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Soybean export outlook brightens as global demand expands beyond China

The CEO of the U.S. Soybean Export Council says efforts to reduce reliance on China are paying off.

Jim Sutter tells Brownfield, “We have been very focused on differentiating and diversifying the destinations that we’re shipping U.S. soy to.”  He says, “Year to date, our shipments to non-China, but the rest of the world are up 41% since September 1st.”

He says Mexico, the European Union, and Japan are all among the top soybean destinations so far this marketing year.

“Egypt. They have become a big importer of U.S. soy, and they’re certainly being a strong importer this year.”  He says, “And then you go up to Southeast Asia. We have a great meal market in the Philippines. We have strong demand growth coming in several countries there, including Vietnam.  Thailand, we’re optimistic about.”

Sutter says the recent China trade framework announcement adds to an already positive export outlook for soybeans.

AUDIO: Jim Sutter – USSEC