AgroPages-Canadian gov. invests to grow markets for soybeans-Agricultural news

Harold Albrecht, member of Parliament for Kitchener–Conestoga, on behalf of Agriculture Minister Gerry Ritz, announced an investment of $358,175, to Soy Canada to help identify new and emerging international markets and demand for Canadian soybean products.

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, a nutritious source of protein, are a growing favourite on the world stage, especially in Asia. Canada is the world’s 5th largest exporter of soybeans, exporting to over 55 countries in 2014. Since 2000, soybean production in Canada has increased 123.7 percent. Soybeans are now the 4th 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 3rd in value, behind only canola and wheat, reaching $2.4 billion in 2014. This investment is being made under Agriculture and Agri-Food Canada’s AgriMarketing Program, a five-year, up to $341-million initiative under Growing Forward 2.