According to USDA data, soybeans remain the top food and agricultural export for the United States.
Jim Sutter, CEO of the U.S. Soybean Export Council (USSEC), says U.S. soy generated more than $34 billion in revenue last year, and the USDA is forecasting record production this year. “We have been working hard to diversify U.S. soy markets,” Sutter said, “and make sure we have plenty of choices where U.S. soy can go and plenty of buyers around the world that want to source it.”
According to Sutter, several international markets are growing. “Mexico, the EU, Egypt, Southeast Asian markets, the Philippines and those kind of places, Pakistan and Bangladesh in terms of South Asia,” Sutter said. “And then, of course, we can’t really talk about soy without also mentioning China.”
Sutter says the USSEC met with hundreds of international customers at their recent global U.S. Soy Summit in San Diego.
Editor’s Take:
It is not surprising that soybean production and exports are increasing in the U.S. and globally. A lot of health foods are, in fact, soy based. In addition, the past couple of decades have seen enormous investment in research and development of many new soy-based products – plastics, paints, roofing materials and the list goes on. And let’s not overlook the importance of the emerging biofuel markets – airplane fuel, diesel for trucks and tractors. This latter market is especially important in the current fuel environment where gas and regular diesel prices have skyrocketed in the past eighteen months.
Soybean producers in your market area are doing very well in the current ag economy. Their land values are increasing, thus, making their balance sheets and credit worthiness look better than ever. Commodity prices are holding their own providing great income prospects this year following on the heels of an extremely profitable year in 2021.
Don’t wait and don’t hesitate to let every soy producer in your area know about your parts and service availability for keeping their vehicles in tip-top condition. Of course, let them know about your current new truck offerings on AgTruckTrader.com. A free test-run is still available, so why not let us show you what it can do for your business.
