US soy exports breaks record

US soy exports recently topped historical marks set last year, meaning that 2010 will be the fourth consecutive record year.

As of May 1, total soy exports stood at 1.66 billion bushels, with a full four months remaining in the marketing year. Soy exports were at 1.3 billion bushels, eclipsing the 2009 record of 1.24 billion bushels.

China, which imports nearly one-fourth of US soy, continues to be the biggest customer. China is 22% ahead of its buying pace of last year, when it imported a total of 686 million bushels of US soy. Mexico has imported 77 million bushels this year and Japan has imported 63 million bushels, putting both ahead of last year's purchasing pace.

Meanwhile, the US has already exported 331 million bushels of soymeal this year, after exporting a total of 318 million bushels last year.

These record exports are made possible through the American Soy Association's investment of cost-share funding provided by the USDA's Foreign Agricultural Service and the soy checkoff, which support the activities of the American Soybean Association International Marketing (ASA-IM) to promote US soy through international marketing efforts and work with overseas buyers to increase exports and US farmer profitability.