In 2011, farmers planted 75 million acres of soybeans, producing nearly 3.1 billion bushels with $35.7 billion in value according to the latest issue of the American Soybean Association's Soy Stats, that's just been release.
The annual publication, no in its 19th year, is a treasure trove of important information about the crop including statistical information about the U.S. soybean industry and its relationship to world oilseed production. The publication is available by visiting www.soystats.com. What follows is short list of key factoids from the publication includes data from USDA, ASA and the United Soybean Board, which notes that soybeans represented 56% of world oilseed production in 2011, 33% of which was produced in the United States.
In terms of exports, U.S. soybean and soy product exports exceeded $21.5 billion in 2011, nearly half of which - $10.4 billion - went to China. Canada was the largest customer for U.S. soybean meal at $375 million, while Morocco was the largest customer for U.S. soybean oil with purchases of $336 million.
Domestically, soybeans provided 66 percent of the edible consumption of fats and oils. Domestic crushers accounted for 1.6 billion bushels, with U.S. ending stocks of soybeans at 275 million bushels.
Major funding for the 2012 edition of Soy Stats was provided by the United Soybean Board, with additional financial support from the Illinois Soybean Association, Iowa Soybean Association, Indiana Soybean Alliance, South Dakota Soybean Research & Promotion Council, North Dakota Soybean Council, Maryland Soybean Board, U.S. Soybean Export Council, Kentucky Soybean Board, Ohio Soybean Council, Minnesota Soybean Research and Promotion Council, Tennessee Soybean Promotion Council, North Carolina Soybean Producers Association, Kansas Soybean Commission, and Oklahoma Soybean Board.
ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA's advocacy efforts are made possible through the voluntary membership in ASA by more than 21,000 farmers in 31 states where soybeans are grown.