News
Market increasing for high oleic soybeans
The demand for high oleic soybeans continues to increase.
John Jansen, Vice President of Oil Strategy for the United Soybean Board, tells Brownfield high oleic bean oil is primarily used in the food industry as an alternative to oils high in trans-fat.
“For 2020 there are about 500,000 acres of high oleic soybeans out there. We anticipate that by 2023 there will be roughly 1.4 to 1.5 million acres.”
He says more farmers are interested in growing high oleic beans because they get an added premium of at least 50 cents a bushel – a needed bonus with today’s low commodity prices.
“Because the product is soy and in a soy footprint you really don’t have to do anything particularly different other than keep them in separate bins for delivery.”
Popular for their stability, high oleic beans are currently only grown in the US and Jansen says the US Soybean Export Council has had success marketing both the beans and oil to other countries.