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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.

As traders evaluated better domestic planting progress in light of mixed global weather conditions and updated crush expectations, soybean futures dropped toward $10.40 per bushel on Friday. According to USDA data, as of Sunday, 76% of the US soybean crop had been planted, far more than the five-year average, and 50% of the crop had emerged. But weather forecasts have changed, with rain in the Midwest followed by a possible dry period, adding uncertainty to the outlook. Daily crush rates have recovered from previous lows, and the expected April soybean crush was 201.8 million bushels, down 2.3% from March but 13.7% higher year over year. Analysts saw a slowdown in recent months as a result of periodic maintenance and weaker margins, despite increased processing capacity. Global weather remains a concern, with limited rainfall in Brazil and France doing little to relieve crop stress, adding a layer of caution to the market outlook.

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.