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
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.
Indonesia palm oil exports are estimated to decline to 26.5 million metric tons (MMT) in 2023/24 on lower output and weaker demand from key destination markets. Post revised down 2023/24 palm oil production to 45.6 MMT as 2023’s El Nino led to much lower yields than previously anticipated.
News and Features
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.
Private exporters reported sales of 150,000 MT of soybean cake and meal for delivery to unknown destinations during MY 2024/2025.