By Blake Jackson
Missouri’s soybean crop for 2024 is projected at approximately 287 million bushels, contributing to an anticipated U.S. total of 4.6 billion bushels, according to the USDA’s August Crop Production Report.
This reflects an 11% increase in soy supply compared to the previous year, as highlighted in the USDA's World Agricultural Supply and Demand Estimates Report.
In light of this positive outlook, the U.S. Soybean Export Council (USSEC) hosted Soy Connext 2024, the Global U.S. Soy Summit, from August 19-21 in San Francisco.
Sponsored in part by the Missouri Soybean Merchandising Council (MSMC), the summit attracted over 400 international soy customers from 62 countries, including Bangladesh, China, Egypt, and Mexico.
Notably, 40% of attendees were first-time participants, many of whom engaged in trade team tours to visit farms and learn about the soy supply chain.
"With a third of our soybeans grown in Missouri exported, having the value of our product recognized by the world market translates to a great financial impact for farmers,” said Kyle Durham, director of USB and MSMC.
Durham, who farms near Norborne and serves on the boards of MSMC and USB, “Putting soybean buyers and farmers together helps both sides understand each other’s part of the soybean story. For example, conversations at Soy Connext helped me understand how monetary policies impact our customers,” said Kyle Durham.
Throughout the event, USSEC addressed challenging questions and presented data to promote a preference for U.S. soy products among global customers.
The sessions highlighted the quality and value of U.S. soy compared to other vegetable oils and nutrition products, making it increasingly attractive to international customers.
"International customers really recognize the value in the quality of U.S. Soy, and they are eager to find ways to continue relationships and do business with us," said Durham.
One session demonstrated that U.S. soy adds significant value $51 per metric ton for fish feed in Indonesia and $76 for shrimp feed in Ecuador.
Additionally, using U.S. soy meal can reduce the carbon footprint of feed formulations by about 20%.
Participants at Soy Connext 2024 valued the opportunity to connect with farmers, understand logistics, and explore the profit potential of U.S. soybeans, suggesting a promising future for Missouri farmers in the 2024/25 marketing year and beyond.
Photo Credit: missouri-soybeans
Categories: Missouri, Business, Crops, Soybeans