Home Indiana Agriculture News American Soybean Association, USMEF, Top Trade Funding Recipients

American Soybean Association, USMEF, Top Trade Funding Recipients

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The American Soybean Association will receive $21.8 million from the Agricultural Trade Promotion Program as part of the $200 million of trade promotion funds. The funds are part of the Trump administration’s efforts to curb trade war impacts on agriculture. U.S. Soybeans were targeted by tariffs from China as a retaliation to U.S. trade policy. The U.S. Meat Export Federation will receive the second-highest funding amount at $17.5 million. USMEF CEO Dan Halstrom says the funding will help agriculture organizations “defend existing market share and develop new destinations for U.S. agricultural products.”

The U.S. Grains Council will receive $13.9 million. The Food Export Association of the Midwest USA and the Food Export USA Northeast organizations each received more than $13 million. 57 organizations were named to receive funding in the announcement last week. The program provides assistance to eligible groups for consumer advertising, public relations, point-of-sale demonstrations, trade fair participation, and market research.

The United States exported a record-breaking 2.6 billion bushels of U.S. soy and soy products, valued at more than $28 billion last market year, ending in September. The U.S. also set a record high in combined volume of the whole soybeans, soybean meal and soybean oil exported in 2017/2018, with soybean meal exports accounting for the greatest growth. The records were achieved despite the ongoing trade war with China that hindered U.S. soybean exports. However, the official marketing year runs from October 1 to September 30, and exports during the 2017/2018 marketing year would not have been largely impacted by the tariffs introduced by China as shipments abroad normally take place after harvest.

In response to the data, U.S. Soybean Export Council chairman and United Soybean Board director Derek Haigwood says at a time when global trade flows have dramatically changed, “it is critical that we ensure access in all markets that want to purchase U.S. soybeans and soy products.”

Source: NAFB News Service