October 17, 2007

US soy exports sets another record-setting year

Due to investment in soy checkoff international programs, US soy exports are seen to reach an all-time high of 1.11 billion bushels for marketing year 2006/07 ending August 31, 2007.

China is still the leading importer of US soy, buying 420 million bushels during the past marketing year, up from just over 356 million bushels in the 2005/06. Mexico came in as the second-largest customer for US soy farmers, importing 141 million bushels, followed by Japan, which imported 116 million bushels.

Terry Ecker, USB International Marketing chair and soy farmer from Elmo, Missouri says US soy farmers are "listening and responding to the needs of international buyers¡­as these customers are buying more than just soy, they are buying the protein and oil within the soy."

One way the checkoff is working to maintain US soy quality is by funding the annual crop-quality survey. The survey measures attributes of the current US soy crop, including protein and oil content, in soy throughout the country. This survey is widely used by international buyers as a measuring stick when making purchases from US soy farmers.

In addition to this year's success, the 2008 marketing year is looking promising. The year is starting with a record amount of export commitments - 297 million bushels of US soy are committed to customers abroad. The checkoff is working to continue to grow new markets for soy through building demand for use in food and aquaculture.

Another factor aiding the growth of US soy exports is containerized shipping where it results to less handling and preserving the quality of US soy during transit. Containerized shipping also allows overseas buyers to order customizable amounts of soy instead of having to buy bulk shipments.

Ecker said though this year is another record, the checkoff is already gearing up next year in hopes of setting yet another record. He adds that is such good news to hear that US soy is the "most desired soy in the world".

USB is made up of 64 farmer-directors who oversee the investments of the soy checkoff on behalf of all US soy farmers. Checkoff funds are invested in the areas of animal utilization, human utilization, industrial utilization, industry relations, market access and supply. As stipulated in the Soy Promotion, Research and Customer Information Act, USDA's Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.