IARN — Despite challenges stemming from the Covid-19 pandemic, the US Soybean Export Council is optimistic about the resiliency of the industry.
Jim Sutter, chief executive officer of the US Soybean Export Council, says they continue to maintain close relationships with customers in a variety of ways.
“Despite the pandemic, USSEC has worked to maintain close contact with our key customers from around the world,” Sutter said. “We did this by nimbly transitioning to leverage digital technology platforms. Between April and August, we’re proud to report that USSEC has hosted 80 virtual events with more than 25,000 participants in total – engaging key importers of US soy together with exports and farmers from the United States.”
Sutter believes the future is bright for soybean farmers.
“While Covid-19 has created substantial losses for our industry, more than $4.7 billion for US soybean farmers and domestic processors between January and June 2020, according to a United Soybean Board study, we’re optimistic that the resiliency of our US soybean farmers and other facets of our soy value chain will pull us through,” Sutter said. “We anticipate a return to more stable markets for soy in the coming year.”
Sutter also outlined some of the current bright spots of the industry.
“US soybean farmers look like they are projected to harvest an almost record size crop and the yield projection is actually a record,” Sutter said. “It’s still in the fields and still to be grown, but it’s looking very good at this point in time. Global demand for US soy is rising and the United States is well positioned to be the premiere supplier of choice. We can supply a whole range of products from bulk commodities to highly specialized, traceable products. World demand is projected to be up 16 million tons year over year, outpacing a 10-year trend of 11.3 million tons per year.”
For more information on the US Soybean Export Council, visit ussec.org.
Story courtesy of the Iowa Agribusiness Radio Network.
