June 29, 2015

Canada eyes expansion of soybean markets

Canada's federal government is investing in expanding its soybean markets, in an effort to continue promoting the country's agriculture globally.

US$290,809 (CAD358,175) will be invested in Soy Canada (the national association for soybean), for the purpose of organising trade shows, lead missions and focus on expanding key soybean markets including China, the United States, Korea, Japan and Europe.

"Canada's soybean sector has experienced steady growth and development over the past decade," said Harold Albrecht, Member of Parliament for Kitchener-Conestoga on behalf of Agriculture Minister Gerry Ritz. "We are proud to support the soybean sector in its efforts to develop new markets, which create economic opportunities for our farmers and increase demand for Canadian products."

Since the turn of the millennium, soybean production in Canada has risen by almost 123%. It is now the fourth largest crop by acreage in Canada, producing 6.04 million tonnes last year. In dollar terms, this is about CAD2.4 billion, making the crop third in the country in terms of cash receipts, behind wheat and canola.

Canada is now the world's fifth biggest exporter of soybean, reaching more than 55 countries in 2014.