U.S. soybean domestic use and exports projected to increase through 2026

The newly released USDA agricultural baseline projects strong demand for soybean meal and oil over the next decade. These gains reflect low expected feed prices, increasing livestock production, and steady demand by foreign importers. Strong global demand for soybeans—particularly in China—boosts U.S. soybean trade over the projection period. While soybean exports are projected to rise, competition from South America—primarily Brazil—will lead to a reduced U.S. share of global soybean trade. U.S. soybean meal use is projected to increase about 1 percent per year over the baseline period. Domestic soybean meal consumption, which accounts for roughly 75 percent of total disappearance, is projected to increase at just over 1 percent per year. U.S. soybean oil use is also projected to rise about 1 percent per year over the projection period. Soybean oil exports are projected to rise only modestly due to increased competition. This chart appears in the ERS Agricultural Projections to 2026 report released in February 2017.