It isn’t every day that farmers in one state get excited about soybeans grown in another. But nationwide excitement continues to build around new high oleic soybean varieties. Farmers are already talking about how they could help to secure and expand U.S. soybean oil demand and also have the potential to increase long-term profitability for all U.S. soybean farmers.
The soybean industry has set a goal for farmers to plant 18 million acres of high oleic soybeans by 2023. If the industry reaches that goal, each U.S. soybean farmer could gain 66 cents per bushel, or nearly $3,200 for every 100 acres of harvested soybeans, says Soy Checkoff farmer-leader Jared Hagert.
“By adding the projected value of $3,200 for every hundred acres, regardless of high oleic or not, it speaks directly to what USB’s mission is, and that’s to increase profit opportunities for U.S. soybean farmers.”
A recent analysis from the soybean-industry board QUALISOY provided the report on the potential gains for soybean farmers. That $3,200 amount is over the price each farmer would receive if the market does not adopt high oleic soybeans and food demand for soybean oil continues to decrease. A broader introduction of high oleic soybean varieties could impact every U.S. soybean farmer, regardless of whether they grow these soybeans on their farms.
“Farmers in states that aren’t growing high oleic soybeans still need to know that our customers want the high oleic oil, but, right now, they are using competing oils,” Hagert added. We need to preserve and expand our food oil demand, and high oleic soybeans are an opportunity to do that, and earn back some of a lost market.”
For more information on the potential of high oleic soybeans, visit www.unitedsoybean.org.