BLOG

World Soybean Market

08 March 20176 min reading

“According to the report of International Grain Council dated January 19, 2017, entire soybean production in the world is 320 million tons in 2014/15 season. Estimating that production decreased to 316 million tons in 2015/16 season, IGC forecasted that production amount will increase to 334 million tons in 2016/17 season.”

soybean_market87Being a species of legume, soybean is native to Far East countries like China, Korea and Japan. It was introduced to the other parts of the world and gained value in 20th century. In general, the plant can grow in different climate regions and is successfully cultivated in many regions of the world. However it grows best between May and September and at 25°C. Temperatures below 18 °C and above 40°C may influence growing of soybean negatively. It is also known that soybean enriches the soil with nitrogen and enable fertilizer saving by increasing the efficiency of the seeds that will be cultivated later. That’s why soybean is considered as one of the most suitable seeds for crop rotation.

According to the report published by US Department of Agriculture (USDA) in January, global soybean production that is 319,7 million tons in 2014/15 is expected to fall down to 313,5 million tons in 2015/16. According to the estimates by USDA, global soybean production will rise in 2016/17 season, and reach 337 million tons in January.

According to the report published by International Grain Council (ICG) on 19th January 2017, global soybean production was 320 million tons in 2014/15 and it is expected to be 316 million tons in 2015/16. According to the estimates of ICG, global soybean production will go up to 334 million tons in January of 2016/17 season. The data of USDA is very similar to the figures published by ICG.

According to the data of United Nations Food and Agriculture Organization (FAO) in October 2016, 320 million tons of soybean was produced in 2014/15 season. In 2015/16 season, the production is estimated to decrease 314,4 million tons. FAO forecasted that production of soybean will increase and reach 329,5 million tons in 2016/17 season.

The fluctuations in global soybean consumption go in parallel to the fluctuations in its production. According to the estimates by USDA, global soybean consumption was 264 million tons in 2014/15, and it is estimated to increase to 276 million tons in 2015/16. And it is expected to continue it rising in 2016/17, reaching 290 million tons.

There is a slight difference in the estimates of USDA with regard to global soybean consumption. According to the reports of ICG, global soybean consumption was 312 million tons in 2014/15, and it is estimated to increase to 319 million tons in 2015/16. And it is expected to go up again in 2016/17, reaching 333 million tons.

WORLD SOYBEAN PRODUCTION AND PRODUCER COUNTRIES Today, USA is the top soybean producer in the world. According to the data of USDA, 106,8 million tons, a significant part of world soybean production which was 319 million tons in 2014/15 season was realized by USA. USA world soybean production in 2015/16 season is estimated to remain same. USDA forecasted that production of USA will increase and reach 117,2 million tons in 2016/17 season.

Following USA, second largest producer is Brazil. In 2014/15 season, Brazil realized soybean production of 97,2 million tons. It is estimated to decrease 96,5 million tons in 2015/16 season. USDA forecasted that production of Brazil will increase and reach 104 million tons with 3,5 million tons rising in 2016/17 season.

USA and Brazil meet alone more than half of world soybean production which was 313,5 million tons (2015/16). Argentina with 56,8 million tons follows these two countries. China which comes after Argentina is estimated 11,7 million tons soybean in 2015/16 season. Paraguay with 9 million tons, India with 7,1 million tons and Canada with 6,3 million tons follow China.

WORLD SOYBEAN CONSUMPTION AND CONSUMER COUNTRIES According to the data of IGC, world soybean consumption which was 312 million tons in 2014/15 season reached 319 million tons in 2015/16 season. IGC forecasts that consumption amount will continue to increase in 2016/17 season and reach to 333 million tons.

According to the data of USDA, 276,7 million tons of world soybean production which was 313,5 million tons in 2015/16 season is used by grinding. According to the data of 2015/16 season, China is the number one in grinded soybean consumption with 81,3 million tons. USA with 51,3 million tons, Argentina with 43,2 million tons, Brazil with 39,9 million tons, EU with 15,1 million tons, India with 5,8 million tons, Mexico with 4,4 million tons follow China.

WORLD SOYBEAN TRADE According to the data of International Grain Council (IGC), amount of soybean which is traded around the world exceeded 130 million tons. According to this, world soybean trade which was 127 million tons in 2014/15 season reached 134 million tons in 2015/16 season. IGC forecasted that soybean trade will increase to 137 million tons in 2016/17 season.

According to the data of USDA, 83,2 million tons of world soybean import which was around 133,3 million tons in 2015/16 season belongs to China. In world soybean import, EU with 15 million tons, Mexico with 4,1 million tons and Japan with 3,1 million tons follow China. In exports, Brazil and USA come first. Export amount of Brazil in 2015/16 season was 54,3 million tons, and it was 52,6 million tons for USA. Argentina with 9,9 million tons, Paraguay with 5,3 million tons, Canada with 4,2 million tons follow in exportation.

SOYBEAN PRODUCTION IN TURKEY Soybean which was first introduced to Turkey in 1930s had been cultivated only in Black Sea Region for years. However, through 2nd product project implemented in the following years, it started to be cultivated in irrigated areas in Aegean and Mediterranean Regions. Today, soybean cultivation in Turkey is realized largely on Çukurova Region. Especially Adana and Osmaniye cities meet 80 or 85 percent of soybean production in Turkey.

When Turkish Statistical Institute (TUIK) considered, it seems that soybean cultivated lands in Turkey increases until 2013. Then it is decreased. While soybean was cultivated on a land of 315,9 thousand decares in 2012, this area increased to 432 thousand decares in 2013. Cultivated lands are decreased 343 thousand tons and is increased 367 thousand decares in 2015 again.

The situation in cultivation land is reflected on production amount too. Production amount of soybean which was 122 thousand tons in 2012, is increased 180 thousand tons in 2013 and then is decreased 150 thousand tons in 2014. And then it is risen again and reached 161 thousand tons in 2015.

Despite cultivation land and production amount, yields increase nearly every year. According to the data of TUIK, yield per decare which was 416 kg in 2013 increased to 437 kg in 2014 and then is reached 438 kg in 2015.

Articles in Research Category