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Soybeans are grown as a food crop in East Asia and produced in Western agriculture as a source of oil and protein. The United States, Brazil, Argentina, Canada, Paraguay and Uruguay are the largest global soybean producers and exporters, accounting for more than 85.0% of global production. For many years, the United States was the world's leading producer and exporter of soybeans.

With hopes of a de-escalation in the U.S.-China trade dispute, soybean futures rose to above $10.4 a bushel, a level not seen since February 24. After President Donald Trump discussed lowering tariffs on China and said he would not fire the head of the Federal Reserve, market mood improved. Although he warned that talks with Beijing would be difficult, Treasury Secretary Scott Bessent also expressed hope for a reduction in trade hostilities. Even though China had already finished purchasing soybeans from the United States, the lessening of tariff concerns was the reason for the bullish attitude in soybeans. Technical purchasing also provided further support for soybean futures, which helped them maintain their upward trend.

Soybean is one of the protein powder and oilseed products. During the period 2021/2022, about 162.76 million tons of soybeans are imported globally. China is by far the top soybean importer, with an annual import volume of about 97 million tons that year. The soybean market is forecast to record a CAGR of 3.5% during the forecast period (2022-2027). The soybean market is driven by the increasing adoption of vegan diets in Western countries due to the popularity of plant-rich proteins in the diet. The enhanced health awareness of consumers due to higher living standards also has a positive impact on the market.