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. Global demand for soybeans reached 284 million metric tons in the 2013/2014 marketing year and is estimated to grow more than 350 million metric tons by 2023/2024.
Who are the largest buyers of U.S. soy?
Top buyers of whole U.S. soybeans include:
Top buyers of U.S. soybean meal:
Top buyers of U.S. soybean oil:
- Dominican Republic