ISA Works on Strengthening U.S. & Illinois Soybean Meal Demand
Focuses on Fostering Relationships in Emerging Global Markets Amid an Increase in Global Crush Demand
BLOOMINGTON, ILL—July 24, 2020— The soybean crush market is a key driver of global soybean supply and demand. In Illinois, farmers are particularly at an advantage due to the large number of soybean crushing facilities, which determines basis values and usage considerably. That’s why ISA Trade Facilitator Eric Woodie is spending this summer strengthening soybean crush relationships in emerging global markets like Myanmar, Bangladesh and Southeast Asia container markets.
“It’s exciting to promote Illinois soybeans and soy products in emerging markets because there is opportunity for substantial growth. When I go out to talk to buyers, it is an easy sell when I can offer Illinois soybeans. They know our reputation for a consistent, quality product,” he says. “When you have a good product, you develop repeat customers. All of this equates to a direct return on investment for Illinois soybean crushers and subsequently Illinois farmers.”
In a year where the farm economy is struggling, it is reassuring to see that global crush demand has increased.
“The actual U.S. crush volume is up 3.54 percent, and if this continues through the entire marketing year, the total crush will exceed 58.9 MMT compared to 56.9 MMT last year. That potential increase translates to 100 million bushels of additional soybean crush,” Woodie added.
To develop a preference for Illinois soybean meal, hosting trade teams is a key part of ISA’s market development strategy. In 2019, ISA hosted 1,142 trade team participants from more than 30 different countries.
“It’s important for global buyers to see where their meal is coming from. They like to see the soybeans in the field and the crush facilities where the meal is processed. Illinois farmers and the agriculture industry have a great story to tell,” Woodie says.
Illinois’ top soybean meal customers include the Philippines and Mexico.
ISA will continue to focus on market development as a top strategic priority in both new and existing domestic and global markets.
The Illinois Soybean Association (ISA) represents more than 43,000 soybean farmers in Illinois through the state soybean checkoff and membership efforts. The checkoff funds market development, soybean production and profitability research, promotion, issues management and analysis, communications and education. Membership and advocacy efforts support Illinois soybean farmer interests in local areas, Springfield and Washington, D.C. ISA programs are designed to ensure Illinois soy is the highest quality, most dependable, sustainable and competitive in the marketplace. For more information, visit the website www.ilsoy.org.
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For more information contact:
Rachel Peabody
peabodyr@ilsoy.org
309-808-3617
