The U.S. Department of Agriculture is estimating world soybean production in the 2017/2018 market year will be 346.02 million metric tons. Three countries, Brazil, Argentina and the U.S., are projected to produce over 82% of the world’s soybeans. The United States soybean production estimate is 119.52 million metric tons, or 4,382 million bushels.
Table 1. World Soybean Production (2017/2018)
It is revealing to chart the world production of soybeans. The 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 – Production vs Usage
Table 2. World Soybean Meal Use by Country (2017/2018)