A variety of factors have China stocking up on U.S. soybeans, leading to what an industry analyst calls a “golden age” for U.S. soybean farmers. The U.S. has already exported more soybeans in the current marketing year than in any marketing year in history, and there are still a few months to go.
Each year, U.S. soybean farmers export more than half their crop, and with international demand so high, soy value is strong, says Soy Checkoff consultant John Baize.
“We’re having record demand every year. We’ve seen soybean demand grow faster than demand for any other major commodity. It is being driven by export demand and China has been the biggest driver of that.”
Since 2000, Chinese pork production has increased 38-percent and demand to feed those hogs more soybean meal is driving China’s purchases. By providing high-quality soybean meal, U.S. farmers should remain the preferred supplier for China.
For more information on the state of u.s. soy exports, visit www.unitedsoybean.org.