August 3, 2010

United Soy Board sets 2011 budget at US$65 Million

The United Soy Board (USB) has set the final FY 2011 budget at US$65 million, derived from an estimated usage of 3.128 billion bushels and an average price of US$8.75 per bushel.

The FY 2010 average price increased from US$9.25 per bushel to US$9.45 per bushel. In addition, projected US soy usage increased from 3.15 billion bushels to 3.22 billion bushels, which increased collections for US soy market-building activities from US$69.2 million to US$74.5 million for FY 2010.

USB farmer-leaders determined the final budget for FY 2011, which begins this fall.

When setting USB budgets, the board receives usage and price estimates from market analysts and typically projects checkoff revenue conservatively in case of such things as weather disasters or other market factors that could impact the size and utilisation of the US soy crop.

USB farmer-directors completed its process of reviewing and determining its future domestic programs primary contractor by selecting SmithBucklin, an association management firm with offices in the same building as USB. SmithBucklin currently manages USB domestic programmes that include Domestic Marketing, New Soy Uses Development and Production Research.

USB's programme areas and Initiative Leadership Teams gave presentations on their FY 2011 strategic approach, which followed with a discussion session and input from the Board on strategic priorities within each committee. The meeting also provides updates on several ongoing checkoff activities.