Missouri’s 2024 soybean crop was estimated to be about 287 million bushels in August, contributing to an expected U.S. soybean crop of 4.6 billion bushels, according to the USDA’s August Crop Production Report. The corresponding World Agricultural Supply and Demand Estimates Report from USDA projects soy supply up 11% over last year.
With this strong crop expected, the U.S. Soybean Export Council (USSEC) hosted Soy Connext 2024, the Global U.S. Soy Summit, in San Francisco, Aug. 19-21, thanks in part to a Missouri Soybean Merchandising Council (MSMC) sponsorship.
The summit convened more than 400 international soy customers from 62 countries, including Bangladesh, China, Egypt, Indonesia, Japan, Mexico and more, to learn and network. Of those customers, 40% attended their first Soy Connext. Many of these customers participated in a trade team tour, visiting farms and soy supply chain partners specific to their businesses before or after Soy Connext.
Kyle Durham, who farms near Norborne, Missouri, and serves as a director for both MSMC and the United Soybean Board, attended Soy Connext after hosting a trade team at his farm the week prior. “Putting soybean buyers and farmers together helps both sides understand each other’s part of the soybean story. For example, conversations at Soy Connext helped me understand how monetary policies impact our customers.”
Throughout Soy Connext, USSEC tackled tough questions and shared data to elevate a preference for U.S. Soy products among global customers. Speakers and sessions aimed to differentiate the quality and value of U.S. Soy from other nutrition and vegetable oil products. Compared to recent years, current prices allow international customers to benefit from the many advantages of U.S. Soy.
While soybeans are sold as a commodity oilseed, research continues to show that U.S. Soy is a premium product that increases operational efficiencies for livestock farms, feed mills and oil crushers. It also introduces better flavor profiles in the soy foods sector. And, U.S. Soy has the lowest carbon footprint when compared to soy of other origins thanks to on-farm stewardship and conservation efforts of Missouri soybean farmers and others throughout the U.S.
One session on the value of adding U.S. Soy to livestock and aquaculture feeds shared modeling data that quantifies the value of the nutritional package delivered by U.S. Soy as a feed ingredient. Based on current prices, the model showed that U.S. Soy adds $51 per metric ton in nutrient value to fish feed in Indonesia. In Ecuador, the model showed U.S. Soy could add $76 per metric ton in nutrient value to shrimp feed.
As it relates to sustainability, the Global Feed LCA Institute (GFLI) database indicates an approximate 20% reduction in the carbon footprint of feed when meal used in the formulation is made from 100% U.S. soybeans. During the session on livestock and aquaculture feed, data modeling clearly showed lower greenhouse gas emissions from using U.S. Soy compared to soy of other origins.
USSEC developed one of the first sustainability verification schemes, known as the U.S. Soy Sustainability Assurance Protocol (SSAP), and about 70% of U.S. Soy exports now carry SSAP certification. As of mid-August, international U.S. Soy customers can request that carbon footprint be included on their SSAP certificates. This data, sourced from the GFLI database, offers a calculation based on the quantity of soy purchased and can be used in their carbon accounting.
Global U.S. Soy customers and supply chain leaders appreciate the knowledge shared at Soy Connext, but they value the unparalleled networking even more. They appreciate connecting with farmers, visiting farms and seeing firsthand the logistics that make U.S. Soy incredibly reliable.
Through Soy Connext 2024, USSEC encouraged international customers to look beyond the status quo to the data that better demonstrates the value of U.S. Soy and unlocks the profit potential it offers. Missouri farmers can expect that to translate to growing export demand in the 2024/25 marketing year and beyond for U.S. soybeans and soybean meal
