News

Nearly half of the U.S. soybean crop stays in the United States, but the rest heads beyond our borders to customers around the globe. The same goes for Ohio. More than half of Ohio’s total soybean production is exported to buyers in markets such as Taiwan, China, and Japan. Ohio soybean farmers are in a position to benefit from the international market for Ohio and U.S. soybeans, which the Ohio Soybean Council (OSC) and soybean checkoff has made a priority over the years.

Taiwan

• Ohio recently hosted a group of soy food companies from Taiwan; where they learned about the high levels of protein Ohio soybeans provide
•  Food-grade soybeans are an important factor to increase the value of Ohio soybean producers’ bottom line
• Taiwan recently signed an agreement to purchase $1.5 billion of U.S. soy. The letter of intent was entered into between the Taiwan Vegetable Oil Manufacturers’ Association (TOVA) and the U.S. Soybean Export Council (USSEC). TVOA expressed its intent to purchase between 2.5 – 2.8 million metric tons (MMT) of U.S. soy in 2014 and 2015, estimated to be valued between U.S. $1.5 billion and U.S. $1.68 billion
• In 2012, Taiwan was the seventh largest market for U.S. agricultural products, the sixth largest market for U.S. soy, and one of the world’s largest consumers of U.S. agricultural products on a per capita basis. Taiwan has consistently imported over $3.5 billion of U.S. farm products annually

China

• Established in 2006 by OSC, in a unique partnership with the Ohio Department of Development’s Global Markets Division, the Ohio China Office seeks to increase Ohio’s exports of soybeans to China
• Pork has recently become China’s No. 1 meat, and represents two-thirds of the meal processed in the country. This is important to Chinese hog farmers because they depend on high quality soybean meal to feed their animals
• In the last marketing year, China imported 849 million bushels of whole U.S. soybeans

Japan

• The 17^th annual Japan Partnership Team consisting of 11 members of soybean crushers and importers from Japan Oilseed Processors Association (JOPA) and Japan Oil & Fat Importers & Exporters Association (JOFIEA) recently visited Ohio during their trip to the U.S. The Japanese team had the opportunity to visit fields growing high oleic soybeans in Ohio and Michigan, and understood the opportunities to collaborate and develop demand in Japan for high oleic soybeans
• In the last marketing year, Japan imported 75.2 million bushels of U.S. soybeans