With tight margins continuing to squeeze farm budgets, soybean producers are scrutinizing every dollar they spend. That includes their investments in the soybean checkoff, which has spent the past 35 years developing markets and creating additional demand for American soybeans.
Courtney Knupp, the new CEO of the United Soybean Board and a native of Washington County, Iowa, says farmers have every right to expect results from their checkoff investments. She points to the development of markets for biofuels and biobased products as examples of opportunities that have emerged through decades of collective investment by soybean growers.
Knupp says the checkoff must look beyond the challenges facing producers today and identify opportunities that could strengthen demand five, ten, or even twenty years into the future.
One example of that long-term approach is the changing demand for soybean oil and meal. In the early years of the checkoff, finding additional uses for soybean oil was a major focus. As oil demand expanded, however, the industry also faced the challenge of finding additional markets for soybean meal.
Knupp says the industry must continue adapting to those changes while maintaining its position against competing products and international suppliers.
That competition remains an important consideration as the soybean industry works to expand both domestic and international demand. Knupp says developing new customers, increasing the value of soybean products, and protecting existing market share are all part of positioning American soybean growers for future success.
The continued expansion of soybean processing also creates opportunities and challenges. As more soybeans are processed into oil and meal, finding reliable customers for both products becomes increasingly important.
For Knupp, the checkoff’s history demonstrates that market development requires a long-term commitment. Investments made decades ago helped establish markets that are important to soybean producers today, and the organization must continue identifying opportunities that could deliver similar benefits in the years ahead.
With farmers facing financial challenges, the focus remains on ensuring their checkoff investments support research, education, and promotion efforts that ultimately bring additional value back to the farm.
More information about the soybean checkoff and its investments is available at soybeancheckoff.org.
