Soybean is one of the most important agricultural products in the world because it is the main source of animal feed and also the main raw material for the production of vegetable oils. Soybean and its by-products are the most traded agricultural commodities (accounting for 10% of total global agricultural trade).

Soybean production in the world

   The United States, Argentina and Brazil are the world's largest soybean growers, accounting for a quarter of the global soybean supply.

   USDA has released its latest forecast for global soybean supply and demand in the crop year 2022/23, production is expected to reach 392.8 million tons, an increase of 1.4 million tons compared to the previous forecast.

(The largest soybean producing countries in the world)
   In particular, soybean production in Brazil is expected to reach 149 million tons, equivalent to the previous forecast and up 23 million tons compared to the previous crop year. Argentina's soybean production reached 51 million tons, in line with the previous forecast and up 7 million tons from the previous season. The production of peas in China reached 18.4 million tons, up 2 million tons compared to the previous crop year; India reached 11.5 million tonnes in the 2022/23 crop year, down 0.4 million tonnes from the previous crop year. Global ending stocks of soybeans in the 2022/23 crop year are expected to reach 101.4 million tons, up 1.8 million tons from the previous forecast and up 11.7 million tons from the previous crop year.
Soybean import and export situation in the world
   The major soybean exporters in the world are the United States and Brazil, each of which exports more than half of its annual soybean harvest.
  The world's largest soybean importers include China, the EU, Mexico and Japan. In particular, China - which is expected to import more soybeans in the new year due to continued strong demand and reduced profit margins.
Factors affecting the price of Soybean
   First, the dollar value. The US currency is the world's reserve currency so Soybeans and other commodities are priced in US dollars. Soybean producers receive less dollars for their produce when the US currency is strong and more dollars when the currency is weak. In addition, the US is the leading producer of Soybean so its price is likely to continue to be denominated in US dollars.
  Secondly, the weather factor is one of the main factors affecting the supply of Soybean in the market. Dry weather, too little rainfall will reduce soybean yield, causing the supply of Soybean in the market to decrease. Heavy rains and floods will also reduce the yield of harvested soybeans, thereby reducing the supply of soybeans in the market.
   Third, other factors such as transit time, the amount of soybeans in stock after each crop, as well as the quality of soybeans produced in each region. Besides, Soybean price is also affected by macro and political news.
Soybean import market in 8 months of 2022 in Vietnam
   According to preliminary statistics of the General Department of Customs, soybean imports in August 2022 reached 54,078 tons, equivalent to 40.63 million USD, the average price was 751.4 USD/ton, turned around and dropped sharply by 73% both in terms of price and value. volume and turnover compared to July 2022, the price also decreased slightly by 0.4%; Compared to August 2021, it also decreased by 52% in volume, decreased by 41.4% in turnover but increased by 22.5% in price.
   Soybean imports from the US market - the second largest market in August 2022 increased again after 2 consecutive months of decline, up 17.8% in volume and 18.4% in turnover compared to July 2022. and the price increased slightly by 0.5%, reaching 22,290 tons, equivalent to 16.68 million USD, the average price was 748.5 USD/ton. For the whole 8 months of 2022, imports from this market reached 405,556 tons, equivalent to USD 273.56 million, priced at USD 674.5/ton, accounting for 31% of the total soybean import volume and turnover of the whole country. , fell sharply by 40.8% in volume, down 28.8% in turnover but the price increased by 20.4% over the same period last year.