- Export growth: Total US soybean product exports rose 13% year-on-year to 68.7 million tonnes, valued at $29.6 billion.
- Product mix shift: Soybean oil exports surged 304% to 1.1 million tonnes; soybean meal exports hit a record 16.3 million tonnes (+14%).
- Demand drivers: Strong global demand, improved market access, and enhanced US price competitiveness underpinned the expansion.
- Key buyers: China, Mexico, EU, Egypt, and the Philippines were the top destination markets.
- Regional impact: Competitive US pricing is neutral to slightly bearish for Black Sea soybean and meal exporters, especially into Egypt and the EU.
US Soybean Export Performance in 2024/25
The US Soybean Export Council (USSEC) reported that total US soybean product exports reached 68.7 million tonnes in the 2024/25 marketing year, up 13% from the previous season and 2.9% above the five-year average. The export value totaled $29.6 billion, according to USDA Global Agricultural Trade System data.
Whole soybean exports climbed 11% year-on-year to 51.2 million tonnes. Soybean meal exports set a new record at 16.3 million tonnes, an increase of 14%. The most pronounced growth was in soybean oil, where export volumes jumped 304% to 1.1 million tonnes, underscoring aggressive US expansion in the global vegetable oil market.
USSEC highlighted three main drivers behind the strong export performance: rising global demand, widening market access for US-origin products, and improved US price competitiveness. China remained the leading destination market, followed by Mexico, the European Union, Egypt, and the Philippines.
Export Volume Snapshot
| Product | 2024/25 Exports (million tonnes) | Year-on-Year Change |
|---|---|---|
| Total soybean products | 68.7 | +13% |
| Whole soybeans | 51.2 | +11% |
| Soybean meal | 16.3 | +14% |
| Soybean oil | 1.1 | +304% |
Impact on Black Sea Market Dynamics
The robust growth in US soybean, meal, and oil exports is neutral to slightly bearish for Black Sea suppliers. Competitive US pricing and expanded shipments into key overlapping markets such as Egypt and the EU intensify competition and may cap upside for Black Sea-origin values.
The 304% surge in US soybean oil exports, in particular, signals assertive US penetration into global vegetable oil demand centers. If this level of price competitiveness is sustained into the next marketing year, Black Sea exporters could face continued pressure on both volumes and margins across soybean complex products.
Source: Market Data
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