Soyabeans were the most-traded oilseeds globally
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SHASHI SHEKHAR KASHYAP
Global grains and oilseeds trade increased to 880 million tonnes (mt), valued at $330 billion, in the 2023-24 season, a Rabobank report has said.
Despite the Ukraine war leading to a sharp spike in the prices of grains and oilseeds, trade volume increased over the past five years by a CAGR of 3.2 per cent for grains and 2.4 per cent for oilseeds. However, it was slower than the 7 per cent witnessed in the previous decade, said the Dutch-based financial services group, releasing its sixth edition of its Grains and Oilseeds map.
In 2023-24, China, India and Mexico were the top importers of soyabeans, palm oil and corn, respectively. China and Egypt were the largest wheat importers, it said.
Most-traded grain
Rabobank said wheat is the most traded grain globally, with an average of 216 mt traded annually between 2021 and 2023. “Overall, the wheat market is highly fragmented when it comes to production, imports and exports, and the number of players,” said Vito Martielli, Senior Analyst – Grains and Oilseeds for RaboResearch.
Russia emerged as the world’s leading wheat exporter, significantly outpacing its competitors. Among the top importers, Egypt remained the largest importer in Africa, while Turkey increasingly served as a hub for wheat imports and re-exports. China increased its imports due to a rise in domestic consumption over the past five years.
Corn was the second most traded grain globally during the period, with an average of 193 mt traded annually between 2021 and 2023. Corn production and exports were concentrated in the US, Brazil, Argentina, and Ukraine. These four countries together accounted for 90 per cent of the global corn trade.
Soyabeans’ distinction
Soyabeans were the most-traded oilseeds globally. An average of 168 mt was traded annually between 2021 and 2023. The biggest buyers do not produce the oilseed. It production is concentrated in Brazil, the US and a few other countries in South America. Asia and the EU are the biggest importers globally.
“Developed countries such as those in the EU and Japan, the largest importers in 2002, are now experiencing negative import growth, driven by dietary changes and a decline in animal protein consumption,” said Martielli.
China has emerged as the key driving force in the global soyabean trade and crushing industry, reporting exponential growth in both consumption and imports. Brazil has become the largest producer and exporter globally, he said.
Multiple factors
In the next decade, multiple factors are expected to influence global grains and oilseeds trade flows, said Rabobank. On the demand side, the growing population in Sub-Saharan Africa will drive increased wheat imports, while China may experience a slowdown – or even a decline – in soyabean imports.
Changes in biofuel policies are likely to affect oilseed crushing dynamics, and the implementation of the EU Deforestation Regulation (EUDR) is already reshaping traders’ business models, it said.
Additionally, weather can always have a significant impact on crop yields and price volatility. A distribution of power to multiple players will reshape trade relationships and strategic priorities across the value chain, said Rabobank.
Published on June 4, 2025