U.S. soy demand intensifies with new markets
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.
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.
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. ■