US soy exports hit record for value in 2013
The US soy industry has once again, exported an eye-popping 1.7 billion bushels of US soy to customers around the world in the 2012-13 marketing year, which ended September 30th. The value of these exports comes to a record of more than US$28 billion, a 19% increase from 2011-2012.
The final figures show farmers continue to meet customer demand for a reliable supply of quality products. According to the US Census Bureau, this total includes more than 1.3 billion bushels of whole US soybeans, meal from 454 million bushels of US soybeans and oil from 186 million bushels, which represents 56% of US. soybean production from last year.
“The reliability and quality of the US soy supply are just a few reasons that customers keep buying US soybeans, meal and oil,” says Jared Hagert, soybean farmer from Emerado, N.D., and United Soybean Board (USB) farmer-leader. “Continuing to meet our customers’ needs is very important to U.S. soybean farmers, and these numbers prove we are doing that.”
Soy exports for the 2013-2014 marketing year are off to a good start with 87% of the total 2014 export forecasts already sold.
Top buyers of whole US soybeans in 2013 include:
- China: 772 million bushels of US soybeans
- Mexico: 98 million bushels of US soybeans
- Japan: 63 million bushels of US soybeans
Top buyers of US soybean meal in 2013 include:
- Mexico: meal from 59 million bushels of US soybeans
- Philippines: meal from 47 million bushels of US soybeans
- Canada: meal from 43 million bushels of US soybeans
Top buyers of US soybean oil in 2013 include:
- China: oil from 37 million bushels of US soybeans
- Mexico: oil from 35 million bushels of US soybeans
- India: oil from 21 million bushels of US soybeans
The 70 farmer-directors of USB oversee the investments of the soy checkoff to maximise 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.
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