MANKATO – Building export markets across the globe is a critical component toward maintaining and improving Minnesota’s farm economy. Soybeans are Minnesota’s No. 1 agricultural export, a market worth over $2 billion each year. In total, about 60 percent of the nation’s soybean crop is exported to markets across the world. This August, buyers from a top market for U.S. Soy, Korea, are touring the Upper Midwest, including multiple stops to Minnesota farms.
During marketing year 2023/24, Korea ranked 10th for U.S. whole soybean exports, second for U.S. food soybeans, and sixth for U.S. soybean oil exports. Korea annually crushes about 1 million metric tons (MMT) of soybeans. Typical soy foods include tofu, soy sauce and paste, soy milk and soybean sprouts. Soybean oil is a popular vegetable oil, second to palm oil. Soybean meals are the major protein source for compound feeds, especially for swine and poultry.
On Saturday, Aug. 23, in conjunction with the U.S. Soybean Export Council, the Minnesota Soybean Research & Promotion Council is welcoming a Korea Commodity Trade Team to the McLeod County farm of Ryan Mackenthun, who serves as vice president of the Minnesota Soybean Growers Association. Mackenthun will give a tour of his crop conditions on his family operation, including his equipment and bin site, showing how his sustainable practices produce high-quality soybeans, along with a visit to a local grain elevator. He’ll also stress the importance of making connections with buyers.
“They’ll get a chance to see the supply chain and how we ship our soybeans over to them,” Mackenthun said.
On Aug. 24 the delegation will visit Council Chair Gail Donkers at the Minnesota State Fair. For the tour’s final on-farm stop in Minnesota, MSGA Director Matt Purfeerst will host visitors Aug. 25 at his Faribault farm.
“I’m looking forward to the opportunity to showing our guests how we grow our crops and the technology we’re adopting,” said Purfeerst, who hosted a Chinese trade team last summer.
MSGA Executive Director Joe Smentek and MSR&PC Market Development Manager Shane Frederick will also attend the visits to Minnesota farms.
Korea Commodity Trade Team Tour
Saturday, Aug. 23 – 10 a.m.-noon
Mackenthun Farms: 13093 110th St Glencoe, MN 55336
Monday Aug. 25 event – 9:45-11:15 a.m.
Where: Matt Purfeerst Farm, 7803 240th St E, Faribault, MN 55021
If interested in attending, please contact Drew Lyon by calling 507-995-9495 or emailing drew@mnsoybean.com
About the Minnesota Soybean Research & Promotion Council
The Minnesota Soybean Research & Promotion Council is a 15-person, farmer-led board that oversees the investment of checkoff dollars on behalf of the state’s nearly 26,000 soybean farmers. The Council is governed by the rules of a federally mandated checkoff program requiring all soybean producers to pay a fee on the soybeans they sell. This money is used to promote, educate and develop market opportunities for soybeans
About the Minnesota Soybean Growers Association
MSGA is a nonpartisan, farmer-led advocacy organization established in 1962. The organization represents the interests of Minnesota’s nearly 26,000 soybean farmers. MSGA’s goal is to ensure profitable soybean farming by influencing favorable farm legislation, monitoring government policies and supporting research and market development activities. Click here to join MSGA.
