IARN — United Soybean Board leaders recently approved new projects designed to drive innovation, increase value and create additional demand for U.S. soybeans.
USB farmer-leaders set funding priorities for fiscal year 2022, which starts in October. USB Chair Dan Farney tells NAFB that leaders approved 181 new checkoff-funded projects with a total budget allocation of $78 million.
“This is one of our most important meetings that we lay out actually our next fiscal year what we’re planning on investing in for the checkoff and for all farmers. We looked at a total of 181 new checkoff-funded projects and had a total budget allocation of 78 million. And those three things that we focus on are oil sustainability and meal.”
Projects are considered and reviewed based on alignment with the checkoff’s overall objectives for supply, marketplace and demand across the target areas of soybean meal, oil and sustainability.
“One of the things that we’re working on is regaining demand for edible soybean oil markets and also expanding markets for supplying high oleic soybeans. But in meal we want to work on our number one customer which is animal agriculture, working with other organizations like the U.S. Soybean Export Council, The USA Poultry and Egg export Council, and U.S. Meat Export Federation. So, those are ways that we continue to support animal agriculture and provide exports.”
Farney says this year they were able to invest more for the future of the U.S. soybean industry.
“As everybody knows, soybean prices are up a little bit. We hope that continues, but also we was able to invest a little bit more, I think $70 million invested in the previous fiscal year. And so, we invested 78 million this time, and that really helps create a strong foundation going forward, that we continue to build on the progress that we’ve been working on over the years.”
Keep up with the latest news from the United Soybean Board at unitedsoybean.org.
Story courtesy of the Iowa Agribusiness Radio Network
Photo courtesy of the United Soybean Board (USB)
