Record Highs for U.S. Soy in Global Markets

Feb 05, 2024

By: Farms.com

In the Marketing Year 22/23, the soy sector made a $39.8 billion contribution to the U.S. economy. The export volume of 67.6 million metric tons, spearheaded by record-breaking soybean meal exports, underscores the sector's robust performance and strategic importance.

Soybean meal exports led the charge, reaching record volumes and values, thanks to growing international demand, particularly from Colombia and Ecuador. This surge reflects the U.S.'s ability to adapt and innovate, promising continued growth as soybean production evolves with new technologies and improved agricultural practices.

The primary markets for U.S. soybean meal exports included the Philippines, Mexico, Colombia, Canada, and the EU, illustrating the diverse and global appeal of U.S. Soy products. Meanwhile, whole soybean exports demonstrated resilience against global disruptions, maintaining steady volumes and reinforcing the U.S. Soy's value proposition on the world stage.

Soybean oil exports faced a decline due to increased domestic demand for renewable fuels, showcasing the dynamic shifts within the agricultural and energy sectors. This adjustment mirrors broader trends towards sustainability and renewable energy sources, with the U.S. Soy industry playing a key role.

Collaborative efforts among U.S. soy associations have been instrumental in fostering market growth and ensuring the U.S. remains at the forefront of agricultural exports. These partnerships focus on innovation, sustainability, and market development, cementing the U.S. Soy's reputation for quality and reliability.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.