11.13.08
Conference Yields $73 Million in U.S. Ag Export Transactions

U.S. corn and distiller's dried grains with solubles (DDGS) contributed to an estimated $73 million in U.S. agricultural export transactions during a conference co-sponsored by the U.S. Grains Council and American Soybean Association - International Marketing. The Council hosted 26 buyers from Southeast Asia who attended the Global Soybean & Grain Transport 2008 Conference held Nov. 5-7 in Chicago, Ill.

The team represented 19 trading and feed milling companies from Thailand, Indonesia, the Philippines, Vietnam and Malaysia. 

 "Based on the survey of participants' feedback, a conservative estimate shows that 35,000 metric tons of DDGS and 30,000 tons of corn (1.2 million bushels) were negotiated and transacted by the Southeast Asia team," said Adel Yusupov, USGC regional director for Southeast Asia, who escorted team members during their time in the United States. "Including transactions for soybeans and soybean meal, the total amounts to a little over $73 million in U.S. export sales as a direct result of the conference." 

While in Illinois, the team also participated in conference-related site visits, including a tour of the farm of Jim Rapp of the Illinois Corn Marketing Board, a Council member. The farm visit gave participants a chance to observe the harvest and speak to U.S. farmers in person. "Such interactions are an important part of building relationships between U.S. producers and their international customers, said Yusupov. "The hospitality shared by the U.S. farmers with the Southeast Asia team exemplified the commitment and importance U.S. growers place on the export markets in Southeast Asia." 

The combined annual import requirement of the trade delegation includes 500,000 tons of corn and DDGS, 1.4 million tons of soybean meal and 640,000 tons of soybeans. The majority of the conference participants' import requirements are done through containerized shipping. According to Yusupov, Southeast Asia is a growing market for U.S. DDGS. In the first eight months of the calendar year, Thailand imported 102,000 tons of U.S. DDGS; Vietnam 80,000 tons; Indonesia 70,000 tons; and the Philippines at 64,000 tons. Yusupov said all these markets are expected to grow and are not close to maturity.