In late May, Soy Transportation Coalition Executive Director Mike, Steenhoek visited the Philippines, along with members of the U.S. Soybean Export Council, to update purchasers of American soy products on key developments related to this year's crop.
Steenhoek says one big topic of discussion was the state of the American inland waterway system, or more broadly, in making sure the crop gets from there to here.
He says, "They appreciated the fact that soybean farmers are not just concerned with growing adequate supply. They're also concerned with making sure it gets to our customers in a cost effective reliable manner and one of the messages that we really wanted to transmit was: we don't just care about the soybean farmers we also care about our customers and we want to make sure that there's a win-win. When our customers benefit, our farmers benefit and so hearing about some of the steps we're trying to take to improve our transportation system was really well received."
Steenhoek reports buyers are also interested in this year's production numbers, given the current tight ending stocks and the prospects for a record soybean crop.
He says, "Right now, soybean ending stocks carryover is pretty tight and that's had an upward effect on prices. And so they're ultimately at the end of the transaction. They are buying and so they're interested to hear how the planting progress is going on in the United States."
Fully 55 percent of total imports of soybean meal into the Philippines are sourced from the U.S., making them our second largest export market.