1、GLOBAL MARKET REPORTSoybean prices and sustainability SUSTAINABLE COMMODITIES MARKETPLACE SERIESVivek Voora,Steffany Bermudez,Han Le,Cristina Larrea,and Erika LunaFebruary 2024Market OverviewSoy production has continued to increase in recent years,though at a slower pace,thanks to the versatility,lo

2、w cost,and nutritional benefits of the“king of beans”.Known as the“king of beans,”soybeans account for a large portion of direct and indirect protein consumed around the world.First domesticated in central China 5,000 years ago for food and medicinal purposes,soybeans are a leguminous vegetable that

3、 has come to dominate the Americas.Since the 1950s,soy production has increased 15-fold and shifted from Asia to the United States,Brazil,and Argentina,which now account for 80%of global soybean production(Ritchie,2021).Soy is easy to double crop in the same season and is grown due to its versatilit

4、y,affordability,and nutritional benefits(20%oil and 40%protein content)so much so that Henry Ford invested in researching soy-based oils and plastics to create a“soybean car”in the 1930s(Patowary,2022;The Henry Ford,2016).Today,about 76%of soy production is used as low-cost,quality protein for anima

5、l feed for meat and dairy production,20%is consumed as edible oils and human food products(i.e.,tofu,soy milk,and tempeh),and 4%is used for industrial purposes,primarily in the form of biodiesel(Ritchie,2021).Soybean cultivation is largely mechanized,and soybeans are grown on vast fields,requiring g

6、rain combines to harvest the plant and separate stems and pods from the bean.The harvested beans are then heated,crushed,rolled,and extruded to separate into edible oil and meal,which is then refined for use in a range of diverse products,such as animal feed,mayonnaise,paint,and fuel(Degnan,2021).Gl