Another Record Year for U.S. Soybean Exports – $28 Billion
Farmer investments in international markets produced strong results in the 2016/2017 marketing year.
According to the U.S. Census Bureau, U.S. soybean farmers exported a record 2.6 billion bushels of U.S. soy and soy products, valued at over $28 billion last year. It marked the second year in a row that exports exceeded 60 percent of U.S. soybean production.
But record soybean production is no longer enough to ensure markets for U.S. soy.
“Soy production is growing worldwide and end users have choices,” says Derek Haigwood, soybean farmer from Newport, Arkansas, and director on both the United Soybean Board and the U.S. Soybean Export Council. “To position the U.S. as a preferred supplier, we need to differentiate our product and farming practices to customers around the world.”
Global economic growth is increasing demand for soy worldwide. To maintain and grow market share globally, the soy checkoff is making investments in areas where U.S. soybean farmers have the greatest opportunity to differentiate their product. More specifically, the checkoff is focused on growing sustainable soybeans that produce better quality meal and oil for end users.
“While exports are rising, U.S. soybean farmers can take even more market share if we differentiate ourselves in the global marketplace,” says Haigwood. “Improvements to meal and oil will help us keep a strong foothold in these crucial overseas markets.”
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.
For more information on the United Soybean Board, visit www.unitedsoybean.org