INVESTING CHECKOFF DOLLARS
Checkoff the box SOY FUNDS SUPPORT MARKET-BUILDING EFFORTS STORY AND PHOTOS BY MATTHEW WILDE
I
“I feel optimistic we accomplished the goal with the caliber of networking meetings that took place.” — Jim Sutter, U.S. Soybean Export Council CEO 32 | JANUARY 2019 | IASOYBEANS.COM
t appears a $50,000 checkoff investment by Iowa farmers to boost soy exports to Europe, the Middle East and North Africa will pay off handsomely. The U.S. Soybean Export Council (USSEC) hosted the 2018 U.S. Soybean Regional Trade Exchange for the three regions Nov. 27-30. Funding from the Iowa Soybean Association, various other state and national soy organizations and the U.S. Department of Agriculture’s Foreign Agricultural Service helped bring the “who’s who” of soybean buyers and U.S. exporters together in Barcelona, Spain. To mitigate U.S. soybean sales losses to China due to the currently halted trade war between the nations, USSEC held the conference to build and maintain market share in the more than 40 countries in Europe and MENA (Middle East/ North Africa). Mission accomplished, according to USSEC and industry officials. “I feel optimistic we accomplished the goal with the caliber of networking meetings that took place,” says Jim Sutter, USSEC CEO. “We’ve been active for a long time in all three regions — 50 years in Europe
and 40 years in MENA. “The U.S. has supplied about one-third of their soy needs in recent years. We certainly want to grow that share,” he adds. “I’m not sure 100 percent is achievable; the goal is as high as possible.” U.S. soybean and soybean meal exports are up 210 percent and 17 percent, respectively, to Europe and MENA as of midDecember since the marketing year started Sept. 1, according to USSEC. Nearly 3.7 million metric tons (almost 135 million bushels) of soybeans and 650,000 metric tons of soybean meal (30.2-million-bushel equivalent) were shipped to the regions as of Nov. 8, government records show. Brent Babb, USSEC regional director for Europe and MENA, says market conditions and buyer satisfaction with U.S. soy products indicate record sales ahead in his program areas. Babb predicts soybean sales to Europe this year will hit 10 million metric tons (367.4 million bushels), up nearly 4 million metric tons from last year and more than double the 5-year average. Meal sales could reach 1.6 million metric tons, a little less than double last year’s total and the five-year average.
