The global soybean export market has doubled in volume within the last decade. This has made room for smaller supplier countries to build up export markets of their own. Argentina is a traditional exporter of soybeans, which has recently been overtaken by neighbouring Paraguay and Canada.
Soybean exports are on the rise in nontraditional suppliers.
The total 2018-19 world soybean export target is 156 million tonnes; removing the contributions of Brazil, the United States and Argentina from this total shows that some 18 million tonnes are left to be covered by other countries. Given the trade conflict between the United States and top importer China, market participants are wondering whether China will choose to buy elsewhere if the conflict is not resolved quickly.