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Soybean production is highly concentrated geographically, with a few countries accounting for the majority of global output. Brazil and the United States consistently lead production. According to the forecast, in the marketing year 2025/26, Brazil was expected to produce 180 million metric tons of soybeans, slightly surpassing the United States. Other producers such as Argentina, China, India, and Paraguay contribute smaller shares, reflecting regional agricultural capacity and climate suitability.

What drives soybean prices in global markets?

Soybean prices have shown high volatility, with a notable spike between 2021 and 2023 and a steep decline in 2024. This was the result of a combination of supply disruptions, elevated input costs, and geopolitical instability. The war in Ukraine and the higher price for substitute products, such as sunflower oil, led to an elevated demand for soybean oil. Furthermore, increases in fertilizer and energy costs also increased expenses, pushing prices upward. Soybeans are among the major agricultural crops sown in the United States, behind only corn. They belong to the oilseed crops category, and their usage ranges from the animal food industry over human consumption to non-food products. The highest percentage of soybeans goes to the animal feed industry. The product portfolio intended for human consumption includes products such as soy milk, soy flour, or tofu. Global soybean trade is driven by strong demand for animal feed and vegetable oil. China is by far the largest importer, with volumes exceeding 100 million metric tons annually.

Importances of soybeans in the U.S. agriculture

Production practices show that U.S. farmers commonly cultivate soybeans in crop rotation with corn. More than ** percent of soybeans are grown in the upper Midwest. The United States reported Illinois, Iowa, and Minnesota as their leading soybean producing states. Historical data demonstrates that large-scale soybean production did not commence until the 20th century in the United States. However, the latest statistics illustrate that the acreage of the dominant oilseed crop has expanded rapidly. The certain increase in soybean acreage was supported by several factors, including low production costs and a higher number of 50-50 corn-soybean rotations. Furthermore, soybeans were one of the first crop types that achieved commercial success as bioengineered crops. The first genetically modified (GM) soybeans were cultivated in the United States in 1996. They possess a gene that confers herbicide resistance.