The U.S. soybean industry is working to expand export markets and reduce its reliance on a single customer, like China. Jim Sutter, president and CEO of the U.S. Soybean Export Council, says the industry is focused on differentiating U.S. soy and communicating its nutritional and sustainability characteristics to buyers. China accounts for nearly 60 percent of global soybean trade, but Sutter says that concentration creates risk. “We don’t want to have sixty percent of our exports going to China.” Mexico and the European Union remain important markets, while Egypt has emerged as a rapidly growing customer. Sutter also points to opportunities in Pakistan, Bangladesh, Algeria, Southeast Asia and other regions. “Just lots of different markets, and that’s what we want to see is this wide differentiation.” Sutter was part of the Midwest Agriculture Export Summit in Sioux Falls. Listen to the full interview.
