The best year yet for soy exports

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Posted: Sunday, December 15, 2013 12:00 am

The value of U.S.-based soy exports achieved an all-time high in the marketing year ending Sept. 30, 2013, the United Soybean Board reported.

Sales spiked 19 percent for those exports in the 2012-2013 marketing year, topping $28 billion.

That’s despite falling about 100 million bushels short of the previous year’s total export volume of more than 1.8 billion bushels. Export volume was around 2 billion bushels in the 2010-2011 marketing year.

According to the USDA, more soybeans were harvested in Iowa in 2012 than in any other state. Nebraska was the No. 5 soy-producing state.

U.S. farmers exported 56 percent of the domestic soybean harvest in the most recent marketing year, up slightly from 55 percent in the previous year.

Soybean exports are mainly represented by whole soybeans, soybean meal and soybean oil. Bushels used to produce soybean oil saw the most significant year-over-year increase of those three components with growth of 47 percent.

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