For the first time since 1959, the U.S. is exporting $20 million of wheat, corn, rice and soy products to Cuba. That includes 440,880 bu of soybeans.
The potential for complete restoration of trade with Cuba could result in the Caribbean becoming a major export market for U.S. soybeans and soy products, according to officials at the United Soybean Board.
Cuba currently imports 1.8 million bushels of soybeans and the equivalent of 11.6 million bushels of soybean meal and 10.3 million bushels of soybean oil from South America. Because of the island's proximity to the United States, U.S. soybean farmers may be able to capture the Cuban market if U.S. trade sanctions are removed.