Of its total soybean production, 4,420 million bushels, the United States exports 47%, according to data from the Department of Agriculture (USDA).
The USDA estimates that approximately 50% of soybeans produced in the United States are processed domestically, 47% are exported as whole soybeans, and 3% are retained for seed and residual use.
While soybean meal is predominantly consumed by poultry and hogs in the United States, soybean processing facilities are generally located near adequate sources of soybeans and where there is a strong demand for soybean meal, according to South Dakota Soybean Processors.
On average, soybean meal exports represent 20 to 30% of total production.
World soybean production is concentrated in the United States, Brazil, Argentina and China.
For crop year 2021, the USDA reported that the United States produced approximately 4.42 billion bushels of soybeans, or about 33% of estimated world production, with Brazil producing 5.1 billion bushels and Argentina 1.7 billion bushels.
Global production can fluctuate from year to year due to a number of factors that may include, but are not limited to, weather, government policy, economic conditions, and commodity prices.
Soybean production
Similarly, global soybean consumption can fluctuate from year to year due to a number of reasons that may include, but are not limited to, economic conditions, global health concerns, population growth, and international trade policy.
Also, soybeans are a widely used commodity around the world, so any contraction in consumption may only be temporary, as it has been historically.
South Dakota Soybean Processors reports that the soybean processing industry converts soybeans into soybean meal, soybean hulls, and soybean oil. A bushel of soybeans typically yields approximately 44 pounds of meal, four pounds of hulls, and 11 pounds of crude oil when processed.
Livestock farmers and the fish farming industry mainly use soybean meal and hulls as feed.
Soybean oil is sold in multiple grades and is used by the food, petroleum, and chemical industries.
In particular, the food industry uses soybean oil in cooking and salad dressings, fats for baking and frying, and butter substitutes, among other uses.
Soybean oil refineries are usually located near soybean processing plants.
The USDA estimates that approximately 54% of domestic oil production is used in food, feed, and industrial applications, 41% in biofuel production, and 5% is exported for various uses.
The soy industry continues to introduce soy-based products as substitutes for various petroleum-based products, including lubricants, plastics, ink, crayons, and candles.
Soybean oil is converted into biofuels such as biodiesel or renewable diesel.
