U.S. soybean meal exports set a record at an estimated 13.2 million tons in market year 2022-23, valued at nearly $7 billion, driven by increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production, the USDA said last week. 

The new record came from substantial expansion in shipments to the European Union and Vietnam as drought in Argentina, usually the world’s largest soybean meal exporter, severely reduced its exportable supplies. Additionally, U.S. soybean meal exports to the...