US soybean growers turn to new export markets and biofuel as China demand wanes
US soybean producers are seeking alternative overseas buyers and expanding sales to biofuel makers after Chinese imports fell sharply.
A trade group reports that just over 12 million tonnes of last season's soybeans are expected to reach China, far below the usual volume. Chief economist Scott Gerlt said growers are compensating by increasing sales to other foreign markets and by boosting demand from biofuel producers. The American Soybean Association, which represents more than half a million farmers across the Midwest, notes that overall soybean planting intentions remain steady.
Why it matters
Shifts in US soybean sales affect global food supplies, farm incomes and the biofuel industry.
In this story
soybean marketChina demandbiofuelsUS farmersexport volumesMidwest agriculture