The United Soybean Board (USB) is focused on ways to maximize profit opportunities for soybean growers. The organization, made up of soybean farmers, oversees the collection and distribution of the Soybean Checkoff. The USB looks at the soybean as both food and fuel, including animal feeds, soy-based fuels and ever-expanding industrial uses, according to Steve Reinhard, USB chairman.
“We’re looking at basically 80 percent of [the soybean] as composed of the meal, the other 20 percent as composed of oil,” said Reinhard, who farms in Ohio, adding that the primary drivers of soybean meal demand are poultry, livestock and fish. “Our number one customer is still animal agriculture. They consume about 97 percent of that meal. That’s the way that we’re going to add value to the soybean; we produce the meal for the animals to consume and it creates a greater value for us.”
Reinhard was part of a webinar in October sponsored by Agri-Pulse Communications, examining ways to drive more global demand for soybeans.
“You know, it could be the asphalt that goes into the streets, it could be the shoes that we wear,” said Reinhard during the webinar, referring to a some of the newer industrial uses for soybean oil. “We have two companies: Skechers, who licenses the technology from the Goodyear Tire and Rubber Company. A lot of the tire lines now use soybean oil, and they hope to get away from petroleum oil in the year 2040 and they continue to work for a more sustainable future. Also, Okabashi sandals, so those are two ways that we can [support soy biobased products] as well as putting biofuels in the tank.”
U.S. soybean growers rely heavily on demand for their crop around the world. Lance Rezac, a farmer from Onega, Kansas and chairman of the U.S. Soybean Export Council (USSEC) was also part of the Agri-Pulse webinar and pointed out that Soybean Checkoff-supported initiatives bolster U.S. soybean sales internationally.
“Global demand has been picking up and global supply is picking up, but hopefully we can balance these together,” said Rezac. “In fact, here in the U.S., 60 percent of our soybeans are exported. China buys 60 percent in the world, but we also export 60 percent of our soybeans. USSEC is devoted to differentiating our soy, elevating preference and attaining market access for our soy.”
Source : sdsoybean.org