News

The White House recently announced that the United States will begin the process of normalizing its relations with Cuba. The announcement brings with it significant implications for the agricultural trade sector, and will positively affect soybean producers, the nation’s leading farm export.

“Soybean growers are particularly excited about the recent announcement,” said Bret Davis, Ohio Soybean Association (OSA) chairman and soybean farmer from Delaware County who also serves as the American Soybean Association’s vice president. “Specifically because of the promise that the Cuban marketplace holds for American soybeans, but also in the larger scope of trade’s ability to overcome even the most challenging geopolitical barriers,”

The new announcement brings trade between nations and also generates concrete value for American farmers by expanding and strengthening opportunities in foreign markets. Some examples include burgeoning Cuban demand for pork, poultry and dairy and expanding the demand for cooking oil. Either way, American soybeans have significant market opening just off the shores.

“More importantly, however, are the implications for the Cuban people,” added Davis. “While we have been able to sell our products in the country for decades, our Cuban customers were unable to secure the same financing and credit opportunities as other trade partners. Conversely, the restrictions on financing made it difficult for our products to compete in that marketplace. The easing of these restrictions will make it easier for American soybeans to gain a foothold in the market, but more importantly, it will enable the Cuban people to purchase the products that they need and want as their market develops.”