September 27, 2000

U.S. soybean exports could reach a record 27.2 million metric tons in 2001, up from 26.7 million tons this year, valued at $5.3 billion. More demand from Asia, and especially from China , is driving the trend, said Timothy J. Galvin, administrator of USDA's Foreign Agricultural Service. Record U.S. supplies and reduced competition from South American suppliers are also major factors in the upsurge in shipments.

This year, U.S. exports of soybeans, soybean meal, and oil are projected at a record 33.7 million metric tons, up 3 million tons or 10% from fiscal year 1999. China, the world's largest soybean importer, has imported 5 million tons of U.S. soybeans this year as a result of lower domestic soybean production there, increased processing capacity, and attractive prices.

Another factor moving exports is the nearly 780,000 metric tons of U.S. soybeans and products that will be shipped under USDA's food assistance programs. The value of fiscal year 2000 and early 2001 food aid shipments, including freight, is estimated at around $300 million.

"Total U.S. agricultural exports are projected to reach $51.5 billion in 2001, up $1 billion from the current year estimate. Most of the gain in export value is being driven by bulk commodity shipments, which are projected at 121.9 million metric tons, up 9.5 million metric tons or 8.5 percent from the 2000 estimate, the largest since fiscal 1995," Galvin said.