Soybeans Outlook Relies On China’s Ravenous Appetite

 

 

U.S Soybean Area Planted and Harvested (Million Acres) and Yield

Source: USDA data

 

Uses

According to Soyatech LLC, some 85 percent of the world’s soybeans are processed, or "crushed," annually into soybean meal and oil.  Around 98 percent of the soybean meal that is crushed is further processed into animal feed, with the balance used to make soy flour and proteins. Of the oil fraction, 95 percent is consumed as edible oil. The remainder is used for industrial products such as fatty acids, soaps and biodiesel.

 

U.S. Soy Usage (Million Bushels)

	2010/11	2011/12	2012/13	2013/14†	2014/15*
Crush	1,648	1,703	1,689	1,734	1,805
Seed & Residual	131	88	105	97	121
Exports	1,501	1,365	1,317	1,647	1,820
Total	3,280	3,156	3,111	3,478	3,746

Source: Agriculture Marketing Resource Center, Iowa State University (Figures as at 3/20/15)

^† Preliminary * Estimated

 

U.S. Biodiesel Usage

	2010/11	2011/12	2012/13	2013/14†	2014/15*
Soybean oil use for biodiesel1	2,737	4,870	4,689	4,800	4,700
Use for biodeisel2	237	420	402	412	409
Soybean oil for biodiesel, % oil from crop	7.10%	13.60%	13.20%	12.30%	10.30%
Soybean oil from biodiesel, % of oil from crush	14.40%	24.60%	23.60%	23.80%	22.60%

Source: Agriculture Marketing Resource Center, Iowa State University (Figures as at 3/20/15)

^† Preliminary * Estimated ¹ Million lbs ² Bushel equivalent