Soybean Growers Work to Diversify Export Customer Base

In addition to the ongoing work to coax more soybean business out of China, the US Soybean Export Council (USSEC) continues to seek diversification in its global customer base.

“One of the main objectives for USSEC is to spread out our market opportunity and gain additional market access for U.S. soy,” said Janna Fritz, an eastern Michigan farmer and chairperson of USSEC. “And yes, while we value our China relationship and have worked in China for almost 50 years, we need to look to other markets. And we've got great opportunity around the globe in which to spread out that opportunity.”

Fritz gauges diversification of global market opportunities by the number of new conversations that U.S. soybean growers have begun around the world.

“We've had great opportunities for new discussions and expanded discussions and including things like memorandums of understanding with countries like Bangladesh, Indonesia, Taiwan, as well as Vietnam,” she pointed out to the South Dakota Soybean Network. “So we're continuing to have more countries come to the table for negotiation to look to expand our market access around the world.”

Specific opportunities in these countries vary, with livestock feed demand having the greatest potential for high volume sales, but there are also occasions to fill demand for human food.

“Food export opportunities include consumer packaged goods having to do with plant protein. Tempeh is still very much an aspect of human food consumption, especially in Asia. Tempeh, tofu, soy milk, all of those things are the consumables that we offer through soy,” said Fritz. “But then also the feed opportunity that we have; we have a great story to tell about feed conversion with soybean meal going into aquaculture, pork, and poultry primarily.”

Where China is concerned, Fritz says her continued hope is to build on the existing relationship that the United States has with its huge Asian customer.

“We have a sought after product, right? The US soy product that we offer has the quality and the sustainability aspects that is sought after around the globe and in part by the Chinese consumer. Also, that is another competitive advantage that we bring to other markets,” said Fritz. “So, as we look to diversify, those are the main talking points that we bring into these markets all the time. The quality of US soy and the practices that we have to make it sustainable.”