Global soy consumption at 1.087 million metric tons (MMT) has exceeded global soy production at 1.061 MMT for the past three years (2019-22) following a doubling in consumption and production over the past 20 years. Soybeans continue to be the United States' number one food and agricultural export, and U.S. Soy's customers are as diverse as the countless uses of a soybean itself.
The U.S. Soybean Export Council (USSEC) this week hosted over 600 industry representatives at Soy Connext - the global U.S. Soy Summit, including over 400 international customers of U.S. Soy from over 50 countries.
"Soy Connext, the industry's premier global summit, will catalyze connections between international customers of U.S. Soy from the animal protein, aquaculture, animal nutrition, edible oil, soy foods, and commodity trading sectors, with U.S. Soy farmers and industry," said Jim Sutter, chief executive officer of USSEC. "With the level of volatility in the world today, it takes vision, resilience, and partnerships to succeed in food and agriculture today. At Soy Connext, we will explore insights, trends, and strengthen our collaborations to advance global nutrition, climate-forward solutions, and progress for people and communities."
USSEC will launch the new “Soybean Value Calculator" - an innovative tool for soybean crushers to calculate and compare the economic value of soybeans from various countries. Customers can enter company specific data along with soybean composition and physical factor data to analyze the potential economic benefit of choosing U.S. Soy relative to soy of other origins. It's that simple.
Sustainability and transparency are differentiators and a competitive advantage for U.S. Soy customers. As part of Soy Connext, customers from 38 countries will visit U.S. Soy farms across 14 soy-producing states to transparently engage with farmers, inspect the crop, and discuss challenges, needs and opportunities. Further, USSEC, on behalf of U.S. Soy, is the international sponsor of the Pro Farmer Crop Tour providing its customers with credible, third-party, and real-time analysis of U.S. Soy crop quality directly from soy production sites across the United States. Customers and exporter companies will also participate in USSEC's Trade Team Invitational.
"Climatic, economic, and geopolitical events are testing the resilience of the global food system. Uncertainty is the word of the day. We are honored that international companies are rewarding sustainable U.S. Soy's lowest carbon footprint, optimal nutritional bundle, high refining rate, low refining cost, and reliable production and exports by importing record volumes to advance food and nutrition security in the 82 countries we serve," said Doug Winter, USSEC chairperson, board member of the United Soybean Board, and U.S. Soy farmer.