MAXWELL, Iowa -- The Iowa Soybean Association is on its way to China searching for new growth opportunities. China is the largest soybean buyer for Iowa and the world. One out of every four rows of Iowa soybeans are exported to China. Last year U.S. farmers exported 1.58 billion bushels of soybeans which translates to nearly $28 billion.
Because of this influence, the Iowa Soybean Association has been visiting China every year for nearly 20 years. But this will be its first time visiting the province of Inner Mongolia. The group is visiting in the hopes of building relationships with the province’s emerging dairy industry.
“That represents and intriguing opportunity and one that we would like to see and experience and get a forecast of where demand for that new and emerging market may go,” Aaron Putze of the Iowa Soybean Association said.
Experts predict the number of people ascending to middle class alone in China could equal the entire US population, which could mean even more business in the near future.