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Bangladesh doubles commitment to purchase U.S. soybeans and meal

The CEO of the U.S. Soybean Export Council says Bangladesh has more than doubled its commitment to purchase U.S. soybeans and soybean meal.

Jim Sutter says the letter of intent to purchase $1.25 billion worth of beans and meal over the next 12 months converts nearly all the country’s commodity purchases to U.S. origin.

“The leading agricultural commodity that they buy is soybeans.”  He says, “They also import some soybean meal, some cotton, and some wheat. They’ve got a big, crushing industry. It produces soybean meal for their aquaculture industry and their poultry industry.”

He tells Brownfield…

“They like the quality.”  He says, “They like the reliability of our exporters, and sustainability is growing in interest, and the U.S. has a very good sustainability track record to be able to tell our buyers.”

Sutter says Bangladesh’s protein industry has grown considerably over the past decade, and he expects more opportunities for U.S. soy as the sector continues to advance.

AUDIO: Jim Sutter – USSEC