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Iowa Soybean Association works to grow markets, besides China

With Chinese soybean purchases on hold, many U.S. soybean groups are working to grow other markets around the world.

“I think we found out, through all the trade wars, that you’re probably better off to have a few eggs in a lot of baskets than to put all of your eggs in one basket,” says Iowa Soybean Association president Lindsey Greiner.

Greiner recently participated in a U.S. Soybean Regional Trade Exchange in Spain. He says the Middle East and North Africa markets show great promise.

“They’re growing their livestock feeding and their fish farming, and they’re buying a lot of U.S. soy. Egypt, in particular, is about 100 percent U.S.”

Karey Claghorn, chief operations officer of Iowa Soybean, was part of a trade mission to the Philippines, which is one of the top customers for U.S. soybean meal.

“They’re up considerably—I think about 30 percent—from the U.S. this year,” Claghorn says. “They seem to think there’s still going to be a lot of growth. Their GDP is growing and their population continues to grow.”

Claghorn says lower prices are a factor in that increase. But she says Phillipines’ buyers also like the consistent high quality and the reliability of imports from the U.S.

Dennis Morrice, KLEM, Le Mars, Iowa contributed to this story.

AUDIO: Lindsay Greiner

 

AUDIO: Karey Claghorn