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Soy contribute $39.8 billion to the US economy

U.S. soy complex, including soybean, meal and oil, are substantial parts the economy, with soybean meal exports hitting historic highs in both volume and value in the 22/23 marketing year.

Soybeans In Field Harvest Pixabay
Liam Michaels | Pixabay

The U.S. soy complex, comprising whole soybeans, soybean meal, and soybean oil, has significantly bolstered the U.S. economy, adding $39.8 billion in the 22/23 marketing year. This economic boost comes on the back of a staggering 67.6 million metric tons in export volumes. Notably, U.S. soybean meal exports have reached record levels in both volume and value, totaling 13.2 million metric tons and $6.91 billion, respectively.

Steve Reinhard, chair of the United Soybean Board and an Ohio farmer, highlighted the extraordinary performance of U.S. Soy exports in the marketing year 22/23, in a report from the organization. Reinhard emphasized the industry's commitment to sustainability while meeting increasing international demand and contributing to global food security.

The report indicated a 15% and 36% rise in soybean meal exports to Colombia and Ecuador, respectively, above their five-year averages. Overall, soybean meal exports increased in value by 39% over the five-year average from marketing years 17/18 to 21/22. Jim Sutter, CEO of the U.S. Soybean Export Council (USSEC), forecasts a continued increase in soybean production over the next decade, aligning with rising international demand and U.S. domestic needs.

The top markets for U.S. soybean meal exports in the 22/23 marketing year included the Philippines, Mexico, Colombia, Canada, and the European Union. The export volume of U.S. whole soybeans remained steady despite global challenges, matching the previous five-year average of 54.4 million metric tons.

U.S. soybean oil exports, however, saw a decline of 82% from the five-year average, totaling 171,500 metric tons. This decrease reflects the rising domestic demand for sustainable aviation fuel and other renewable fuels in the U.S.

Sutter also underscored the strength and flexibility of the U.S. soy export value chain, capable of meeting diverse global needs through a robust infrastructure and logistics system. He highlighted the U.S.'s ability to adapt and deliver soy products via various modes of transportation and through different ports.

USSEC, in collaboration with partners like the United Soybean Board, continues to work tirelessly to enhance market access and promote U.S. Soy globally. Initiatives include marketing in 14 languages, investing in animal nutrition research, and leveraging the U.S. Soy Sustainability Assurance Protocol (SSAP) certificates to advance sustainability.

These efforts have solidified U.S. Soy's position as the leading agricultural export of the United States, both in terms of value and volume. The industry's recent achievements underscore its pivotal role in the global agricultural landscape and its commitment to innovation and sustainability.

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