US soybean exports break value record in 2013, hitting US$28B, a 19% increase over 2012; China imports 772 million bushels of whole US soybeans in 2013

Mathew Kearney

January 3, 2014 (Southeast Farm Press ) – U.S. soybean farmers exported 1.7 billion bushels of U.S. soy in the 2012-13 marketing year, which ended Sept. 30. The value of these exports set a new record of $28 billion, a 19 percent increase from 2011-2012.

These figures illustrate farmers’ commitment to supplying reliable, quality products to customers around the world. According to the U.S. Census Bureau, this total includes more than 1.3 billion bushels of whole U.S. soybeans, the meal from 454 million bushels of U.S. soybeans and the oil from 186 million bushels. All told, these exports represent 56 percent of U.S. soybean production from last year.

“The reliability and quality of the U.S. soy supply are just a few reasons that customers keep buying U.S. soybeans, meal and oil,” says Jared Hagert, soybean farmer from Emerado, N.D., and United Soybean Board farmer-leader. “Continuing to meet our customers’ needs is very important to U.S. soybean farmers, and these numbers prove we are doing that.”

Soy exports for the 2013-2014 marketing year are off to a good start with 87 percent of the total 2014 export forecasts 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

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