MILWAUKEE (Sept. 17, 2014) - Buyers from China at the second-annual, soy-checkoff-funded U.S. Global Trade Exchange have agreed to buy $2.3 billion of U.S. soy totaling 176 million bushels of U.S. soybeans, marking the second consecutive year that the gathering has generated significant export sales for U.S. soybean farmers in their own backyard.
"This is very exciting news for U.S. soybean farmers," says Jim Call, soybean farmer from Minnesota and United Soybean Board (USB) chairman. "This shows that we continue to meet the needs of our international customers, and they've certainly taken notice."
The event - where foreign buyers gather in the heart of the American Soybean Belt to make deals and learn about U.S. soy - is co-sponsored by the U.S. Soybean Export Council (USSEC), the Midwest Shippers Association and the American Soybean Association (ASA). It continues through Thursday, Sept. 18.
"This week is really a great example of the whole picture of U.S. soy's work with our export partners," says Randy Mann, USSEC chairman and soybean farmer from Kentucky. "Of course the new sales are a boon for farmers, but we're also laying groundwork for future sales by helping our current and prospective customers learn more about the sustainability and quality advantage of American soybeans."
During the event, international representatives will meet with U.S. soy farmer-leaders and will also attend a variety of presentations to learn about the sustainability and quality of U.S. soybeans.
"This event is a great opportunity for U.S. farmers to interface with our customers overseas," says Ray Gaesser, ASA president and soybean farmer from Iowa. "They continue to demand the soybeans we produce, and we continue to innovate to bring higher quality and better beans for them. The relationships we're strengthening here in Milwaukee are a huge part of why soybeans are the leaders in U.S. farm exports."
In the most recent marketing year, U.S. soybean farmers exported more than 1.7 billion bushels of U.S. soy to customers beyond our borders. The value of these exports set a record of more than $28 billion. Representatives from China committed to buy $2.8 billion worth of U.S. soy during last year's U.S. Soy Global Trade Exchange in Davenport, Iowa.
The 70 farmer-directors of USB oversee the investments of the soy checkoff to maximize profit opportunities for all U.S. soybean farmers. These volunteers invest and leverage checkoff funds to increase the value of U.S. soy meal and oil, to ensure U.S. soybean farmers and their customers have the freedom and infrastructure to operate, and to meet the needs of U.S. soy's customers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.
For more information on the United Soybean Board, visit www.unitedsoybean.org
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