The US needs more soybean oil – level 2
There is a higher demand for soybean oil in the United States. It is the result of low-carbon fuel rules and it will lead to lower soybean oil exports in 2024.
Soybean oil exports reached their highest point in 2009/2010, with 1.5 million tons. In 2022, US soybean oil exports dropped to just 2 million tons, and soybean oil imports were higher than exports. For the first time in history, the United States became an importer of soybean oil.
As a result, countries like China will probably reduce oil imports and increase soybean imports to produce soybean oil domestically.
Difficult words: demand (products or services which people or companies want to buy), exports (products which a country sells to other countries), imports (products which a country buys from other countries), domestically (related to activities inside a country).
You can watch the original video in the Level 3 section.
What impact will this shift in the global soybean oil trade have on US farmers and the agricultural industry?
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