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October 31, 2008

 

US soy exports hit record high of 1.5 million bushels
 
 

The US had exported a new record high of more than 1.5 billion bushels of soy and soy products during the 2007/08 marketing year, up 7 percent on-year.

 

Whole soy exports totalled a record 1.12 billion bushels. Soymeal exports rose 11 percent while soy oil shipments surged 68 percent on-year.

 

USSEC said some major events this year had helped boost export numbers above previous years. For example, on June 16, USSEC-led Chinese Buying Team signed agreements totalling US$4.5 billion – the largest single-day purchase commitment in US soy history.

 

China is the leading US soy market, importing 17 percent of total US soy output. In the 2007/08 marketing year that ended on September 30, China imported 490 million bushels of soy.

 

Second in place was Mexico, importing 131 million bushels. Japan imported 99 million bushels while Taiwan placed number four with 63 million bushels.

 

Soy is the top US agricultural export, totalling over US$12 billion per year, according to the US Soybean Export Council.
 

Top 10 US Soy Export Destinations of 2008

Destination

Bushels

China

490 million

Mexico

131 million

Japan

99 million

Taiwan

63 million

Germany

45 million

Netherlands

43 million

Indonesia

39 million

Egypt

31 million

Spain

19 million

Korea

17 million

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