Brazil registered soybean exports to Mexico for a customs value of 298 million dollars from January to May 2022, a year-on-year increase of 4.6 percent.
With this, soybean exports in that direction registered a record for a similar period, according to data from the Ministry of Industry, Foreign Trade and Services of Brazil.
Worldwide, soybean production is concentrated in the United States, Brazil, Argentina and China.
The United States Department of Agriculture (USDA) reported that, for crop year 2021, the United States produced approximately 4.42 billion bushels of soybeans, or approximately 33% of estimated world production, with a production of Brazil of 5,100 million bushels and Argentina of 1,700 million bushels.
Global production can fluctuate from year to year due to a number of factors that may include, but are not limited to, weather, government policy, economic conditions, and commodity prices.
Similarly, global soybean consumption can fluctuate from year to year due to a number of reasons that may include, but are not limited to, economic conditions, global health concerns, population growth, and international trade policy.
Soybeans are a widely used commodity around the world, so any contraction in consumption may only be temporary, as it has been historically.
The soybean processing industry converts soybeans into soybean meal, soybean hulls, and soybean oil.
A bushel of soybeans typically yields approximately 44 pounds of meal, four pounds of hulls, and 11 pounds of crude oil when processed.
Livestock farmers and the fish farming industry mainly use soybean meal and hulls as feed.
While soybean oil is sold in multiple grades and used by the food, petroleum, and chemical industries, soybean oil is used by the food industry in cooking and salad dressings, baking and frying fats, and butter substitutes, among other uses.
In 2021, Mexico imported soybeans worth 2,538 million dollars, of which 82.1% corresponded to sales from the United States and 17.9% from Brazil.
Also in 2021, soybean exports from Brazil to the world totaled 38,639 million dollars and those of the United States were 27,523 million.
Among the largest exporting companies in the soy protein market in the world are: E.I. Dupont De Nemours And Company, Archer Daniels Midland Company, Cargill, Kerry Group, Now Foods, Burcon Nutrascience Corporation, Sotexpro, and Farbest Brands.