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USB chair discusses soy export outlook

The chair of the United Soybean Board says he’s optimistic about the future of U.S. soy exports.

Steve Reinhard says market expansion has been a focus of the U.S. Soybean Export Council’s Soy Connext summit in San Francisco, California this week.

“I think we’re going to see an increase in purchases,” he said. “I know there’s a lot of activity amongst the USSEC staff this week talking with some of these buyers. Hopefully we’re going to see some additional results.”

Soy Connext is USSEC’s annual event that brings together international buyers and sellers of U.S. soy. Some of the participating countries include Bangladesh, China, Egypt, Indonesia, Japan, and Mexico.

Reinhard tells Brownfield market conditions are favorable for an uptick in sales. “Lower prices on the Chicago Board of Trade we don’t like those as farmers, but that does bring demand back for our product.”

He says many countries have been pleased with the quality of U.S. soy. “They are able to buy a product that’s been produced in a sustainable manner. We don’t have a lot of deforestation playing a role in our soybean production.”

The USDA says U.S. farmers are expected to produce 4.6 billion bushels of soybeans for the 2024/25 crop.

AUDIO: USB Chair Steve Reinhard 8-22-2024