TOP 10 Soybean Producing Countries in 2019

The country holds top positions in 2019 on all indicators: acreage, yield, production and export. On average, soybean production has increased by 8% over a decade and doubled compared to 2009. The country is export-oriented with 84 mln t or 66% of supplies.

Until 2019, the USA was the world leader of soybean production. Last year, the decline in production was triggered by a decline in demand for soybeans from China, as well as the impact of devastating spring flooding in many US states. However, this does not prevent the country from exporting almost half of its soybean production — 47 mln t.

Although soybean acreage has declined by 10% over the past 4 years, Argentina ranks third in terms of sown areas, yields and production. The country also ranks 4th by soybean imports: 3.9 mln t in 2019/20. In fact, it equals the volume produced by Ukraine. Practically all produced soybean is genetically modified (transgenic). Since September 2019, after 20 years of negotiations, Argentina is authorized for the supply of soybean meal to China.

When it comes to soybean, the country is import-oriented: this oilseed crop production stands at 18 mln t, whereas imports are 5x higher (88 mln t). The key importing countries are the USA, Canada and Brazil. China imports over 60% of the world's soybeans. In 2019, Argentina started exporting to China having upsized its share 29x.

The country is the fifth-largest soybean producer and the 4th largest exporter. Similarly to the USA, soybean exports from the country account for about 50% of the world's soybean production. With rather high yields and small areas, soybean takes a significant share in the country's economy.

India is Asia's second-largest soybean producer, despite its low yields. Indian states of Maharashtra and Madhya Pradesh account for 89% of the country's total production, according to FICCI. The country is set to increase its soybean exports and has therefore been increasing its soybean area in recent years. In H1 2019, the country increased soybean areas by more than 10%.

Until 2018, Canada's annual soybean production growth averaged 10%. In 2019, there was a 17% decrease in production, the reason being the reduction of areas and lower yields. Exports accounted for more than 75% of production in 2019 or to be exact, 4.7 mln t. However, soybean exports are projected to decline in the coming years due to a decrease in the sown area.

Soybean sown area in Russia is increasing with each year: in the last 10 years they have increased by 15%. Soybean production and consumption started scaling up since 2013/14. A spike in imports occurred also in 2013/14 due to the accelerated development of import substitution in the livestock industry of the country. Exports continue growing steadily. More than 40% of the soybean produced is exported.

Ukraine is the largest soybean producer in Europe. Soybean areas in Ukraine have expanded by 15% in recent years due to increased export requirements for oilseeds. Half of the soybean produced is exported.

Over the past 10 years, production has increased by 19% on average, despite a 17% decline in 2019 YoY. The 2020/21 season's production was revised upward by 4 mln t, and exports to 3.4 mln t.

Bolivia has been sharing the last positions in the TOP 10 with Ukraine for the last 10 years. This is explained by comparable indicators of yields, sown areas and production technology. Soybean is mainly produced in the Santa Cruz region. Under the USDA estimate, the crop accounts for 3% of the country's gross domestic product (GDP).