The U.S. Department of Agriculture is estimating world soybean production in the 2018/2019 market year will be 360.993 million metric tons. Three countries, United States, Brazil and Argentina, are projected to produce 82% of the world’s soybeans. The United States soybean production estimate is 123.66 million metric tons, or 4,535 billion bushels.
The next chart second chart shows the total world production versus use level. As one can see the world growth of soybeans has been impressive; growth has increased by about 350% since 1987. The commercial growth of livestock and poultry is probably closely correlated with this growth. Soybeans are supplying the world a needed source of protein and oil required for growth.
World soybean meal use is much different; domestic soybean meal consumption by China, United States and the European Union accounts for about 56% of the total soybean meal use and the balance is used by numerous countries with livestock and poultry operations. Table 2 shows how important soybean meal is to the World’s consumption of meat, milk and eggs.