Soybean farmers in the U.S. are teaming up with Argentine soybean farmers to build a demand for soybeans in India. Farmers from both countries met recently to figure out how they could improve farmer profitability and increase market potential by building better market access to the country with the second-largest population in the world.
"The recent agreements with Paraguay and Argentina show that U.S. soybean farmers are willing to work with our competitors to increase the use of soy in markets like India," says Neal Bredehoeft, USSEC chairman and a soybean farmer from Alma, Mo.
The farmer-leaders signed a Global Grower Development Agreement between the United States Soybean Export Council (USSEC) and the Argentinean Soybean Chain Association (ACSOJA). Farmer-leaders from the United Soybean Board (USB) and American Soybean Association (ASA) were on hand to endorse the agreement.
The focus of the agreement with Argentina is to remove trade barriers with India and for the two countries to work on reverse marketing in India, allowing that country to consume more of its own soybean products. U.S. and Paraguayan farmers signed a similar agreement in June.
The countries will focus building mutual benefit in marketing, technical assistance and other areas for the global growth of the soy industry. The agreement will broadly promote the development and use of the soybeans as a valuable commodity that advances the interests of its producers, processors and users through product and market development support.