USSEC CEO sees new, emerging markets for U.S. soybeans

KANSAS CITY, Mo. — New and emerging markets play a critical role for U.S. soybean farmers.

The U.S. Soybean Export Council is working to diversify marketing opportunities for soybeans, said Jim Sutter, CEO of USSEC. He was a keynote speaker at the Agricultural Business Council of Kansas City Ag Outlook Forum.

“We do not want to be overly dependent on one market, and we want to participate in the rapid growth we’re seeing in other places,” he said. “Our goal is to differentiate, build a preference for and ensure market access to American soy.”

Emerging markets typically have large populations, growing economies and very low per capita consumption of protein.

“We believe those will be the markets of the future,” Sutter said. “As incomes rise, they want to consume more protein and more cooking oil — and soybeans are a perfect fit to deliver that.

“Five years ago Egypt was a relatively small importer. But improving the diets for 100 million who live in Egypt, they have a strong desire to eat chicken and fish. And it’s grown their soy imports significantly.

“They have a strong preference for U.S. soy. Our market share in Egypt was 75% last year.”

Bangladesh has also grown — from a small market country to one with bustling poultry and aquaculture industries.

Soybean imports have grown by 40% over the last three years to 1.3 million tons this past year, Sutter said.

The United States enjoys about a 70% market share of soybeans in Bangladesh.

“One more example of a very early stage emerging market is Nigeria,” Sutter said. “We just recently started work in this country. It has the largest population in Africa at almost 210 million people.

“We want to be there in that part of the world developing relationships and establishing trust because we see what it can do for future demand.”

Learn more about USSEC at www.ussec.org.