Soybeans and soybean products projected to lead growth in global bulk agricultural commodity trade
Soybeans and soybean products—including soybeans, soybean meal, and soybean oil—is projected to lead the growth in world bulk agricultural commodity trade over the next decade (2014-2023). Trade in soybeans and soybean products has increased rapidly since the early 1990s, surpassing trade in wheat and coarse grains (corn, barley, sorghum, rye, oats, millet, and mixed grains). Continued strong growth in global demand for vegetable oil and protein meal, particularly in China and other Asian countries, is expected to maintain soybean and soybean products trade above both wheat and coarse grain trade during the next decade. World coarse grain trade is projected to increase 25 percent over the next 10 years, with corn expected to gain an increasing share of the coarse grain market. The expansion of livestock production in feed-deficit areas, including China, Mexico, and Africa and the Middle East, continues to be the principal driver of growth in coarse grain trade. World wheat trade is projected to expand 19 percent over the decade, with growth in imports concentrated in developing countries in West and Sub-Saharan Africa, North Africa and the Middle East, Indonesia, and Pakistan. Find this chart and additional analysis in USDA Agricultural Projections to 2023.
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