Soybeans add $124 billion to the U.S. economy, but the U.S. lost soy market dominance to Brazil in 2018 due to reliance on a single export custome: China.
Soybeans have become a cornerstone of American agriculture, contributing $124 billion to the U.S. economy in 2022, according to a"Soybeans' contribution to the U.S. economy is only increasing day by day," Himanshu Gupta, CEO and co-founder of ClimateAI, told CNBC."Soybeans are kind of that wonder crop that has amazing capabilities" Arlan Suderman, chief commodities economist at StoneX, told CNBC.
However, the U.S. has since lost its dominance, in part, thanks to its reliance on a single export market: China. China would turn to Brazil for soybeans, and now the South American country has become the world’s No. 1 producer and exporter of soybeans.
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