Soybean farmers are finding new markets and tangible returns on their investments as soy products gain more demand. New products such as tires, tractor belts and tractors all have components made with U.S. soybeans.
“The inclusion of U.S. soy in more products is a success all farmers can be proud of,” Craig Gigstad, Kansas soybean farmer and United Soybean Board (USB) farmer-leader, said in a news release. “I take pride in growing a sustainable crop that increases my profitability and adds value for commercial goods.”
Soy-based products expand the already diversified soybean market. Creating more end uses for soybeans will continue to build demand for U.S. soy and maximize profit opportunities for farmers.
Through USB’s research and efforts, a number of products were commercialized in 2016. The soy-based products range from on-farm usage to household items, like adhesives for kitchen cabinetry, soaps and shampoos.
“New products for U.S. soy open up markets for soybean farmers and create sustainable solutions for end users,” Gigstad said. “For many companies, soy is a renewable and American-grown alternative for current technology. This sustainability factor is what customers demand.”
USB’s 73 farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy.
Grain analysts also say now is a good time to take advantage of opportunities in the soybean market, according to Brownfield.
Angie Setzer with Michigan-based Citizens Elevator told Brownfield that some analysts are predicting a shift to more soybean acres and are awaiting the USDA March 31 Prospective Plantings report to see what the farmer survey says.
USB’s 2017 Soy Products Guide features hundreds of soy-based products currently available.
For more information on the USB, click here.