Thu Dec 12 23:48:41 UTC 2024: ## US Soybean Meal Exports Hit Record High, Driven by Global Demand

**Chicago, IL** – U.S. soybean meal exports soared to a record 14.4 million metric tons (MMT) in the 2023/24 marketing year, generating $6.7 billion in revenue, according to the U.S. Soybean Export Council (USSEC). This represents a 10% increase year-over-year and a 17% increase over the five-year average. While overall U.S. soy exports were down slightly to 60.8 MMT due to reduced carry-over stocks and increased domestic crushing for sustainable fuels, the strong demand, competitive pricing, and nutritional advantages of U.S. soybean meal fueled the record-breaking performance.

The Philippines was the largest importer of U.S. soybean meal, purchasing 2.6 MMT, followed by Mexico and Canada. Significant growth was also seen in Egypt, where imports have increased by 43% over the past decade, driven by booming poultry and aquaculture industries. Venezuela also emerged as a key market, with U.S. soy holding over 90% of the market share.

Jim Sutter, CEO of USSEC, attributed the success to targeted marketing efforts in over 80 countries, including one-on-one meetings, technical seminars, and advertising campaigns. He emphasized the importance of long-term relationship building with importers.

The USSEC anticipates continued growth in global soybean demand, with the USDA projecting a 4.3% year-over-year increase to 346.2 MMT in 2024/25. The world soybean meal trade is also projected to increase nearly 10.7% to 81.3 MMT by 2033/34, fueled by expanding livestock and poultry production globally. U.S. soybeans are well-positioned to meet this growing demand, offering a high-quality, sustainable nutritional solution.

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