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U.S. Soy Demand Intensifies With New Markets, Late Season Surge

From unitedsoybean

2015/2016 marketing year marks another record for U.S. soy exports

Market development, late-season surges and a record high for soy exports indicate a promising future for U.S. soybean farmers. According to the U.S. Census Bureau for the 2015/2016 marketing year, U.S. soybean farmers exported more than 2.37 billion bushels of U.S. soy and soy products, up 60 million bushels from last year.

The growth in U.S. soy exports can be attributed to a number of factors. Soy demand worldwide is growing, and U.S. soy’s reputation as a consistent, reliable supplier is positioning U.S. soybean farmers to capitalize on those markets. The soy checkoff is working in more than 70 countries around the world to ensure the advantages U.S. soy brings to the table are known by global buyers.



“Soy exports are critical to my bottom line,” says Derek Haigwood, soybean farmer from Newport, Arkansas, and director on both the United Soybean Board and U.S. Soybean Export Council. “Record-breaking harvest supplies need record-breaking export demand. As the soy supply increases, we’ll need to continue to develop these markets to increase farmer profitability.”

One area of particular growth is in the Asian subcontinent, often referred to as the Indian subcontinent in South Asia. While India’s strong domestic demand taps into their exports, it opens opportunities for U.S. soy in new markets like Bangladesh and Pakistan.

“U.S. soy is uniquely positioned to gain more market share in countries across the globe,” says Haigwood. “We have an abundant supply of sustainably grown soy that can be reliably shipped to customers at any time of the year.”

While many customers aren’t exclusive to U.S. soy, limited Brazilian supplies helped create a late-year surge for U.S. soy in existing markets, such as China, Mexico and Europe. U.S. soy’s year-round availability and continued growth in supplies help to create preference for U.S. soy and helps U.S. soybean farmers continue to meet buyers’ needs.

USB’s 73 farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy. That preference is based on U.S. soybean meal and oil quality and the sustainability of U.S. soybean farmers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.

Source:unitedsoybean


Trending Video

AJ Armstrong Takes the Helm as Manitoba Seed Growers President

Video: AJ Armstrong Takes the Helm as Manitoba Seed Growers President

The Manitoba Seed Growers Association (MSGA) held its first annual SeedLink Conference in Brandon last week, where a new president was appointed to take the helm of the organization.

A.J. Armstrong of Armstrong Seeds in Boissevain took the gavel from Past-President Tom Greaves. In a sit-down interview, Armstrong shared insights into his personal journey within the seed industry. Born into a family deeply rooted in seed cultivation, he took the reins of the family business in 2003, building on a legacy initiated by his father in 1980.

Regulatory modernization emerged as a significant focus of the conversation. While acknowledging the complexities of the process, Armstrong expressed optimism about the potential benefits for seed growers once the regulatory framework is finalized.

Discussing the dynamics of working with family in a business setting, he stressed the importance of open communication.

Operating with a streamlined team that includes his mom as the bookkeeper, his father as the “gopher” handling specific tasks, and a dedicated employee for day-to-day operations, the Armstrong family has successfully navigated the intricate balance of personal and professional relationships.

Open discussions about roles, responsibilities, and business plans contribute significantly to the smooth functioning of a family-operated seed business,” he said.

SeedLink is a new event; the decision to explore a return to a two-day annual meeting format sparked enthusiasm among industry partners, including key players and sponsors like SeCan, FP Genetics, Canterra Seeds, and numerous others.