Soybeans & Soybean Meal Producers
The United States produced 72,223,000 million tons of Soybean in 1999
and 75,378,000 million tons in 2000. It is the single largest producer
of soybeans in the world.
Within the United States, production is concentrated in three main
states, Iowa, Illinois and Minnesota. In 1999, Iowa produced 502 million
bushels, Illinois produced 469 million bushels and Minnesota produced
286 million bushels.
When forecasting futures prices it is, therefore, essential to track
local weather conditions, the local elevator price and planting and
harvesting progress in these areas.
World Trend in Soybean & Soybean Meal Production
According to the United States Department of Agriculture statistics,
global production of both soybeans & soybean meal has been increasing
steadily since 1996. In 1996, the soybean production occupied 50.5
per cent, or 132.22 million metric tons, of the world's total oilseed
output, which stood at 261.40 million metric tons. In January 2001,
the estimated figure for world's production of soybean reaches 167.18
million metric tons, which occupies approximately 50.1 per cent of
the global oilseed output at 303.47 million metric tons. Source: United
States Department of Agriculture (USDA)
One of the reasons behind this upward trend comes from the demand for
soybean meal in animal feed. As global demand for meat consumption
rises, the demand for animal feed also increases. In fact, the Food
and Agriculture Organization (FAO) statistics shows that global meat
production has increased 13.16 per cent from 206.24 million metric
tons in 1996 to 237.5 million metric tons in 2001. And this increasing
meat production contributes to the growth of soybean meal production
used in animal feeding.