Soybean exports 2021
USDA projections are predicting an increase in soybean acres this year. Soybean producers ramping up for the 2021 planting season should feel good about prospects in the export markets.
Monte Peterson is Chairman of the Board for the U.S. Soybean Export Council. He says from a farmer perspective, things are more encouraging now than they were less than a year ago. Market prices, and increased sales and export levels of the U.S crop give reason for optimism.
"I think there’s no question that the global soy complex has pivoted. The world has transitioned from a global surplus of soy to one of tightening supplies as this global demand swells, and U.S. soy is moving the pile," says Peterson.
Countries like Pakistan, Bangladesh and Egypt have shown growth in the last four or five years of anywhere from 50% to 500%. He says that’s encouraging because it looks like they prefer U.S. soy, and are shining examples of new markets that are developing.
We’re also seeing strong forward growth in sales to countries like Mexico, Indonesia and Vietnam. All parts of the bean are in high demand.
"Certainly, we’re seeing whole soy move at a greater pace, that’s mostly due to China. Soybean meal has continued to find its way out of the country, and I think probably the most surprising, at least to me component here as of late, is the demand on soybean oil," he says. "We’ve seen this uptick in the amount of soybean oil leaving the country, so the whole complex looks encouraging to me."