Growing soybean processing capacity is causing a shift in the market, and it comes as more overseas companies raise their demand for biofuels.
Right now, the U.S. exports around 60 percent of our soybean crop, and the majority of the meal leaves from the Grays Harbor Port in Washington. Port Director Gary Nelson says with all the newly planned crush facilities, the U.S. is looking at a 30 percent increase in shipments. To compensate, they are doing upgrades and working to get more ships in and out of the area.
Those ships could soon be destined for places like China, thanks to a newly signed purchased agreement. U.S. Soybean Export Council CEO Jim Sutter joined RFD-TV’s own Christina Loren about the meaning behind the event, why it is important to organize with Chinese ag companies, and the value of China’s U.S. soy imports.
