The Australian soybean industry is relatively small and complex, but valuable and, while it is small by global standards, it plays an important role in many farming systems across Australia and is increasingly providing a higher-value crop option for growers.
The industry is primarily located in the Northern Rivers and Riverina of New South Wales and on the Atherton Tablelands, the South-east and Coastal regions of Queensland.
The industry’s complexity arises from both its geographical spread and its diversity of market uses.
The industry has strategically chosen to remain a non-GM crop in Australia and to focus its production on clear hilum soybean varieties which are targeted at the Australian domestic and Asian export culinary markets.
Domestic demand for soybeans for soy foods (Asian, milk, flour) is relatively stable, at around 30,000 tonnes per year.
Australia has not been a major player in export markets due to a lack of supply consistency, however, exports typically represented 10% of a 50kt crop and up to 60% for a 100kt crop.
Key export markets for food-grade beans are Japan and Korea, followed by Taiwan.
Updated daily, price in US Cents/Bushel.
The soybean, or soya bean (Glycine max) is a species of legume that is native to East Asia and is grown for both human and animal consumption as it has many uses.
Unfermented foods that use soybeans include soy milk, from which tofu and tofu skin are derived, and fermented soy foods include soy sauce and bean paste. Fat-free versions of soybean meal are a significant and cheap source of protein for animal feeds as well as packaged meals and are increasingly used in dairy substitutes.
In terms of diet, soybeans contain significant amounts of minerals and phytic acid as well as B vitamins. Soy vegetable oil is used in food and industrial applications and is another product of processing the soybean crop. Soybean is the most important protein source of feed for farm animals, many of which are bred for human consumption.
Many botanists believe it was first domesticated in central China as early as 7000 BCE. An ancient crop, the soybean has been used in China, Japan, and Korea for thousands of years as a food and a component of medicines.
The soybean is an erect branching plant and can reach more than 2 metres (6.5 feet) in height. The self-fertilizing flowers are white or a shade of purple. Seeds can be yellow, green, brown, black, or bicoloured, though most commercial varieties have brown or tan seeds, with one to four seeds per pod.
Soybeans are traditionally grown in sub-tropical and temperate climates during the summer. The world’s largest producer is the USA. Most of Australia’s production comes from Southern Queensland and Northern NSW, though there are projects underway or being considered as far apart as Victoria and the Northern Territory.
The production volume of soybeans in Australia was forecast to continuously increase between 2023 and 2032 by 12.3 thousand tonnes (+18.19 per cent). After the eleventh consecutive increasing year. It is therefore estimated that the production volume will reach a new peak of 79.96 thousand tonnes in 2032.
In the 2023 financial year, the average farm yield of soybeans was forecasted to amount to approximately 2.1 metric tons per hectare in Australia. This is expected to decrease to 1.9 metric tons per hectare in 2024.
Probably the hardest part about growing a good soybean crop is to get a good crop established at the start. In most areas 200,000–300,000 plants per hectare are required to get maximum yields.
Soybeans are very sensitive to soil water during the establishment stage up until the four-leaf stage. If the soil is too wet seed will rot and if too dry it will fail to germinate and/or die before emergence.
Soybeans are intolerant of soil salinity and need soil with 2 ds/m ECs and irrigation water needs to be less than 1.5 ds/m ECw. Thus, land preparation is a very important consideration when planting soybeans.
If you’d like to learn more about soybeans and other crops please explore other pages on this site or you can read our articles.
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