Energy policies could drive up soybean demand
A Midwest seed company is expecting an increase in soybean acres driven by energy policies.
Beck’s Hybrids President Scott Beck tells Brownfield energy policies focused on reducing carbon emissions are increasing demand for biofuels and the grains used to make them.
“Currently 40% of US corn is used to make ethanol. And the movement looks like it is shifting to some degree towards more renewable diesel and sustainable aviation fuels.”
Beck says that will increase demand for soybean oil.
“The use of biofuels from our soybean oil has been the only growing segment over the last ten years. We see that potentially over the next few years farmer could be planting more acres of beans in the US than they do corn.”
Beck says he does not expect demand for renewable fuels to take away demand for feed grain so more soybeans will need to come into production through practices like double cropping.
Brownfield interviewed Beck during the 2022 Beck’s Hybrids Southern Illinois field Show in Effingham.