Why are exports important for soybean farmers?
Nebraska is not only a local producer, but a world provider, which means the international marketplace plays an important role in the state’s agricultural marketing efforts. Currently more than 50 percent of Nebraska’s soybean crop is exported to other countries.
Nationwide, exports continue to help generate demand for soy and account for 62 percent of all soybean production in the U.S.
In 2019, the value of U.S. soybean exports to the world reached $18.7 billion, up 9 percent in value from the prior year and up 13 percent in volume. A substantial increase in exports to China offset declining exports to other major markets. However, U.S. exports to China were still 3 million metric tons below 2017 levels. Despite year-on-year export growth in 2019, the total value of U.S. soybean exports was 14 percent below the 5-year average of 2013-2017.
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Who are the largest buyers of U.S. soy?
Top buyers of whole U.S. soybeans include:
- European Union – 27
Top buyers of U.S. soybean meal:
- The Philippines
Top buyers of U.S. soybean oil:
- South Korea
- Dominican Republic
Data source: USDA FAS Export Sales (2020)