Home Indiana Agriculture News U.S. Soy Exports Hit Record for Value in 2013

U.S. Soy Exports Hit Record for Value in 2013

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Record soy exports

Jared Hagert-USBThe total value of U.S. soy exports in the just completed marketing year jumped 19 percent from the previous year to a record of more than $28 billion. The U.S. soy industry exported a total of 1.7 billion bushels of U.S. soy to customers around the world in the 2012-13 marketing year, which ended Sept. 30.

The U.S. Census Bureau says exports included more than 1.3 billion bushels of whole U.S. soybeans, meal from 454 million bushels of U.S. soybeans and oil from 186 million bushels, and that represents 56 percent of U.S. soybean production from last year.

Jared Hagert is a soybean farmer in North Dakota and the USB Treasurer says the record exports are evidence that U.S. farmers continue to meet customer demand for a reliable supply of quality products.

“We’re focusing on our customers internationally by tying in the component value of our soybeans, the protein and oil, and then also the superior balance of amino acids within those profiles.”

The current marketing year is off to a very good start. Eighty-seven percent of the total 2014 export forecasts are already sold.

Top buyers of whole U.S. soybeans in 2013 include:

  • China: 772 million bushels of U.S. soybeans
  • Mexico: 98 million bushels of U.S. soybeans
  • Japan: 63 million bushels of U.S. soybeans

Top buyers of U.S. soybean meal in 2013 include:

  • Mexico: meal from 59 million bushels of U.S. soybeans
  • Philippines: meal from 47 million bushels of U.S. soybeans
  • Canada: meal from 43 million bushels of U.S. soybeans

Top buyers of U.S. soybean oil in 2013 include:

  • China: oil from 37 million bushels of U.S. soybeans
  • Mexico: oil from 35 million bushels of U.S. soybeans
  • India: oil from 21 million bushels of U.S. soybeans

Source: USB