ASA’s Hoyer Takes Part in U.S. Soy Outlook Conference in Asia

New ASA Vice President Kevin Hoyer of Wisconsin traveled to Asia earlier this month for the U.S. Soy Outlook Conference, held in Taiwan, Shanghai and Tokyo. The purpose of the conference was to give an overview of the 2013 soybean crop with quality assessments, along with a forecast of the 2014 intentions, and it gave Hoyer an opportunity to see first hand several of the top foreign markets for U.S. soy.

“China’s appetite for meat protein, along with vegetable protein continues to increase as their income rises,” Hoyer pointed out, noting that increased meat consumption means a greater need for soybean meal as feed.

Hoyer also noted several challenges within the Chinese market, including the market’s barriers to the acceptance of biotechnology and the delays in the Chinese approvals process.