The U.S. Department of Agriculture is estimating world soybean production in the 2018/2019 market year will be 359.5 million metric tons compared to last year’s 336.7 million metric ton estimate. Three countries, Brazil, Argentina and the U.S., are projected to produce about 82% of the world’s total soybeans. This is the first year that Brazil is predicted to produce more soybeans than the United States. The U.S. production is estimated at 117.3 million metric tons, or about 4,300 million bushels.
World Soybean Production
World soybean meal production is dominated by four countries; China, U.S., Brazil and Argentina. While the values are not shown, Argentina, Brazil, U.S., Paraguay and Bolivia export over 60 million metric tons of soybean meal annually which represents over 93% of the world’s soybean meal exports.
World Soybean Meal Production
World soybean meal use is closely related to the country’s livestock and poultry enterprises. China, U.S., European Union, and Brazil account for about 65% of the world’s use of soybean meal; with the remaining 35% spread between numerous countries with commercial livestock and poultry operations. China’s demand for soybean meal is growing since they are the World’s largest producers of pork and aquaculture.
World Soybean Meal Use
The bottom line is that increasing the World’s demand for meat, milk and eggs will mean a growing demand for soybean meal and feed grains.