April 5, 2011

Global demand boosts US soy acres to 76.6 million

With a rise in the worldwide demand for US soy, farmers will plant 76.6 million acres of soy for 2011, according to the 2011 Prospective Plantings USDA report.

USDA estimates this year's soy crop may be 1% lower than last year. But if the numbers hold, the 2011 soy crop could be the third-largest planted area on record.

"The checkoff has done a good job of keeping US soybeans competitive in the market," says Jason Bean, soy farmer from Holcomb, Missouri, and chair of the United Soybean Board (USB) production research programme. "Checkoff dollars have provided research to ensure a good-quality US soy. If we have a desirable product, we'll be able to sustain and increase our demand."

Through work to increase market access and maintain demand for US soy abroad, the checkoff helped US soy farmers post record-high exports for a fourth straight year last year. Domestically, the checkoff focuses on maintaining and creating demand by supporting US animal agriculture as well as funding production research to protect and increase US soy yields and research on new uses for soy.

"The checkoff's production research programme has done a good job supporting research to increase yields for US farmers so that we're improving their opportunity for profit growing soybeans," adds Bean. "Another thing we've worked on with production research is high-oleic soy. That's a very desirable soy, and we've done a lot of work and put a lot of money into research to develop that soybean."

High-oleic soy produce soy with traits that are more desirable to both the food industry and consumers. With lower saturated fats and no trans fats in the oil they produce, high-oleic varieties could help soy win back the market share it has lost to other vegetable oils. To help increase acreage, US soy farmers can anticipate incentives to plant high-oleic soy.

USDA's final 2010 estimates concluded that US farmers planted 77.4 million acres of soy last year and harvested 76.6 million acres. Average yield per bushel in 2010 decreased slightly from 2009, with 2010 bringing in 43.5 bushels per acre.

USB is made up of 69 farmer-directors who oversee the investments of the soy checkoff on behalf of all US soy farmers. Checkoff funds are invested in the areas of animal utilisation, human utilisation, industrial utilisation, industry relations, market access and supply. As stipulated in the Soybean Promotion, Research and Consumer Information Act, USDA's Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.