U.S. Soybean Farmers Fill Global Demand
The soy checkoff invests every North Dakota soybean farmer’s investment to increase soy use by customers beyond the elevator, including international users. U.S. soy exports have grown steadily for the past 20 years. This growth (forecast by exporters and importers of U.S. soy to continue) can be attributed in part to soy-checkoff-funded efforts to build international sales of U.S. soy. As part of these U.S. farmer-funded activities, the North Dakota Soybean Council (NDSC) works to cultivate new markets or growth in existing ones.
In the 2014-2015 marketing year, North Dakota soybean exports were valued at $1.8 billion, based on an average market price received of $9.49 per bushel. During 2014 in North Dakota, 202.5 million bushels of soybeans were produced. The vast majority of soybeans grown in North Dakota are shipped by rail to the Pacific Northwest and are destined for southeast Asia, which is why international marketing continues to be a priority for the board. NDSC continues to annually fund projects, host international trade teams and build relationships with other countries to learn more about international market demands and soy needs overseas.