soybean field

Soy Checkoff Establishes Value Task Force

The soy checkoff recently established a Value Task Force to explore methods to increase the overall value that U.S. farmers receive from their soy crops.  The task force was founded in response to the lack of transparency in the market, which could also possibly translate to U.S. soybean farmers missing an opportunity to improve their profitability by simply improving their soybeans’ quality.  Currently, the cash price that farmers receive for their soy is based on the estimated values that processors believe they will receive for the meal and oil in the soybeans.  Soy that has a higher quality of protein and/or oil sells at a higher price.

Adding more value to the system, however, is not necessarily a simple or uncomplicated solution and may mean changing the pricing system of soybeans altogether.  The task force is examining strategies used by other commodities such as wheat and canola that add value to those products.  The team is also searching for potential ways in which to improve the way that soybeans are processed through companion technologies and has funded exploratory research to examine the soy value chain for other opportunities.  Soybean farmer and United Soybean Board (USB)Value Task Force Lead Dan Corcoran states, “All American soybean farmers [should] take a moment to consider the protein and oil content of the beans they harvest this year” as the U.S. soy family aims to make the industry more profitable.