Soybeans
Soybeans are the world's most important oilseed, crushed to produce soybean meal (animal feed) and soybean oil (cooking, biodiesel). Brazil has overtaken the US as the largest exporter. GMO vs. non-GMO origin commands significant price differentials in European and Asian markets.
- US No.1 Yellow
- US No.2 Yellow
- Brazilian Origin
- Non-GMO
- FOB
- CIF
- CFR
Soybeans, in brief.
- Common origins
- Brazil
- United States
- Argentina
- Paraguay
- Canada
- Common destinations
- China
- European Union
- Japan
- Mexico
- Thailand
- Grades and specifications
- US No.1 Yellow
- US No.2 Yellow
- Brazilian Origin
- Non-GMO
- Incoterms
- FOB
- CIF
- CFR
- Unit of measure
- Metric Tons
What moves Soybeans pricing
Soybean futures trade on CBOT (Chicago Board of Trade): the global price discovery venue. The crush spread (soybean meal + soybean oil minus soybean) signals processor margins. Brazilian harvest (Feb-May) and US harvest (Sep-Nov) create the seasonal calendar. China imports ~60% of globally traded soybeans for crush into meal (animal feed) and oil. Drought/El Niño in Brazil and Argentina, US Midwest weather, and Chinese hog cycle are the dominant supply-demand variables.
How Soybeans cargoes are priced and settled
Standard panamax cargoes are 60,000-65,000 tonnes; supramax 35,000 tonnes. Pricing is CBOT futures plus or minus a basis (FOB Paranaguá basis, CIF Rotterdam basis). Quotational period is contracted around B/L. Payment is letter of credit, with washouts (financial settlement of position) common when market moves favor either party.
Soybeans specifications and dispute practice
GAFTA contracts dominate. Specs cover oil content (18.5% standard), protein, moisture (13% max), foreign matter, and damaged kernels. Brazilian beans typically run higher protein than US. GMO/non-GMO is a contractual rider: non-GMO commands $10-30/tonne premium for European and East Asian food-grade buyers.
Where Soybeans comes from and where it goes
Top exporters: Brazil (now larger than US), United States, Argentina, Paraguay. Top importers: China (~100 Mt/year), EU, Mexico, Egypt, Japan, Korea, Taiwan, Vietnam. The US-China trade-war reshuffling of 2018-2020 entrenched Brazilian dominance; Argentine soybean exports are heavily affected by export tax policy and FX controls.
Who trades Soybeans?
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Related market pages.
- Wheat (Milling)Milling wheat is a high-protein wheat variety used for bread, pasta, and baked goods. Protein content (typically 11-14%) determines suitability for different flour applications. Black Sea wheat has become the world's most competitive export origin, while US Hard Red Winter and Canadian Western Red Spring are premium grades.
- Wheat (Feed)Feed wheat is a lower-protein wheat grade used in animal nutrition, particularly for poultry and livestock rations. It is typically sourced from the Black Sea region and Europe at a discount to milling wheat. Feed wheat competes with corn as an energy source in feed formulations.
- Corn/MaizeCorn (maize) is the world's most produced cereal grain, used for animal feed, ethanol production, and food ingredients. US Yellow Corn No.2 is the global benchmark. Brazil has emerged as a major second-crop (safrinha) exporter, competing with US and Argentine supplies.
- Soybean MealSoybean meal is the dominant protein source in global animal feed formulations, containing 44-48% crude protein. It is produced as a co-product of soybean crushing alongside soybean oil. Argentina is the world's largest exporter, benefiting from its differential export tax structure.
- Soybean OilSoybean oil is the second most consumed vegetable oil globally, used in cooking, food processing, and increasingly as biodiesel feedstock. Crude degummed soybean oil is the primary traded form, with refining done at destination. US biofuel mandates have significantly boosted domestic demand.
- Rice (Long Grain)Long grain rice is a staple food for billions, characterized by grains three to five times longer than wide. Thailand's Hom Mali, Vietnamese 5% broken, and US long grain are major export grades. Rice is one of the most trade-restricted commodities, with export bans common during supply shocks.
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