Driving demand for U.S. soybeans

WASHINGTON — As farmers face tight profit margins, organizations like the United Soybean Board are working hard to maximize market opportunities for U.S. soy.

During a webinar hosted by AgriPulse, soybean farmers and leaders shared the latest when it comes to driving demand for U.S. soybeans:

“The United States is currently expanding its crushing plants to supply oil for renewable fuel market. This will increase the available supply of soybean meal. Our crush capacity is going to increase about 6% in 2024 and 2025. On the latest World Agricultural Supply and Demand Estimates report, they showed soybean meal export demand up 8.5%, so there is a true demand there.

“Now that soybean oil is the primary driver of crush to meet biofuel demand (historically meal was always value driver) we’re looking at unique investments to find uses for soybean meal — for example, new export markets; Port of Grays Harbor expansion; and soy flour in firefighting foam, eliminating PFAS, or per-and polyfluoroalkyl substances, commonly called ‘forever chemicals.’

“Whole soybean and soybean meal exports across the globe to support global hog production and egg-laying production, while increasing inclusion in those diets, is a big part of moving that pile. But that works alongside exporting value-added poultry products and red meat.

“When we feed livestock domestically, then export it, that supports U.S. agriculture and the economy overall.”

Jim Douglas, farmer and United Soybean Board director

Indiana

“Our vision is to partner to deliver sustainable soy solutions to every life, every day. We do that through our meal markets, oil markets and so forth.

“One of the things we’re really keen on doing is maximizing that profit opportunity for U.S. soybean farmers. We do that by looking beyond the bushel.”

Steve Reinhard, farmer and United Soybean Board chair

Ohio

“With soy export markets, China is No. 1. China imports 60% of all the soy in the world. They’re a huge customer. The U.S. Soybean Export Council is very well-respected in China and works very well there. Mexico and the European Union are also in the big three.

“But we don’t want to forget all the other smaller countries because part of USSEC’s mission — to diversify our markets all around the world. There’s a lot of upcoming markets like Libya, Algeria, Pakistan, India and Nigeria.

“USSEC is devoted to differentiating our soy, elevating preference and attaining market access for our soy.”

Lance Rezac, farmer, U.S. Soybean Export Council chairman and United Soybean Board director

Kansas