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Export Customers Commit to Buy $2.3 Billion of US Soy

Export Customers Commit to Buy $2.3 Billion of US Soy

18 September 2014

US - Buyers from China at the second-annual, soy-checkoff-funded US Global Trade Exchange have agreed to buy $2.3 billion of US soy totaling 176 million bushels of US soybeans, marking the second consecutive year that the gathering has generated significant export sales for US soybean farmers in their own backyard.

“This is very exciting news for US soybean farmers,” says Jim Call, soybean farmer from Minnesota and United Soybean Board (USB) chairman. “This shows that we continue to meet the needs of our international customers, and they’ve certainly taken notice.”

The event – where foreign buyers gather in the heart of the American Soybean Belt to make deals and learn about US soy – is co-sponsored by the US Soybean Export Council (USSEC), the Midwest Shippers Association and the American Soybean Association (ASA). It continues through Thursday, September 18.

"This week is really a great example of the whole picture of US soy's work with our export partners," says Randy Mann, USSEC chairman and soybean farmer from Kentucky. "Of course the new sales are a boon for farmers, but we're also laying groundwork for future sales by helping our current and prospective customers learn more about the sustainability and quality advantage of American soybeans."

During the event, international representatives will meet with US soy farmer-leaders and will also attend a variety of presentations to learn about the sustainability and quality of U.S. soybeans.
"This event is a great opportunity for US farmers to interface with our customers overseas," says Ray Gaesser, ASA president and soybean farmer from Iowa.

"They continue to demand the soybeans we produce, and we continue to innovate to bring higher quality and better beans for them. The relationships we're strengthening here in Milwaukee are a huge part of why soybeans are the leaders in US farm exports."

In the most recent marketing year, US soybean farmers exported more than 1.7 billion bushels of US soy to customers beyond our borders. The value of these exports set a record of more than $28 billion. Representatives from China committed to buy $2.8 billion worth of US soy during last year’s US Soy Global Trade Exchange in Davenport, Iowa.

The 70 farmer-directors of USB oversee the investments of the soy checkoff to maximize profit opportunities for all US soybean farmers. These volunteers invest and leverage checkoff funds to increase the value of US soy meal and oil, to ensure US soybean farmers and their customers have the freedom and infrastructure to operate, and to meet the needs of US soy’s customers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.

TheCropSite News Desk

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