Soybean prices have experienced significant volatility over the past two decades, starting at $274.8 per metric ton in 2005 and reaching $460.2 per metric ton in 2026, representing a total increase of $185.4 or 67.5% over 21 years. With a compound annual growth rate of 2.5%, the market has shown steady long-term growth despite notable fluctuations. Prices reached a low of $268.7 per metric ton in 2006 and peaked at $675.4 per metric ton in 2022, with the largest single-year increase occurring between 2020 and 2021 when prices rose by 43.4% from $406.7 to $583.3 per metric ton. This trajectory reflects the complex interplay of supply chain dynamics, agricultural demand, and market pressures affecting global soybean pricing.
Get in touch and our analysts will be happy to help with custom market sizing, deeper segmentation, supplier detail or a bespoke study built for you.
Connect to an analyst →Price outlook to 2030
World Bank forecast OFFICIAL
The World Bank projects soybeans at 441.0 $/mt in 2026 and 446.0 in 2027.
Claight forecast CLAIGHT VIEW
Claight forecasts soybeans will gradually rise above consensus through 2030, driven by vegetable oil biofuel mandates that will absorb increasing global supply despite South American production gains. While 2026 sees temporary softening from record harvests, the 2027-2030 upward trajectory reflects structural demand growth from renewable diesel expansion that will outpace new soybean capacity. We diverge from the stable $440-$480 consensus view by 2030 due to implementation delays in developing markets for alternative feedstocks, ensuring sustained soybean oil demand. Additionally, fertilizer cost inflation will eventually limit production growth, preventing oversupply scenarios. While global inventories may temporarily ease production pressures, the biofuel mandate trend represents an inelastic demand source that will consistently support prices above historical averages.
Data table
| Year | $/mt |
|---|---|
| 2005 | 274.8 |
| 2006 | 268.7 |
| 2007 | 383.2 |
| 2008 | 521.8 |
| 2009 | 423.7 |
| 2010 | 447.2 |
| 2011 | 537.6 |
| 2012 | 595.4 |
| 2013 | 551.4 |
| 2014 | 484.9 |
| 2015 | 392.1 |
| 2016 | 405.5 |
| 2017 | 393.5 |
| 2018 | 394.4 |
| 2019 | 369.1 |
| 2020 | 406.7 |
| 2021 | 583.3 |
| 2022 | 675.4 |
| 2023 | 597.9 |
| 2024 | 462.4 |
| 2025 | 414.4 |
Source: World Bank Commodity Markets Outlook (Pink Sheet), accessed 2026-07-04. Licence: CC BY 4.0. Claight analysis based on this data.