Soybeans Sow Economic Benefits

Soybean farming, processing, and use contributed more than $8 billion in total economic impact, 20,000 full-time jobs, and $679 million in total wages in Nebraska, on average, between 2018-2021 (Figure 2). The estimates come from a study of the economic impacts of the U.S. soybean industry by LMC International for the United Soybean Board and National Oilseeds Processors Association. More information on the study and economic impacts of soybeans can be found at: https://www.nopa.org/resources/economic-impact-of-u-s-soybeans-end-products-on-the-u-s-economy/. According to the study, Nebraska’s soybean sector comprises 6 percent of the state’s gross domestic product, fourth highest in the nation behind Iowa, North Dakota, and South Dakota (Figure 3).

The study also found the economic impact of the soybean sector in Nebraska’s 3rd Congressional District, represented by Adrian Smith, is near the top among congressional districts trailing only a district in Iowa and one in Illinois.

Source: The Economic Impacts of U.S. Soybeans and End Products on the U.S. Economy – 2023 Update, LMC International, report for the United Soybean Board and National Oilseeds Processors Association, August 2023.