New study identifies new trends in the global soy market
A recent study funded by soybean check off groups identified five trends that will impact the future of the global soy market.
CEO and Chairmen of Missouri Soybeans Gary Wheeler says these areas will help farmers take advantage of opportunities that could develop over the next several decades. “There’s going to be a rising focus on the quality of soybean oil and meal that we have on a global basis, which is very important to us and how we represent ourselves in the market and our competitors on a global basis.”
Missouri Soybeans joined checkoffs from Iowa, Illinois, Indiana and Ohio to conduct the Future State of Soy exercise that outlined the most impactful trends in the industry.
Wheeler tells Brownfield another focus is meeting the demand for protein from a growing global population. “Where we’re trying to actually teach individuals how to grow fish to eat our protein. But in addition to that, how to do we help those third-world countries and provide them food sources directly from the bean itself and soy flour.”
He says the industry needs to increase global competition and uses South America as an example. “The only thing that really separates us is Mother Nature. And, god forbid, we want everybody to be able live and do the things they need to do,” he says. “But when it gets down to it, buy U.S. soy. Buy our meal. Buy our oil.”
The study also identified emerging and diversified revenue streams that will offer farmers more opportunities and changes in fuel demand like biodiesel and renewable diesel.
Brownfield interviewed Wheeler at the Commodity Classic.
Gary Wheeler, CEO and Chairmen with Missouri Soybeans:
Brownfield’s Will Robinson contributed to this story.