United Soybean Board’s Dan Farney On the Future Of Soybeans and the MarketFri, 16 Jul 2021 12:03:35 CDT
The 78 farmer-leaders of the United Soybean Board approved new projects designed to drive innovation, increase value and create additional demand for U.S. soybeans — ultimately increasing profitability for U.S. soybean farmers. During the organization's summer board meeting, July 14-15 in St. Charles, Missouri, leaders approved 181 new checkoff-funded projects with a total budget allocation of $78M, for the 2022 fiscal year, starting October 1, 2021.
Radio Oklahoma Ag Network Associate Farm Director KC Sheperd spoke with Dan Farney, USB chair and soybean farmer from Morton, Illinois, and he said the July meeting was especially important because the budget for the upcoming fiscal year was then presented.
Also of discussion was challenges producers face across the United States. Farney said supply and production are two of the more prevalent issues, so ample time was spent in discussion regarding these topics.
Some of the big topics USB worked toward, Farney said, was investing in sustainability, being able to compete competitively in the market, and promoting U.S. Soy as the preference worldwide.
A big issue soybean producers have been facing as of late is the influx of prices, Farney said.
The number one challenge the crop faces currently is weather, he said, which subsequently affects production and price formulation.
Despite the challenges producers face, Farney said he remains optimistic for the future of the industry due to new and innovative uses for byproducts such as soybean oil.
“I am excited about soybean production and the future,” Farney said. “Soybean oil is in large demand and demand is always rising, so I really believe the future is bright.”
To hear KC’s complete conversation with Dan Farney, click or tap below.
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