Global Soybean Roundup

Had enough of soybeans yet?

Globally, oilseed production has increased 22% (80 million tons) in the last five years. (Soybeans account for the largest share of oilseeds, 86%). The increase in oilseed imports comes entirely from China whose imports have increased by 42% (8 million tons). The top five exporters of oilseed are:

United States 30.59 (million tons)
Brazil 25.77
Argentina 7.71
Canada 7.39
Paraguay 3.84
China 1.53
Ukraine 1.09

In the last three years two countries have show dramatic increases in exported oilseed: Canada (60% increase) and Paraguay (32%). USDA's Foreign Agriculture Service says Paraguay has the world's fastest growing oilseed production, projecting their 2007 crop to expand 65% over last year's (for chart, click here and choose table 11 under "field crops").

Diving into Paraguay's agriculture statistics (CSV database available here) we see Paraguay's soybean production is up 53% since 2003 and up 117% since 1996. By the same token exports have increased 37% in 3 years and 77% in 10 years. What's most startling is the amount of land being converted to fuel this boom: since 1996 more than 3 million acres have been turn to soybean production (the size of Connecticut) and just last year nearly a million acres were turned to soybeans (about 60 times the size of Manhattan)

The vast majority of Paraguay's crop are exported. In fact, after the soybean boom of 1976 more than half of Paraguay's soybeans were exported. In recent years Paraguay typically exports 60-70% of it's soybean crop.