From US Soybean Board.
U.S. soybean farmers have lost food-oil demand annually since the onset of mandatory trans-fat labeling. High oleic soybeans offer U.S. farmers an opportunity to win back some of that lost market and expand into new markets. The soy checkoff has committed to the success of high oleic soybeans because they can help redefine the global competitiveness of U.S. soy.
The oil from high oleic soybeans offers added stability for some food customers and functionality benefits for some industrial manufacturers, such as better performing greases. Larry Marek, soy checkoff farmer-leader from Riverside, Iowa, says this is an opportunity to regain market share and expand demand on American soil and abroad.
“With a reliable supply and robust transportation system already in place, it’s an exciting time for soybean farmers to look forward to new innovations and take advantage of the latest soybean oil technologies that other countries don’t have access to,” says Marek.
The soy industry’s goal to have 18 million acres planted to high oleic soybeans by 2023 will also require international demand. Meeting that goal would provide 9 billion pounds of soybean oil to support domestic food, industrial and export demand. A recent analysis from the soybean-industry board QUALISOY reports that all U.S. soybean farmers could gain 66 cents per bushel, or a total increase of $3.8 billion each year for all soybean farmers.
Farmers who have grown high oleic varieties have seen them perform comparably with their current varieties. And customers who have tested high oleic oil are happy with its performance.
High oleic soybeans set the United States apart from other soybean-producing countries and U.S. soybean oil apart from other vegetable oils.
“We are dedicating checkoff dollars toward the high oleic program because we know it’s the key to maintaining and expanding our demand for U.S. soybean oil, which is a big part of the price of soybeans,” says Marek.