Canadian federal government invests in expansion of soybean markets

More than $300,000 being invested

By Diego Flammini, Farms.com

In an effort to continue promoting Canadian agriculture on a global scale, the federal government is investing in the expansion of markets for soybean.

In total, $358,175 will be invested to Soy Canada, who’ll use the monies to attend trade shows, lead missions and concentrate on expanding key soybean markets including China, the United States, Korea, Japan and Europe.

"Canada’s soybean sector has experienced steady growth and development over the past decade,” said Harold Albrecht, Member of Parliament for Kitchener-Conestoga on behalf of Agriculture Minister Gerry Ritz. “We are proud to support the soybean sector in its efforts to develop new markets, which creates economic opportunities for our farmers and increases demand for Canadian products."

Production of soybeans in Canada has increased by nearly 123% since the year 2000. It is now the 4^th largest crop by acreage in Canada – producing 6.04 million metric tonnes last year worth about $2.4 billion.

Soybeans is 3^rd in the country when it comes to farm cash receipts, trailing only wheat and canola. Canada is now the world’s 5^th largest exporter of soybean, reaching more than 55 countries in 2014.

"As acreage and production of soybeans increases quickly in Canada, our industry is seeking to develop new markets and expand existing ones,” said Jim Everson, Executive Director of Soy Canada. “This strong support from the Government of Canada will be invaluable in helping our industry expand exports"

Tell us what you think about the government investing in expanding Canadian soybean market opportunities. What other crops and agricultural products should be showcased on the world stage?