# Soybeans have a new leader — and it's not exports - Agweek | #1 source for agriculture news, farming, markets

> Opinion piece by Allison Thompson argues soybean meal has overtaken exports as the main driver of soybean futures. Weekly meal exports are 17% above last year while soybean exports are down 18% and soybean oil exports down 62%, implying soybean usage only about 8% behind last year's pace.

- Date: 2026-04-17 · published 2026-04-17T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/19802-soybeans-have-a-new-leader-and-it-s-not-exports-agweek-1-source-for-agriculture
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Firm meal export demand from global protein consumers supports meal prices and suggests a steadier soybean complex, while weaker oil demand tied to energy markets adds downside risk to oil values.

## Read by commodity

- SBM: bullish ▲
- SBO: bearish ▼
- SOY: neutral

## Sources

- agweek.com: https://www.agweek.com/business/markets/soybeans-have-a-new-leader-and-its-not-exports

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.