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Soybeans lead 2020 US ag exports, record levels forecast for 2021

Soybeans topped the charts as America’s number one ag export in 2020.

The USDA’s Foreign Ag Service recently released the 2020 US Ag Export Yearbook showing total ag exports at $146 billion, up 7% from 2019 and the second largest on record. Soybeans were a major driver increasing 38% to a record $25.7 billion and accounted for 18% of the export total.

Eric Woodie, Trade Analyst for the Illinois Soybean Association tells Brownfield 55% of those beans went to China, with soy exports to that country up 77% on the year.

“They saw some recovery from African Swine fever and improvements in the overall trade relationship between the US and China. And in other parts of the world, we have seen growth in overall demand.”

Illinois was again the top producer of soybeans nationwide raising 605 million bushels on 10.25 million harvested acres with an average yield of 59 bushels per acre.

He says the report also forecasts record soybean levels for the marketing year ending August 2021.

“Already we are seeing some increased in overall exports to places like Egypt and we see places like Southeast Asia having some real strength again. Our supply chain is really filling up with soybeans and other ag products making their way to the export market. It is certainly looking up that this will continue though this year.”

China, Mexico, the EU, Egypt and Japan were the top importers of US beans in 2020 with exports to Egypt up 50%. Commitments by Mexico for this year are already up 25%.