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USB expects soy exports to strengthen
The vice president of market intelligence for the United Soybean Board says he’s optimistic about soybean exports heading into 2024.
Mac Marshall tells Brownfield new markets continue to emerge. “Egypt is one that comes to mind. Last year was a bit of a headwind there with currency issues, but that’s a market that has grown several sizes in terms of the volumes that we send there. And now you have to think as well about all these meal markets. Many markets across Latin America are large meal buyers to support aquaculture.”
He says the U.S. can’t solely rely on China. “Our teams have worked very diligently especially these last few years on reorienting and thinking about what our export strategy is. Thinking about how you grow other smaller and more diversified markets too. You have to have a diversification strategy for demand.”
The USDA says soybean sales recently hit a marketing year high partially due to mixed planting conditions in Brazil.
Marshall spoke to Brownfield at the 2023 World Food Prize Borlaug International Dialogue.
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