USDA’s Foreign Agriculture Service expects record soybean meal exports for marketing year 2022-23, at an estimated 13.2 million tons. USDA says increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production is behind the expansion.
The new record came from substantial expansion in shipments to the European Union and Vietnam as drought in Argentina, usually the world's largest soybean meal exporter, severely reduced its exportable supplies. Additionally, U.S. soybean meal exports to the Philippines, Colombia, and Mexico held firm despite a strong dollar.