The record follows a 2-year price high at the US Gulf, and Argentina and Brazil still export more soybean meal.
USDA's Foreign Agricultural Service forecasts US soybean meal exports at a record 20.6 million metric tons in 2026/27, up 11% from 18.6 million tons in 2025/26. The figure comes from the agency's October Oilseeds: World Markets and Trade report.
Key Facts
- Up 11% from 18.6 million metric tons, US soybean meal exports are forecast to reach 20.6 million.
- Counting every supplier, Philippine soybean meal imports are forecast to climb 10% from 3.5 million to 3.85 million.
- Argentina at 30.0 million tons and Brazil at 27.1 million still export more soybean meal than the US.
Per USDA's tables, world soybean meal exports rise 3.1 million tons from 87.0 million to 90.1 million in 2026/27. US shippers supply 2.0 million tons of the increase and Brazil 1.6 million. Argentina adds 0.2 million tons, and all other suppliers combined shrink by 0.7 million.
Why US soybean meal exports are rising in 2026/27
USDA forecasts US soybean meal production at 59.7 million tons, up 5% from 57.1 million in 2025/26. A larger soybean crop and higher crush account for the increase. The crop is forecast at 124.1 million tons, up 7% from 116.0 million. Crush rises 5% to 75.7 million tons from 72.0 million.
The report also credits higher global demand and more competitive meal prices for the export gain. USDA's figures put exports at 34.5% of US meal production, up from 32.6% in 2025/26.
Which countries buy the most US soybean meal
Based on outstanding sales for 2026/27, USDA names these top export markets for US soybean meal:
Outstanding sales reached 5.1 million tons on October 1, the first week of the marketing year. USDA says that tops last year's level but does not publish the prior-year figure.
The Philippines ran 118,000 tons above its five-year average for first-week outstanding sales. Its soybean meal imports from all suppliers are forecast to rise 10% to 3.85 million tons from 3.5 million. USDA ties the rise to poultry sector growth. Its September 17 poultry annual for the Philippines expects chicken meat production to rise nearly 6% in 2027.
Mexico ranks second. First-week outstanding sales there ran 147,000 tons above the five-year average. Mexican soybean meal imports from all suppliers are forecast at 3.25 million tons, up 9% from 2.98 million.
US soybean meal export prices hit a 2-year high in September
USDA reported that US Gulf export prices for soybean meal spiked to a 2-year high of $455 per ton in late September. Dwindling soybean supplies at crushers in some regions drove the spike. Global meal prices have since fallen as the US harvest eases the squeeze on crush supplies.
Heavy September rain in the Western Corn Belt slowed fieldwork. The USDA Economic Research Service reported the US soybean harvest 25% complete on October 4, against a five-year average of 33%. The agency added that Decatur, Illinois meal prices rose nearly 12% in September to about $366 per short ton.
Its 2026/27 average meal price forecast stays at $340 per short ton, unchanged from September.
