The U.S. soybean industry planted crops on 75 million acres in 2011, producing nearly 3.1 billion bushels and totaling $35.7 billion in value according to the latest issue of the American Soybean Association’s (ASA) Soy Stats®, released last week.
The annual publication, now in its 19th year, is a comprehensive resource for statistical information about the U.S. soybean industry and its relationship to world oilseed production. Soy Stats is available at www.SoyStats.com.
According to the publication, which comprises data from the U.S. Department of Agriculture, ASA, and the United Soybean Board, soybeans represented 56 percent of world oilseed production in 2011, 33 percent of which was produced in the United States. Additionally, the U.S. exported almost 1.3 billion bushels, accounting for 37 percent of the world’s soybean trade.
In terms of exports, U.S. soybean and soy product exports exceeded $21.5 billion in 2011, nearly half of which—$10.4 billion—went to China. Canada was the largest customer for U.S. soybean meal at $375 million, while Morocco was the largest customer for U.S. soybean oil with purchases of $336 million.
Domestically, soybeans provided 66 percent of the edible consumption of fats and oils. Domestic crushers accounted for 1.6 billion bushels, with U.S. ending stocks of soybeans at 275 million bushels.
Major funding for the 2012 edition of Soy Stats was provided by the United Soybean Board, with additional financial support from the Illinois Soybean Association, Iowa Soybean Association, Indiana Soybean Alliance, South Dakota Soybean Research & Promotion Council, North Dakota Soybean Council, Maryland Soybean Board, U.S. Soybean Export Council, Kentucky Soybean Board, Ohio Soybean Council, Minnesota Soybean Research and Promotion Council, Tennessee Soybean Promotion Council, North Carolina Soybean Producers Association, Kansas Soybean Commission, and Oklahoma Soybean Board.
ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA’s advocacy efforts are made possible through the voluntary membership in ASA by more than 21,000 farmers in 31 states where soybeans are grown.
Source: ASA