Soybeans Make Big Economic Impact
Agriculture as a whole has a major impact on the US economy. However, the tiny soybean makes a large difference for our country's exports. Check out these statistics to see just how huge that small bean really is for our economy:
Soybeans consist of two components—soybean oil and protein-rich soybean meal. Soybean meal makes up approximately 80 percent of the soybean and is mostly used to feed livestock that provide the world’s poultry, pork, beef, dairy and fish. The majority of the soybean oil, however, is used for human consumption while biodiesel production and other uses are on the rise for industrial products.
U.S. poultry and livestock are the top customers for soybean farmers, together using about 98 percent of the soybean meal in the U.S.A.
International markets use about half of the soybeans produced in the United States.
China remains the number one export market for U.S. soybeans, importing 825 million bushels of U.S. soy in 2009/2010. One out of every four rows of soybeans grown in the U.S. is exported to China.