at $6.7 billion. Mexico and Canada were second and third, respectively. Demand is rising in other countries, including Vietnam, where purchases rose 110 percent to almost 744,000 metric tons.
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