USB leaders approve 2021 investments aimed to build soybean demand

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USB leaders approve 2021 investments aimed to build soybean demand

The 78 United Soybean Board farmer directors met virtually to approve soy checkoff investment programs for 2021.

USB Chair Jim Carroll, an Arkansas farmer, says one of the programs approved is research into soybean protein.

“We want to know what the amino acids are doing, and does it work in poultry better or swine,” he says. “We’re trying to figure it out because we think we have a better product than our competitors around the world.”

He tells Brownfield the nearly $70 million investment in the approved programs will help increase the value of US soybeans and build demand.

“But to (build demand), you have to know what you have and that’s what we’re trying to learn right now,” he says.

USB approved 176 checkoff-funded projects ranging from focusing on biotic and abiotic factors to improve soybean production, focusing on US soybean value chain transparency around quality to drive global preference for US soy, and highlighting soybean oil as a renewable alternative in replacing petroleum and palm-based products.

USB will invest up to $15.4 million in the Supply Action Team, $18.6 million in the Marketplace Action Team, and $34.3 million in the Demand Action Team. All investments will be made across meal, oil, and sustainability.

The USB July Board Meeting took place Wednesday.

Audio: Jim Carroll