US Soy diversifies markets as Bangladesh emerges as key buyer

The US soybean industry is seeking to diversify its export markets as rising demand from South Asia and other regions helps offset weaker shipments to some traditional destinations, said the US Soybean Export Council (USSEC) ahead of its flagship Soy Connext conference in Chicago.

US Soy exports, including whole soybeans, soybean meal and soybean oil, are projected to increase 5% in marketing year (MY) 2026/27 as demand expands across a wider range of markets, USSEC said at a press conference yesterday (5 August).

More than 850 participants, including around 400 international buyers from 67 countries, are expected to attend Soy Connext today (6 August) and tomorrow (7 August) to discuss global demand, supply-chain resilience and market opportunities.

A 10-member Bangladeshi business delegation including Delta Agrofood Industries, Mahbub Group, Akij Feed, Nahar Agro and KGS Group is expected to attend Soy Connext, where international buyers will meet US exporters and visit farms and industry facilities.

The conference will focus on market diversification, sustainability, global market dynamics and supply-chain resilience.

"We are excited to see the focus on diversification working, with sales to the rest of the world up strongly year-to-date on top of last year's record," said Jim Sutter, CEO of USSEC.

"US Soy competes on premium value, not on price, and ultimately that's what is driving our growth," Jim added.

USDA Foreign Agricultural Service data show strong growth in several markets during MY2025/26, with whole soybean shipments increasing to Japan, Indonesia and South Asia.

Mexico is expected to remain one of the largest markets for US whole soybeans, while Egypt has also rapidly expanded its imports.

Jim said the US industry is preparing for higher global demand through increased soybean production and domestic crushing capacity.

According to the July USDA market outlook, US soybean production is forecast at a record 4.5 billion bushels, while farmers planted about 85.4 million acres of soybeans this season, 5% more than the previous year.

US soybean meal exports rose 13.9% year-on-year to a record 16.3 million tonnes in MY2024/25, according to USSEC.

Bangladesh emerging as key market

Bangladesh has emerged as a major destination for US soybeans, driven by rising demand from its poultry, aquaculture and livestock industries and growing local crushing capacity.

In the first eight months of MY2025/26, the US supplied about 84% of Bangladesh's soybean imports, up from 48% a year earlier, according to USDA data.

Bangladesh imported approximately 13.5 million tonnes of soybeans between July and February, with around 11.3 million tonnes originating from the US.

Bangladesh remains heavily dependent on imported soybeans, with domestic production meeting only a small portion of demand.

Imported beans are largely processed into soybean oil and meal, the latter being a key ingredient in poultry, livestock and aquaculture feed.

The country's soybean crushing is projected to rise to around 2.35 million tonnes in MY2026/27, while soybean imports are forecast to increase 4.3% to 2.4 million tonnes, according to USDA.

Bangladesh's growing importance to US Soy was underscored by a $1.25 billion purchase commitment made by five Bangladeshi companies in November 2025.

Meghna Group of Industries, City Group, Delta Agrofood Industries, Mahbub Group and KGS Group signed letters of intent with USSEC to purchase US soybeans and soybean meal over 12 months.

USSEC CEO Jim Sutter said, "Bangladesh is emerging as a potential growth market for US Soy as the country's demand for soybean-based feed continues to expand."

"The US soybean industry is increasingly focusing on sustainability alongside commercial considerations, which could create further opportunities in markets such as Bangladesh," he added.