The Panama FTA will benefit soybean farmers by removing immediately upon the entry into force of the FTA tariffs on U.S. soybeans, soybean meal, and crude vegetable oils. Tariffs will also be removed immediately for high quality beef, certain chicken products, frozen whole turkeys and turkey breast, and pork variety meats. In 2010, U.S. exports of soybean products to Panama were $65 million.

Soybeans and soybean products are the most important U.S. export commodity, with sales exceeding $23 billion last year. This represented over 50 percent of U.S. soybean production and 20 percent of total U.S. agricultural exports in 2010. Soybeans are the second largest commodity in the U.S. in terms of annual acreage and value, with 78 million acres planted and a farm-gate value of nearly $39 billion in 2010.

"ASA is also urging approval of the pending FTAs with South Korea and Colombia that would significantly improve access to foreign markets for U.S. soy and livestock products," Kemper said. "These three trade agreements combined represent almost $3 billion of additional agricultural exports to these trading partners."

ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA’s advocacy efforts are made possible through the voluntary membership in ASA by over 21,000 farmers in 31 states where soybeans are grown.