It’s well-known that the trade dispute between the United States and China has hit the U.S. soybean industry hard. China, once the biggest buyer of U.S. soybeans, is no longer purchasing large volumes of beans. That means a lot of the product needs to find new markets. The U.S. Soybean Export Council is working on a new initiative called “What It Takes,” which is designed to help deal with the backlog of soybeans that need to be shipped and sold.
“When the tariff dispute cranked up in April, we were all hopeful that it would be a short-term thing,” said USSEC CEO Jim Sutter. “While it could change at any time, we’d better plan for it to be a longer-term ordeal. It’s made even more challenging by the complex issues between the two countries. There’s more than soybeans involved, with a lot at stake.”
“It was a huge shock to what our industry has gotten used to in terms of marketing plans,” Sutter said. “Our team has been very busy working with exporters. We’re trying to help them in any market where they might have potential customers. We’re also working with importers around the world, telling them about the attributes and possibilities that U.S. soy holds for them.”
Sutter said most overseas markets have purchased at least some U.S. soybeans. There are just a few that haven’t yet. U.S. beans are priced very competitively around the world right now, making them a more affordable option than in past years.
Soybeans have really backed up in the Pacific Northwest. Exporters there typically sell most of their beans to China. USSEC is focusing on encouraging potential customers to come to the PNW as they look for soybeans, and they’ve been successful at it. Taiwan has purchased soybeans in the Pacific Northwest for the first time in 15 years.
“We’re doing a lot of work in other Asian countries, which we think would be a logical destination for those beans from the Pacific Northwest.”
Here’s the complete conversation:
Here’s a refresher on just how USSEC helps improve things for soybean farmers: