The United Soybean Board continues to gear up for what’s to come in 2022.
Ralph Lott is the new chair of the United Soybean Board. He says the new year is an exciting and pivotal time for US soybeans at home and abroad. Lott plans to continue to build on recent successes funded by the soy checkoff.
“Well, one example is funding of rural broadband, a study that led to 15 actionable recommendations for delivery of high-speed internet to farmers’ rural communities. And another big thing is funded research has also helped develop many new uses for sustainable U.S. soy, which is now an ingredient in over 1,000 consumer industrial products. And through this, and hundreds of other projects, the checkoff has delivered $12.34 in added-value to farmers for every dollar they invested in the checkoff.”
Lott says the soy checkoff funds projects across supply and demand aimed at creating new markets for US soybeans.
“The selection process is based on driving preference for U.S. soy and growing farmer profitability. For fiscal 2022, which began October 1, we are going to fund 181 new checkoff-funded projects. They were approved with a total budget allocation of $78 million. And some of the examples of them are recouping lost demand in the edible soy oil markets and expanding to markets elsewhere by supplying high oleic soybean oil.”
Lott believes those efforts will ensure US soybeans’ top customer – animal agriculture – remains a vibrant industry.
“Animal agriculture protein demand ultimately drives growth in U.S. soybean meal sales due to being a high-quality feed ingredient that’s rich in amino acids and other nutritional characteristics. And all these projects have a common goal of delivering a better soybean to maximize profit opportunities to all U.S. soybean farmers.”
Visit unitedsoybean.org for more soy checkoff information.