U.S. soybean exports may set a new record in 2001 (10.16)

The U.S Department of agriculture expects soybean exports to reach a record 27.2 million tons in 2000 / 2001, up from 26.7 million tons this year, and the export volume will reach 5.3 billion US dollars Tim Galvin, director of the Bureau of foreign agricultural services, said foreign demand is growing rapidly, and high-quality and high-volume supplies from the United States can meet this demand "Demand growth from Asia, especially China, is driving this trend," Galvin said "The record supply volume in the United States and the weakening competitiveness of suppliers in South America are also the main factors contributing to the peak of this shipment This year, U.S soybean, soybean meal and soybean oil exports are expected to reach a record 33.7 million tons, an increase of 3 million tons, or 10%, over the 1999 fiscal year China, as the world's largest soybean importer, this year imported 5 million tons of American soybeans under the condition of its domestic production decline, and improved its processing capacity and set preferential prices Another factor driving exports is that nearly 780000 tons of us soybeans and products will be shipped under the USDA food aid program The value of food aid supplies, including freight, is expected to be around $300 million for the fiscal years 2000 and early 2001 "U.S agricultural exports are expected to total $51.5 billion in 2001, a billion more than this year's estimate The main driver of export growth is the large volume of goods shipped, which is expected to be 121.9 million tons, 9.5 million tons more than the 2000 forecast, or 8.5% more, which is the largest shipment since the 1995 fiscal year, "Galvin said The export situation of soybeans in fiscal year 2000 is still strong Up to now, the export volume has increased by 10% and 18% Soybean exports amounted to US $4.5 billion and reached 23 million tons The main source of this growth is China, which decided in 2000 to substantially increase soybean imports to meet the needs of domestic mills However, the global total import demand is also growing more or less SDC (author:)