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Agriculture US

US soy export figures highlight China dependence

US soy exporters shipped 2.3bn bu of US soy to overseas buyers in the 2014/2015 marketing year through the start of September, consuming 59% of US soybean output for the marketing year in a milestone for the US industry.

Chinese buyers alone took 1.084mn bu of beans, underlying China’s importance as an offtake for the US and south American industries. Chinese buyers’ slow start to the new marketing year has sent jitters rippling through the soybean markets in the second half of this year. Mexico dominated offtake of US produced meal and soybean oil.

“These numbers show not only how much our international customers rely on our soybeans, but how much we rely on our customers,” said Bob Metz, a member of the US Soybean Export Council board of directors.

MS – 09/11/2015

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