The US soy industry leaders have formed a steering committee as collaboration and technology were seen important factors to make the US soy sector as the global market leader.

The soy checkoff organized the Soy 2020 visioning process to bring together all segments of the US soy industry.

Ike Boudreaux, USB chairman and a soy farmer, said that the outlook is looking good for farmers, both for soy and other crops.

Boudreaux added that technological advances that other crops are experiencing could challenge soy's competitiveness though.

Therefore, soy farmers and the industry need to work even closer to adopt new technologies to reap success, Boudreaux pointed out.

Kim Magin, director of global oilseeds and industry affairs for Monsanto, serves on the Soy 2020 Steering Committee along with 17 other representatives from the seed, farmer, processor, food, feed, academia, media and financial service facets of the soy industry.

US farmers are encouraged to adopt to new soy traits, such as low-linolenic and increased-oleic soy.

For the industry, there is a need to improve inputs by leveraging technology dollars for soy. The sector will also open for the evolution in soy processing by moving toward segregated processing, transportation and storage procedures that can handle multiple trait-specific soy crops.