China Buys First US Soy for 2024 Crop — About Seven Months Late (2024)

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China Buys First US Soy for 2024 Crop — About Seven Months Late? ›

Workers harvest soybeans in Pace, Mississippi. China, the world's largest importer of soybeans, made its first purchase of US soybeans for the upcoming season — months later than usual. The US Department of Agriculture announced on Wednesday that China purchased 132,000 metric tons of soybeans for the 2024-25 season.

China made its first purchase of U.S. soybeans for the current crop season, marking a delayed start to sales as the world's top grain importer continues its reliance on cheap commodities from Brazil.

The United States and Brazil are major competitors and together supply over 80% of soybean global exports, while China accounts for about 60% of total soybean imports. Soybeans are the largest agricultural commodity exported to China by both the United States and Brazil.

Major Players

In 2024, the US is expected to be the second largest producer, consumer, and exporter of soybeans. Brazil is the largest producer and exporter of soybeans in the world. China is the largest consumer and importer of soybeans in the world.

More than 80 percent of soybeans are cultivated in the upper Midwest. The Unites States counted Illinois, Iowa, and Minnesota as their leading soybean producing states as of 2022.

Just over 70 percent of the soybeans grown in the United States are used for animal feed, with poultry being the number one livestock sector consuming soybeans, followed by hogs, dairy, beef and aquaculture.

As of 2022, the leading country in soybean oil consumption was China, with about 17.1 million metric tons consumed. The United States was the second largest consumer of soybean oil, at about 12.25 million metric tons consumed.

Soybeans, crucial in animal feed, human food and industrial products, are immensely important in China. Although the country is a major soybean producer soybean production at 20 million tonnes, China is remains the world's largest importer, accounting for more than 60% of global demand.

The 10 million-ton gap in the 2024-25 forecast is huge, equivalent to nearly 400 million bushels or about 18% of total anticipated 2024-25 U.S. corn exports. China recently accounted for as much as 31% of annual U.S. corn exports (2020-21), but just 7% went to China in the first seven months of 2023-24.

Who made plastic from soybeans? ›

During 1932 and 1933 Ford spent more than $1,250,000 on his new soybean projects. In December 1933 Fortune magazine reported that Ford was now "as much interested in the soya bean as he is in the V-8." By 1935 a bushel (60 pounds) of soybeans went into the paint and molded plastic parts of every Ford car.

Why do some people think soy is bad for you? Some people think that soy is bad for you because soybeans contain a high concentration of isoflavones. These are compounds that have a similar structure to estrogen. They are considered “phytoestrogens,” or plant-derived estrogens.

Manufacturers favor the legume for its low cost and its isolated soy protein, which emulsifies, or blends, and binds fat and water. This keeps products moist without affecting other ingredients. The soybean's consistency allows it to be transformed into oils, flours, and meat and dairy substitutes (Van Evra, 2010).

China consumes the most soybean meal, followed by the United States, the European Union, Brazil and several other countries with livestock and poultry operations. Nearly 65% of the world's soybean meal is consumed by China, United States, the European Union and Brazil.

U.S. Exports of Bulk Agricultural Products to China

Over the last 10 years, on average, U.S. soybean exports to China have represented 58.3% of U.S. total agricultural exports to that country, and in 2016 two-thirds ($14.2 billion) of all agricultural exports to China were generated by U.S. soybean exports.

Many nations worldwide depend on U.S. Soy and make up the soy checkoff's global markets. The top 10 export markets for U.S. soybeans in order of volume received in marketing year 2021/22 include China, Mexico, the European Union, Egypt, Japan, Indonesia, Taiwan, Bangladesh, Thailand and Vietnam.

China to be a major buyer of U.S. corn in the 2024/25 crop year.

A farmer harvests soybeans near Worthington, Minnesota. A surprise tax change in Brazil, the world's largest soybean exporter, is prompting Chinese buyers to snatch up US supplies.