Business & Policy
Feds invest in soybean markets
By Top Crop Manager
June 25, 2015 - The federal government is investing $358,175 with Soy Canada to help identify new and emerging international markets and demand for Canadian soybean products.
According to a news release, this investment will enable Soy Canada to implement a market development strategy, attend international trade shows and lead missions to raise awareness of Canadian soybeans, concentrating efforts on expanding key markets in China, the United States, Korea, Japan and Europe.
Canadian soybeans are a growing favourite on the world stage, especially in Asia. Canada is the world's fifth largest exporter of soybeans, exporting to over 55 countries in 2014.
Since 2000, soybean production in Canada has increased 123.7 per cent. Soybeans are now the fourth largest crop by acreage in Canada with a production of 6.04 million metric tonnes in 2014.
In terms of farm cash receipts, soybeans rank third in value, behind only canola and wheat, reaching $2.4 billion in 2014.