When South Korea buyers purchase soybean meal for livestock feed, they want quality. U.S. soybeans offer that quality via good amino acid content. U.S. Soybean Export Council Country Director in South Korea Hyung Suk Lee says expanding U.S. soybean meal share in South Korea is a challenge. Price is a big barrier. “The feed industry is experiencing tough competition. The price of raw materials are very sensitive to them,” he says. “Buyers need to understand the value, not the price.” International soy customers, including an 11-person South Korea delegation, took a closer look at North Dakota’s soybean crop and the U.S. supply chain Monday and Tuesday in an effort to better understand the value. North Dakota Soybean Council Director of Market Development Harrison Weber says good relationships take time. “The China market took us a number of years to build and was a great success story,” says Weber. “I’m confident southeast Asia, with their growing population, will be the next success story.”
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