BY COLBY PINKSTONE
Senior Director of Strategic Programs, U.S. Soybean Export Council
U.S. Soy exports set a record of $40.42 billion in value during the 2021-22 marketing year, which wrapped up last fall. Global customers purchased the second highest volume of U.S. Soy to date, 71.79 million metric tons of soy products. That includes roughly 20 percent of Indiana soybean production exported from the state. Soy is recognized worldwide as a nutritious, versatile ingredient with strong sustainability credentials, and demand for livestock and aquaculture feed is growing alongside global demand for vegetable oil.
The U.S. Soybean Export Council (USSEC) works to differentiate the value of U.S. Soy in the animal protein, aquaculture, vegetable oil and soy food sectors. Through tools and programs, USSEC helps global customers understand the intrinsic value of soy grown by U.S. farmers.
Not all soybeans are created equal, and USSEC believes that U.S. Soy delivers more value. For customers, knowing more about the source and quality of soy on the front end will result in optimal return on investment and performance throughout the value chain.
Calculating value
The days of evaluating soy based solely on crude protein are a thing of the past. USSEC uses an arsenal of data and research to help crushers and refiners effectively evaluate soybeans from different sources to make value-based purchasing decisions. A series of calculators help various customers quantify the value of U.S. Soy compared to soy from other origins.
The Soybean Value Calculator allows crushers to combine their data with global research to estimate the true, quality-adjusted whole soybean crush margin by accounting for factors like co-product yields, soybean meal nutrient value, soybean oil refining costs and plant efficiencies. This tool, released by USSEC last year, combines two previously developed calculators.
For soybean meal, we work with carbon footprint compared with soy of other origins. U.S. Soy farmers produce more while using fewer resources, implementing farming practices that reduce carbon footprint and helping to preserve forestland.
USSEC helps customers demonstrate this with the U.S. Soy Sustainability Assurance Protocol (SSAP) and the program’s transferable certificates. The SSAP verifies that soybeans and soy products produced in the United States comply with a system of sustainability and conservation laws and regulations.
SSAP is one of the largest sustainability verification programs in the agriculture industry and has proven to be a highly reliable measure of U.S. Soy farmers’ commitment in areas like biodiversity, sustainable production practices,
public and labor health and continuous improvement of farming practices.
Global customers chose SSAP certificates for 59 percent of U.S. Soy exports in Marketing Year 2021-22. SSAP shipments in 2022 increased 33 percent compared to 2021.
For companies that verify their soy purchases with SSAP certificates can also use the trademarked Sustainable U.S. Soy logo on their products. This label is now featured on more than 850 products made from U.S. Soy around the world.
Through both calculating value and documenting sustainability, USSEC helps U.S. Soy farmers capture the
value they create as they raise a reliable, sustainable supply of soy.
