This summary is based on reports from exporters for the period September 18-24, 2015.
Soybeans: Net sales of 2,506,000 MT for 2015/2016, up noticeably from the previous week, were primarily for China (1,178,400 MT, including 59,600 MT switched from unknown destinations and decreases of 2,500 MT), unknown destinations (826,800 MT), Germany (150,100 MT), the Netherlands (85,700 MT, including 78,000 MT switched from unknown destinations), Indonesia (85,200 MT, including 68,000 MT switched from unknown destinations), Japan (50,800 MT), and Mexico (42,500 MT). Net sales of 4,400 MT for 2016/2017 were reported for Panama. Exports of 814,900 MT were primarily to China (318,400 MT), Germany (150,100 MT), Mexico (119,100 MT), the Netherlands (85,700 MT), Indonesia (76,300 MT), and Costa Rica (16,500 MT).
Optional Origin Sales: For 2015/2016, outstanding optional origin sales total 175,000 MT, all China.
Exports for Own Account: The current exports for own account balance is 1,900 MT, all Canada.
Export Adjustments: Accumulated exports to the Netherlands were adjusted down 85,276 MT for week ending September 17th and 64,823 MT for week ending September 10th . The correct destination is Germany and is included in this week’s report.
Soybean Cake and Meal: Net sales of 17,600 MT for 2014/2015 were down 32 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for Mexico 2 (10,800 MT), Colombia (6,500 MT, including 5,000 MT switched from unknown destinations), El Salvador (6,100 MT, including 5,900 MT switched from unknown destinations), the Philippines (5,300 MT), and Canada (3,600 MT). Decreases were reported for unknown destinations (10,900 MT), the Dominican Republic (4,000 MT), and Burma (400 MT). Net sales of 246,400 MT for 2015/2016 were reported primarily for Mexico (112,600 MT, including 110,400 MT late reporting), Panama (56,600 MT), unknown destinations (24,000 MT), and Peru (16,400 MT). Decreases were reported for Nicaragua (500 MT). Exports of 179,900 MT were up 99 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were the Philippines (47,600 MT), Venezuela (30,000 MT), Mexico (27,900 MT), the Dominican Republic (24,800 MT), Colombia (16,300 MT), and Canada (11,700 MT).
Soybean Oil: Net sales reductions of 7,900 MT for 2014/2015–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average. Increases reported for Mexico (1,900 MT) and Canada (200 MT), were more than offset by decreases for unknown destinations (10,000 MT). Net sales of 32,500 MT for 2015/2016 were reported primarily for Peru (19,000 MT), unknown destinations (12,000 MT), and Mexico (1,100 MT). Exports of 2,800 MT were down 89 percent from the previous week and 81 percent from the prior 4-week average. The primary destinations were Mexico (2,400 MT) and Canada (300 MT).
This summary is based on reports from exporters for the period October 2-8, 2015.
Soybeans: Net sales of 1,476,800 MT for 2015/2016, up 15 percent from the previous week, were primarily for China (1,143,400 MT, including 557,500 MT switched from unknown destinations and decreases of 132,100 MT), Russia (121,000 MT, including 52,000 MT switched from unknown destinations), Japan (81,600 MT, including 49,500 switched from unknown destinations), the Netherlands (75,700 MT, including 70,000 MT switched from unknown destinations), and Thailand (74,100 MT). Net sales reductions were reported for unknown destinations (205,400 MT). Exports of 1,627,600 MT were up 74 percent from the previous week. The primary destinations were China (1,327,700 MT), Japan (96,800 MT), the Netherlands (75,700 MT), Mexico (68,700 MT), and Russia (33,000 MT).
Optional Origin Sales: For 2015/2016, outstanding optional origin sales total 175,000 MT, all China.
Exports for Own Account: The current exports for own account balance is 1,900 MT, all Canada.
Soybean Cake and Meal: Net sales of 225,800 MT for 2015/2016 were reported for unknown destinations (68,200 MT), Poland (40,000 MT), Venezuela (30,000 MT, switched from Panama), Mexico (26,700 MT), and Guatemala (15,200 MT, including 9,200 MT switched from unknown destinations). Net sales reductions were reported for Panama (21,900 MT), Ireland (6,000 MT), and French West Indies (3,000 MT). Net sales of 700 MT for 2016/2017 were reported for Canada. Exports of 139,700 MT were primarily to Mexico (33,900 MT), Venezuela (30,000 MT), Canada (20,700 MT), Guatemala (15,200 MT), and Honduras (11,700 MT).
Soybean Oil: Net sales of 53,200 MT for 2015/2016 were reported for unknown destinations (20,000 MT), Morocco (18,000 MT), Mexico (12,500 MT), Nicaragua (1,800 MT), and the Dominican Republic (500 MT). Exports of 16,200 MT were primarily to Venezuela (10,000 MT), Mexico (4,900 MT), Trinidad (800 MT), and Canada (400 MT).
USSEC, together with the U.S. Grains Council (USGC), U.S. Meat Export Federation (USMEF), China Animal Agriculture Association (CAAA), China Chamber of Commerce of Foodstuffs and Native Produce (CFNA), and China Meat Association (CMA) organized and conducted the 2015 U.S. – China Swine Industry Development Symposium on September 16.
This is the symposium’s fourth year and this year’s topic was “Is Bigger, Better?” There were about 200 attendees, roughly 60 percent swine producers and the rest a mix of industry, government and association representatives.
Two grower leaders, John Heisdorffer, USSEC director and American Soybean Association (ASA) vice president, and Bob Metz, USSEC and United Soybean Board (USB) director, traveled to China to participate in this event. Mr. Heisdorffer provided opening remarks, talking about U.S. soybeans and his farm. Mr. Metz made a toast on behalf of USSEC at the gala dinner following the symposium.
USSEC Marketing Director – Animal Nutrition & Meal Pam Helmsing, USSEC Regional Director – North Asia Paul Burke, USSEC Country Director – China Xiaoping Zhang, and USSEC Animal Utilization (AU) Technical Director Dr. Richard Han also attended this symposium. Mr. Zhang chaired the session in the afternoon and Dr. Han provided comments on the China swine farm models.
Participants learned about models, management and challenges to both the U.S. and China swine industry during the symposium, which provided a good bridge to understand and communicate between the agriculture industries in the U.S. and China.
The group also participated in customer meetings on this trade mission.
On September 17, the delegation attended the Novus/USSEC Swine Master Academy in Xiamen. Mr. Heisdorffer and Mr. Metz both talked to the attendees about swine and soybean farming in the U.S. and the quality and safety of U.S. Soy. Dr. Han discussed the nutritional advantages of U.S. Soy and sustainability.
The following day, the group visited Hua Mei Swine farm outside of Xiamen, which has about 1,500 sows and finishes 20,000 head per year. The owner had attended the Swine Master Academy and USSEC consultant Dr. Mike Brumm provided suggestions to improve profitability, including reducing feed and water waste and optimal particle size for feed, noting that there is no need to further process U.S. Soy.
On September 19, the group was joined in Shanghai by ASA director Monte Peterson and Rob Westmoreland of Informa to visit an Intensive Pond Aquaculture (IPA) fish farm in the Songjiang District southwest of Shanghai. IPA technology can increase fish production in a pond threefold. The farm is experimenting with upping it to five times the fish that can be producing using conventional aquaculture technology.
At Shanghai Xinnong Feed Company, the delegation met with the purchasing manager. This company purchases three to four million metric tons (MMT) of soy per year for hog feed. They purchase U.S. Soy from November through June and prefer it because of its golden yellow color and the stable protein and oil levels. The company can and does specify country of origin and prefers U.S. soybean meal to Argentine even if the Argentine meal is cheaper.
On September 21, the group participated in the USSEC industry roundtable. Mr. Heisdorffer and Mr. Peterson talked about their farms, the markets and risk management. They fielded questions about weed management; GMOs; whether they will plant more corn or soybeans next year; freight rates; supply and capacity, particularly in the Pacific Northwest; crop insurance; credit and government subsidies; and why U.S. Soy has a better amino acid profile. At the break immediately following the grower leaders’ presentations, some of the participants remarked that this conference had been the most informative one they had ever attended.
Chinese importers signed letters of intent to purchase 13.18 million metric tons of U.S. Soy, valued at $5.3 billion, at a signing ceremony held in Des Moines, Iowa on September 24.
24 frame and sales contracts were inked between Chinese customers and U.S. shippers, which included Archer-Daniels-Midland Co., Bunge, Cargill Inc. and Louis Dreyfus Group, among others. The cargoes are set for delivery by August 31, 2016, according to USSEC CEO Jim Sutter.
At the ceremony, held at the Ruan Center in Des Moines, Mr. Sutter talked about the great collaboration and partnership that has existed between China and the U.S. Soy industry for 33 years, before introducing Iowa Lieutenant Governor Kim Reynolds.
“Events like today symbolize the accumulation of trust and mutual admiration” between the two countries,” stated Lt. Gov. Reynolds, before adding that these agreements provide “tremendous mutual benefit to both of us.”
USSEC Chairman Laura Foell, who welcomed the trade delegation, remarked that trade volume to China rose from a mere 140,000 metric tons in 1995 to 30 million metric tons in 2014, with an annual average growth rate of 147 percent in just 20 years. Ms. Foell touted China’s food security as the most important benefit of trade between the two countries, saying that China’s food security was achieved “by way of an open and free trade of soybeans to supply the increasing need for soy from China’s livestock and feed industries.”
Bian Zhenhu, president of the China Chamber of Commerce of Foodstuffs and Native Produce (CFNA), said that China’s economy has entered a “new normal” and reminded attendees that although the country’s GDP is slowing down, the Chinese market is “still growing strong.” With more than 27,400 couples getting married daily, he predicted that consumption will continue to increase, providing more opportunities for U.S. Soy.
After the signing ceremony, American Soybean Association (ASA) chairman Ray Gaesser proposed a toast to the group, expressing the congratulations of the U.S. Soy industry, saying, “ . . .I’d like to echo what my fellow soybean farmers have said. It makes us proud to know that the soybeans we grow are meeting your needs.”
USSEC led a soybean oil marketing mission from August 16-21 to Costa Rica and Mexico. The Americas region is U.S. soy oil’s largest exporting destination and these two countries are U.S. Soy’s biggest oil customers.
United Soybean Board (USB) directors Jim Domagalski of Michigan, Dallas Wright of Delaware, Jay Myers of North Dakota, and Belinda Burrier of Maryland, along with American Soybean Association (ASA) director Ron Moore of Illinois joined USSEC Marketing Director – Human Nutrition/Oil Marypat Corbett, Marketing Assistant – Human Nutrition/Oil Jelena Smojver, Regional Commercial, Technical & Marketing Director – MENA Mousa Wakileh, USSEC Regional Director – Americas Francisco de la Torre, USSEC Regional Marketing Director – Americas Nayeli Villanova, and USSEC consultants Pedro Gonzalez, and Mark Anderson on this trip.
The purpose of the mission was to examine future export opportunities and competitive global market factors impacting U.S. soybean oil that can help define and develop effective defensive/counter-offensive actions and market development activities to increase the value and volume of U.S. soy oil exports.
The trip included an orientation on the vegetable oil retail sector in both Costa Rica and in Mexico, which involved visits to several different types of grocery stores. The shops included all types from large warehouse-style stores to small, mom-and-pop corner stores known as “chicos.”
The grocery store visits provided the U.S. farmers with an opportunity to observe and investigate how oils are marketed and sold in this region. At each store, the grower leaders looked at the types of oil, the length of the vegetable oil aisle and the shape, size and labeling of the container.
The U.S. farmers marveled at the vastness of consumers’ oil choices. Mr. Domagalski said, “The aisles that contained soy oils and other frying oils were from one end to the other.”
Ms. Corbett explained, “The competition [between oils] is unbelievably huge in both countries. Some vegetable oil aisles were over 50 feet long and had shelves that were 6 feet high – full of vegetable oils. They contained soy and soy blends, solid palm oil and liquid blends, canola and blends, sunflower and blends, and olive oil. The containers ranged in size from 2 pints to 4 gallons.”
In the Americas region, the per capita purchase and consumption of vegetable oils is 4.5 gallons (17 liters) a year, because people often fry foods for all three daily meals.
Mr. Domagalski continued, “Here in the U.S., I took notice when I returned. The frying oils areas are much smaller. Even with the fact that here, there are also several oils to choose from, the volume didn’t compare to Costa Rica stores.”
Consumption of vegetable oil is even higher in the Middle East/North Africa (MENA) region – closer to 9 – 12 gallons per year. Oil is used for every meal and to preserve pickles, which are extremely popular and served at least twice per day. Mr. Wakileh pointed out that, many years ago, the crushing and refining industry throughout the MENA region established regulations that made it illegal to blend oils.
Labeling of soybean oil in the Americas region is very different from the United States with helpful health benefit label claims on the soy oil bottles such as “Omega 3 and 6” and “No Trans Fats.” Some products had healthy additives such as Docosahexaenoic acid (DHA) and flavors such as garlic. The companies capitalize on soy’s differences from the competing oils and use a “Soy is Healthy” platform. In addition, there are cardiac health and diabetes association labels endorsing the use of certain oils.
The next phase of the mission included interactions with the largest U.S. soy oil customers in the two countries. Both are crushing/refining companies and are interested in the promise of the U.S Soy Sustainability Assurance Protocol.
According to Mr. Moore, “These companies are some of U.S. soybean farmers’ best customers.”
With help from USSEC, both companies were responsible for introducing soybean oil into their markets over 10 years ago and making it the premium priced oil. Both have established their soy oil market and increased sales using a health platform, with one company relying upon Facebook as its most important form of communication. The other company has seen its marketing programs significantly increase its sales.
Both crusher/refiner companies gave several examples where they had recently been recently challenged to migrate away from soybean oil by very large customers. The solution for the refiner could be to add a small percentage of another oil to its current 100 percent soybean oil product to meet the demands of this large customer.
The two companies stressed how they value U.S. soybean growers and their long-term relationship with USSEC, mentioning specifically that no other commodity or company offers partnering knowledge of the market place like U.S. Soy growers. Both crusher/refiners mentioned that they see U.S. soybean farmers as a true industry partner. They said it would be extremely beneficial to them if the U.S. would start labeling the soybean oil sold in U.S. grocery stores as soybean oil and not vegetable oil.
These businesses import whole U.S. soybeans and are very much interested in soybeans that have a composition which would give them higher oil yields and make a soybean meal that is higher in protein – they want more than 37 percent protein. These companies are interested in high oleic soybean oil as they see it as a way to effectively compete against South American soybean oil, canola and sunflower high oleic oil.
Mr. Moore said, “They indicated that they preferred U.S. soybeans because of their higher quality. They also were excited about the new high oleic soybeans and wanted to purchase them as soon as they became available.”
The purpose of the roundtable meetings was for grower leaders to leave with an impression of what’s going on in the market and with a better understanding of what U.S. oil’s future so that USSEC can better strategize its projects in the coming years. Two important outcomes of the meeting were that USSEC confirmed and quantified competitors’ bench strength over the next one to three years and helped confirm regional priorities and prospective positioning focus for future U.S. soy oil program development.
Ms. Burrier said, “The roundtable discussions were very productive for all involved. The key piece I took away was the magnitude Facebook played in the popularity of soy oil and the promotion of soy oil as a heart healthy product with added Omega 3.”
USSEC’s next steps include working to get U.S. companies to relabel their vegetable oil as soybean oil; encouraging India to consume more palm oil, which threatens the consumption of U.S. soybean oil; concentrating on defending its U.S. export markets in the Americas and MENA; and expanding partnering efforts with customers because they positively impact exports of U.S. soybean oil.
USSEC hosted the U.S. Soy Buyers Conference and reception in Seoul, South Korea on September 18. The event commemorated USSEC’s 35-year presence in Korea and bid farewell to Say Young Jo, USSEC Country Director – Korea, who will retire on September 30 after 35 years of service to the U.S. Soy industry. 26 CEOs from the Korean crushing, feed and soy food industries attended the conference.
Belinda Burrier, United Soybean Board (USB) director, and Ray Gaesser, American Soybean Association (ASA) chairman, traveled to Korea for the events. Ms. Burrier presented the “2015-2016 U.S. Soybean Crop Forecast” and Mr. Gaesser spoke about “Biotechnology to Global Food Demand & Soybean/Corn to Export Pipeline” at the conference.
After the seminar, USSEC hosted a reception and dinner with more than 190 Koran customers attending. USSEC CEO Jim Sutter delivered his welcome remarks to the customers via video.
Leaders of Korea’s soy-using industries expressed their appreciation to USSEC and to Mr. Jo for their contributions to their industries by presenting plaques of appreciation and gifts.
USSEC Regional Director – North Asia Paul Burke, introduced Dr. Hyung-Suk Lee as the new country director and emphasized the continuous partnership between the U.S. Soy industry and Korea’s soy-using industries.
Buyers from China have agreed to buy $5.3 billion worth of U.S. Soy, totaling more than 484 million bushels of U.S. soybeans. The announcement was made today in Des Moines, Iowa.
“Anytime an agreement like this is made, it is great for U.S. soybean farmers,” says Laura Foell, U.S. Soybean Export Council chair and soybean farmer from Iowa. “Our international customers demand a product that is sustainable and high quality, and that’s what U.S. soybean farmers continue to deliver.”
In the most recent marketing year, U.S. Soy exports accounted for 62 percent of U.S. Soy production. China alone imports approximately 25 percent of all U.S. Soy. The country was the No. 1 buyer of whole U.S. soybeans in the 2013/14 marketing year and the second-biggest buyer of U.S. soybean oil.
“This is a great example of how our farmer-leaders’ work of establishing relationships in China are paying off,” Foell says. “We must continue this work with China and other countries since exports are so important to the U.S. Soy industry.”
In the most recent marketing year, U.S. soybean farmers exported 2 billion bushels of soy to international customers. The value of these exports set a record of more than $30 billion.
The U.S. Soybean Export Council aims to maximize the use of U.S. Soy internationally by meeting the needs of global customers that use U.S. Soy in human food and feed for poultry, livestock and fish. The organization uses a global network of stakeholder partnerships, including soybean farmers, exporters, agribusinesses, agricultural organizations, researchers and government agencies, to accomplish that mission.
USSEC will host a signing ceremony for Chinese customers on September 24 in Des Moines, Iowa. The purchase coincides with President Xi Jinping’s visit to the U.S.
USSEC chairman Laura Foell says this agreement demonstrates that U.S. farmers continue to produce high-quality, sustainable soybeans in response to demand from international customers.
China imports approximately 25 percent of all U.S. Soy. The country was the top purchaser of whole U.S. soybeans in the 2013/14 marketing year and the second-biggest buyer of U.S. soybean oil.
A Taiwanese delegation in Washington, D.C., signed a letter of intent on September 16 with USSEC committing to purchase between 2.6 and 2.9 million metric tons of soybeans valued between $1.13 and $1.26 billion U.S. dollars by 2017, as part of the Taiwanese Agricultural Goodwill Mission. The letter is evidence of Taiwan’s commitment to strengthening trade ties and maintaining the well-established trade partnership between the United States and Taiwan.
In 2014, Taiwan was the fifth largest market for U.S. soybeans, importing 1.3 million metric tons of U.S. soy, which represented a 55 percent market share. Taiwan imports more than 1.15 million metric tons of U.S. soybeans annually, valued between $600 and $720 million U.S. dollars. From January to June 2015, Taiwan imported nearly a million metric tons of U.S. soybeans valued at $442 million U.S. dollars.
“Taiwan has been a loyal, long-term partner of U.S. Soy for more than 40 years,” said USSEC Chairman Laura Foell. “The Taiwan Goodwill Mission helps the U.S. and Taiwanese government officials, traders and end-users to keep the lines of communication open, which is so important to maintaining our great relationship with this valuable buyer.”
While in Washington, members of the mission met with USSEC, the U.S. Grains Council, U.S. Wheat Associates, the North American Export Grain Association and the National Grain and Feed Association, as well as U.S. government officials. The mission delegates also signed letters of intent to purchase U.S. soybeans, wheat and co-products with USSEC and the U.S. Wheat Associates.
Following the signing ceremony at the U.S. Capitol complex, members of the Taiwanese delegation will tour the U.S. Grain Belt to see U.S. farms and grain elevators firsthand. They will meet with government officials, farmers, agriculture groups and other important international organizations in Iowa, Illinois, Kentucky and Minnesota.
The biennial Goodwill Mission has been organized by Taiwan’s Ministry of Foreign Affairs (MOFA) since 1998. USSEC’s participation in the mission is an important part of its work to continue Taiwan’s preference for U.S. soybeans.
Five commodity/feedstuffs traders and manufacturers from Poland and Czech Republic were among the hundreds of customers from around the world who came to the U.S. in early September for the U.S. Soy Global Trade Exchange in Minneapolis.
USSEC Technical Director – Northeast Europe Jerzy Kosieradzki accompanied this team, which was excited by its visit to the Chicago Board of Trade (CBOT). For Michal Hadasik, Pawel Dulacz, Krzysztof Ulas and Jakub Jan Agas, who purchase grains and soybean meal on a daily basis, their time spent at the capital of global commodity trade and the opportunity to meet with the brokers in person was of great importance.. It was equally significant for Marek Kumprecht, a livestock nutrition and compound feed production specialist at DeHeus in the Czech Republic, but for other reasons: it was his introduction to the price discovery mechanism and risk management, which would help him in his new top managerial job at his company.
All of them, like many other international visitors, enjoyed visiting Minnesota soybean farms, where they not only appreciated the farm families’ hospitality, but they also enjoyed having the opportunity to hear first-hand accounts of how U.S. Soy sustainability works at the farm level. Combining the theory on sustainability presented on and discussed at the Global Trade Exchange’s breakout sessions and at the trade show with the practical daily reality for an average U.S. corn and soybean grower was of special importance to the visitors and resulted in more trust in the U.S. products.
This year’s U.S. Soy Global Trade Exchange was exceptionally well received by USSEC’s Northeast European customers. All of them agreed that the event offered a wide variety of subjects and every participant could find plenty of solid information for himself/herself.
Mr. Kosieradzki shared, “It was obvious for me that my customers would appreciate the keynote on the outlook for global economy and international trade, but I was truly surprised when my whole group decided to attend the session on soymeal quality by origin by Dr. H. Stein, University of Illinois, and they truly valued this newly acquired knowledge very highly. It is great for the commodity traders to listen information on this important topic!”
“The Northeast European customers also established or renewed a multitude of contacts during their very busy week in the U.S., which was an important added bonus for them,” concluded Mr. Kosieradzki.
USSEC recently conducted a baking workshop at the University Vasco de Quiroga in Morelia, Mexico, to promote the use and performance of U.S. soybean oil margarines, shortenings and soy flour in baking applications.
This workshop, led by USSEC consultants Jorge Martínez and Oliverio Cruz, consisted of one theoretical session and one practical session. About 30 people from the baking industry in Morelia attended.
Mr. Martinez gave two presentations, the first titled “The Health Benefits of Soybean Oil.” The second covered the baking process, where he discussed the basic and optional ingredients for bread making and their functions, classifications of flours and their functions, dough formation and the relation with the gluten formation, baking dynamics, and the functions of shortenings and margarines. To illustrate these concepts, he discussed the preparation of recipes of baked goods and cookies.
Mr. Cruz conducted the practical session, where four kinds of common breads were prepared using U.S. soybean flour and soybean oil shortenings and margarines. Experienced bakers and participants tasted the prepared breads and all concluded that the use of soybean products does not affect the flavor and functionality of the breads, but enhances them. Participants also decided that the addition of soy flour to bread enhances the profitability due to a greater dough yield, lower dough cost and increased shelf life.
USSEC – Middle East North Africa (MENA) organized its first round table meeting for Egyptian soybean oil processors in Cairo, Egypt on September 10. Approximately 25 local key soybean oil refiners and crushers participated.
USSEC regional technical and commercial consultant Najeh Asad moderated the event and two Foreign Agricultural Service (FAS) staff members from the Cairo office attended the roundtable. Orestes Vasquez, Agricultural Attaché at the U.S. Embassy in Cairo, provided opening remarks on behalf of Ronald Verdonk, the Regional Agricultural Minister Counselor.
Mr. Asad highlighted USSEC’s mission and potential projects to be carried out in Egypt promoting the use of U.S. Soy in the Egyptian market. He also spoke on the trends and growth of Egypt’s soybean oil sector.
Addressing customer issues, the consultant discussed the related refining difficulties due to the associated high green color and the high free fatty acid content, in addition to the possible causes of the color reversion occurrence in freshly refined soybean oil produced recently by a large number of the local refineries using crude soybean oil produced by local crushers from soybeans of non – U.S. origin.
The roundtable meetings were followed by site visits to key leading customers, during which the consultant discussed and presented the importance and advantages of U.S. soy oil attributes either obtained by direct import from the U.S. or by local crush of U.S. soybeans, in addition to the high value of related logistics issues.
Currently, Egypt uses over 600 thousand metric tons (TMT) of soybean oil with a total vegetable oil consumption of about 2.4 million metric tons (MMT). Additionally, Egypt consumes over 2 MMT of whole soybeans, which are mostly used by crushers to produce oil and meal. The local crush industry supplies about 50 percent of the country’s requirement, while the rest is covered through imports.
USSEC participated in the Abastur Trade Show in Mexico City from August 31 – September 3, to promote soybean oils and soyfoods. This trade show is one of the largest for the retail and food service segments in Mexico and Latin America. About 1,300 exhibitor companies from 12 countries participated in the 2015 show.
In the USSEC booth, more than 20 soybean products were exhibited and promoted, including soybean oils, soymilks and texturized soybean protein (TSP) foods manufactured by eight companies that consume U.S. soybeans and U.S. crude soybean oil in the Americas Region.
USSEC consultants Jorge Martinez, Pedro Gonzalez and Adela Perez worked at the booth and helped managers and representatives of the participating companies to exhibit and promote their U.S. soybean products, making more than 70 new commercial contacts.
Chef Giuseppe de Pascuale prepared different recipes using soybean oil, TSP, and soybean beverages for participants to taste.
The Abastur Trade Show promises to increase the sales of the soybean products of the participant companies and the consumption of U.S. soybeans and soybean oil.