U.S. soybean consumption was 62 million 905,000 tons in the 2021-2022 cycle, an increase of 3.1% over the immediately preceding cycle.

Looking further back, this consumption grew 29.3% over the 2012-2013 season.

Globally, soybean production is concentrated in the United States, Brazil, Argentina and China.

The United States Department of Agriculture (USDA) reported that, for the 2022 crop year, the United States produced approximately 4.35 billion bushels of soybeans, equivalent to approximately 30% of estimated world production, while Brazil produced 5.6 billion bushels and Argentina produced 1.5 billion bushels.

World production can fluctuate yearly. This is due to various factors, such as weather, government policy, economic conditions, and commodity prices.

Similarly, world soybean consumption can also vary each year. Several factors contribute to this fluctuation, including economic conditions, global health issues, population growth, and international trade policy.

Soybean consumption

The reported U.S. Aggregate Measurement of Support (AMS) value for soybeans was $8.5 billion in the 2018/2019 marketing year and $1.6 billion in the 2017/2018 marketing year.

The increase recorded in the 2018/2019 marketing year was primarily due to expenditures under the 2018 Market Facilitation Program (MFP), which is no longer in effect.

Under the MFP, producers received payments to manage market disruption, address commodity surpluses, and expand both domestic and foreign markets.

The 2018 MFF provided direct payments based on that year’s production of nine affected commodities, including soybeans.

Payments under the 2018 MFF were determined by the eligible commodity’s production that year, regardless of its final marketing or use. Unlike an export subsidy, which is contingent on the export of a commodity, there was no such requirement for a producer to receive a payment under the MFF.