Soybean, also known as soya bean, is a legume species that is native to East Asia and is extensively grown to be used as an edible bean. Soybean comprises considerable amounts of phytic acid, dietary minerals and B vitamins and has several usages. The oil from soybean is utilised in food and numerous industrial applications, which is another product derived from processing the soybean crop. Soybean is one of the highest sources of protein used as a feed for farm animals, and as a result, it helps farmers yield animal protein for consumption by humans. The soybean crop is grown well in a broad range of soils; however, it has maximum growth in moist alluvial soils with good natural content.
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Brazil and the United States are the two top soybean-producing countries in the world, followed by Argentina, China, India, Paraguay, Canada, and Ukraine, among others.
Key Details About the Soybean Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Soybean price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Soybean price trend, including India Soybean price, USA Soybean price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Read Also – https://oty.co.in/soybean-oil-prices/
Industrial Uses Impacting Soybean Price Trend:
The food industry popularly uses soybean in the form of soybean food products such as unfermented food items, including tofu, soymilk, edamame, soy nuts and sprouts. In contrast, fermented soybean products contain miso, tempeh, natto and soy sauce. In addition, in the last twenty years, soybeans have gained a position as a desirable substitute for petrochemical raw materials amongst a large number of industries. Rubbers, fibers, plastics, coatings, solvents, lubricants, adhesives, and several other consumer goods utilise soy as a constituent. Owing to its rich protein content and high digestible energy, a large amount of soymeal is converted into animal feed. The residue of soymeal is then employed in producing soy foods such as tofu and soy milk. The extracted soybean oil from the meal has multiple usages, including cooking oil, biodiesel and bioheat, and non-hazardous industrial products such as paints and cleaners.
- Archer Daniels Midland Company (ADM)
- Grain Millers, Inc
- Corteva Agriscience
News & Recent Development:
- November 2022: The World Bank Board of Directors sanctioned a fund agreement of USD 24.58 million to begin a Sustainable Land Management (SLM) project in Brazil supporting to intensify agricultural output for soybean and beef cattle value chains to recuperate huge areas of tarnished pastures and also bringing down the greenhouse gas emissions.
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Reference Link – https://researz.com/soybean-price-trend/