The Iowa Soybean Association (ISA) has announced that soybeans have surpassed corn as the dominant U.S. crop with 89.6 million acres and a surplus of oilseeds left over from last year to sell. The ISA and industry partners will be going on the offensive to market what remains of last year’s 4.4 billion-bushel record crop and this year’s soybeans. And, with China poised to impose a 25 percent tariff on U.S. soybeans on Friday, July 6, ISA leaders say enhancing demand and market share worldwide is crucial to mitigate potential export losses form the world’s top oilseed buyer. “We’re going to continue building demand in Europe, Latin America, the Middle East, Southeast Asia–all around the globe,” said ISA President, Bill Shipley, who is leading a delegation of ISA leaders to Europe next month. The 28-nation European Union is the world’s second largest soybean importer at 514 million bushels during the current market year, which ends Aug. 31. The goal of the upcoming trip is to talk with buyers and government officials, to highlight U.S. sustainability practices and build relationships to ultimately increase the United States’ 26 percent market share in the region. The ISA reports that Iowa farmers planted 9.9 million acres of soybeans, one percent less than last year, but 1.22 billion bushels are stored in all positions nationwide. This is a 26 percent increase from the same time last year. On-farm storage totaled 71 million bushels, up 9 million from last year. Worldwide demand for soybeans is still favorable with 888 million bushels crushed or exported from March through May, which is up 15 percent from the same period one year ago.
