URBANDALE, Iowa - The U.S. recorded another billion bushels of soy exports year during the 2006 marketing year completed Oct. 17. The U.S. Department of Agriculture reports that soybean exports reached more than 937 million bushels and soybean meal exports totaled more than 295 million bushels soybean bushel equivalents. In total, more than 1.2 billion bushels of soy were exported during the 2006 marketing year with an approximate value of more than $8 billion.

“Soybeans are the highest-valued U.S. agricultural commodity export and contributes a great deal to the balance of trade,” says Neal Bredehoeft, chairman of the U.S. Soybean Export Council and a soybean farmer from Alma, Mo. “On average, 43% of U.S. soybean production is exported each year.”

The top five export destinations for U.S. soybeans in 2006 were 1) China; 2) Mexico; 3) Japan; 4) Taiwan; and 5) Indonesia. China alone accounted for more than 38 percent of total U.S. soybean exports. Soybean meal export numbers recorded a 5 percent increase over last year with Mexico maintaining its #1 position as the largest importer of U.S. soybean meal. Rounding out the top five export markets for U.S. soybean meal are Canada, the Philippines, Japan and the Dominican Republic.

“Soy exports are expected to be even higher this coming marketing year as the soybean export year is off to its fastest start in history,” Bredehoeft said, “and soybean meal exports should continue to grow as biodiesel drives more soybean crush.” The U.S. soybean industry celebrated 50 years of market development overseas this year. Through the U.S. Soybean Export Council’s (USSEC) network of eight overseas offices and with support from the soybean checkoff, several state soybean organizations and the USDA Foreign Agricultural Service, it promotes soy product usage in animal feed, soyfood and industrial uses in more than 80 countries.

“Promotion and market development efforts in overseas markets are vital for the competitiveness of the soybean farmers in Iowa,” said John Heisdorffer, at-large representative for the Iowa Soybean Association. “With mostly every other row of soybeans exported, Iowa depends on overseas markets to utilize the 525 million bushels of soybeans we harvest. And with a rapidly expanding biodiesel industry and increasing use of soybean oil, lower soybean meal prices will put Iowa farmers in a more competitive position in the world export market.”

For more information contact: the Iowa Soybean Association at (800) 383-1423 or log on to the ISA Web site at www.iasoybeans.com or contact Marie Korte, USSEC Communications Manager, (314) 754-1327, mkorte@ussoyexports.org.

The Iowa Soybean Association develops policies and programs that help farmers expand profit opportunities while promoting environmentally sensitive production using the soybean checkoff and other resources. The Association is governed by an elected volunteer board of 21 farmers.