Photo: U.S. Soybean Export Council
Building export markets across the globe is a critical component toward maintaining and improving Minnesota’s farm economy. Soybeans are Minnesota’s No. 1 agricultural export, a market worth over $2 billion each year. In total, about 60 percent of the nation’s soybean crop is exported to markets across the world. This August, buyers from a top market for U.S. Soy, Korea, are touring the Upper Midwest, including multiple stops to Minnesota farms.
During marketing year 2023/24, Korea ranked 10th for U.S. whole soybean exports, second for U.S. food soybeans, and sixth for U.S. soybean oil exports. Korea annually crushes about 1 million metric tons (MMT) of soybeans. Typical soy foods include tofu, soy sauce and paste, soy milk and soybean sprouts. Soybean oil is a popular vegetable oil, second to palm oil. Soybean meals are the major protein source for compound feeds, especially for swine and poultry.
On Saturday, Aug. 23, in conjunction with the U.S. Soybean Export Council, the Minnesota Soybean Research & Promotion Council is welcoming a Korea Commodity Trade Team to the McLeod County farm of Ryan Mackenthun, who serves as vice president of the Minnesota Soybean Growers Association. Mackenthun will give a tour of his crop conditions on his family operation, including his equipment and bin site, showing how his sustainable practices produce high-quality soybeans, along with a visit to a local grain elevator. He’ll also stress the importance of making connections with buyers.
“They’ll get a chance to see the supply chain and how we ship our soybeans over to them,” Mackenthun said.
On Aug. 24 the delegation will visit Council Chair Gail Donkers at the Minnesota State Fair. For the tour’s final on-farm stop in Minnesota, MSGA Director Matt Purfeerst will host visitors Aug. 25 at his Faribault farm.
“I’m looking forward to the opportunity to showing our guests how we grow our crops and the technology we’re adopting,” said Purfeerst, who hosted a Chinese trade team last summer.
MN Soybean news release
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