WASHINGTON, DC, US — The soybean sector has a $124 billion impact on the US economy and accounts for 0.6% of the country gross domestic product, according to a new study funded by the United Soybean Board (USB) and the National Oilseed Processors Association (NOPA). 

The 33-page study analyzes the soybean value chain’s impact on the US economy based on data from crop years 2019-20 to 2021-22. The economic impact included $85.7 billion from soybean production and $9.8 billion from soybean processing. The United States is the world’s second largest soybean producer and exporter behind Brazil.

“It’s reaffirming to see that the US soybean industry has such a tremendous impact on US farmers and the economy overall,” said USB chairperson and Missouri farmer Meagan Kaiser. “When we think about soy’s role in food security, renewable energy and more than 1,000 products on the market, it may be surprising to the everyday consumer how our product extends across multiple sectors.”

He added that the study “allows soy, as an often invisible ingredient, to become a visible contribution and sustainable solution for our future.”

Thomas Hammer, president of the NOPA, said the economic contributions of the soybean processing and refining sectors in the United States are substantial.

“Soybean processors convert soybeans into meal and oil,” he said. “These value-added products are used in food, feed and industrial products and biofuels, supporting billions of dollars in domestic wages and tens of thousands of good-paying jobs in the United States.”
 
 The study also found that in the United States there are more than 500,000 individuals involved in soy farm decision-making, which includes 223,000 paid, full-time equivalent jobs and an additional 62,000 family members, beyond growers, who reside on farms and are integral to soybean farming operations. Total wage impact of the sector averaged $10 billion.

The study was conducted by LMC International, Ltd., an independent economic consulting firm specializing in global commodity and agribusiness sectors.