Drivers of Global Soybean Market and Trade

The key driver of soybean market growth is the macro-economy of the suppliers and consumers of soybean and its products (Informa Economics, 2005). Market demand for soybean and its value is derived from soybean meal and soybean oil (Rausser and Carter, 1983). Global movements towards biofuels, functional foods and the increasing replacement of protein sourced from fishmeal with that sourced from soybean meal in livestock feed formulations have been driving global soybean marketing and trade, leading to drastic price increases that are not likely to fall or stabilize soon. This may benefit large-scale soybean producers and increase economic incentives for emerging soybean-producing countries such as Argentina (Perez et al., 2008). Some of these driving factors are further discussed below.

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