US soybean looks beyond traditional markets as Bangladesh emerges as key importer
More than 850 participants, including about 400 international buyers from 67 countries, are expected to attend the two-day conference beginning on Thursday.
The US soybean industry is stepping up efforts to diversify its export markets as rising demand from South Asia, including Bangladesh, helps offset weaker shipments to some traditional destinations, according to the US Soybean Export Council.
Speaking at a press conference ahead of the flagship Soy Connext conference in Chicago on Wednesday (5 August), the export council said exports of US soy products, including whole soybeans, soybean meal and soybean oil, are projected to grow 5% in the 2026-27 marketing year (MY) as demand expands across a broader range of markets.
More than 850 participants, including about 400 international buyers from 67 countries, are expected to attend the two-day conference beginning on Thursday. Discussions will centre on market diversification, sustainability, global market dynamics and supply-chain resilience.
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A 10-member Bangladeshi business delegation, representing companies including Delta Agrofood Industries, Mahbub Group, Akij Feed, Nahar Agro and KGS Group, is participating in the event. Delegates will meet US exporters and visit farms and processing facilities.
"We are excited to see the focus on diversification working, with sales to the rest of the world up strongly year-to-date on top of last year's record," said Jim Sutter, chief executive officer of the export council.
"US soy competes on premium value, not on price, and ultimately that's what is driving our growth," he added.
US Department of Agriculture data show shipments of whole soybeans have increased to markets including Japan, Indonesia and South Asia during the MY26. Mexico remains one of the largest buyers of US soybeans, while Egypt has also significantly expanded imports.
Sutter said the industry is preparing for stronger global demand by increasing soybean production and expanding domestic crushing capacity. The agriculture department's July outlook forecasts a record US soybean harvest of 4.5 billion bushels this season after farmers planted 85.4 million acres, up 5% from a year earlier.
US soybean meal exports also reached a record 16.3 million tonnes in the MY25, up 13.9% year-on-year, according to the export council.
Bangladesh gains strategic importance
Bangladesh has emerged as one of the fastest-growing markets for US soybeans, driven by expanding poultry, aquaculture and livestock industries, alongside rising domestic crushing capacity.
The US accounted for 84% of Bangladesh's soybean imports during the first eight months of the MY26, up from 48% in the same period a year earlier, according to data from the US Department of Agriculture.
The country is expected to import 2.4 million tonnes of soybeans in the MY27, a 4.3% increase from the previous year, while domestic crushing is projected to reach 2.35 million tonnes.
Bangladesh remains heavily reliant on imported soybeans, which are processed into edible soybean oil and soybean meal, a key ingredient in poultry, livestock and aquaculture feed.
Bangladesh's growing importance was reflected in a $1.25 billion purchase commitment signed in November 2025, when Meghna Group of Industries, City Group, Delta Agrofood Industries, Mahbub Group and KGS Group agreed to buy US soybeans and soybean meal over the following 12 months.
Sutter said Bangladesh has strong long-term growth potential for US Soy as demand for soybean-based feed continues to expand.
He added that the US soybean industry is placing increasing emphasis on sustainability alongside commercial competitiveness, creating further opportunities in markets such as Bangladesh.
