The global demand for U.S. soy is on the rise due to market development by the soy checkoff program and late season surges, according to soy experts.
U.S soybean farmers exported more than 2.37 billion bushels of U.S. soy and soy products in 2015-16 marketing year, up 60 million bushels from last year, according to the U.S. Census Bureau.
The year-round availability of U.S. soy and continued growth in supplies also make it more attractive for other markets, according to Feedstuffs.
“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,” the United Soybean Board (USB) said.
The rise in soy exports will help increase farmer profitability with record-breaking harvest supplies, according to Darek Haigwood, soybean farmer and director on both USB and U.S. Soybean Export Council.
“As the soy supply increases, we’ll need to continue to develop these markets to increase farmer profitability,” Haigwood said.
New market opportunities for U.S. soy in Bangladesh and Pakistan are helping to drive demand up.
“U.S. soy is uniquely positioned to gain more market share in countries across the globe,” Haigwood said. “We have an abundant supply of sustainably grown soy that can be reliably shipped to customers at any time of the year.”
Weather conditions that led to limited Brazilian supplies helped create a late-year surge for U.S. soy in existing markets such as China, Mexico and Europe.
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.