BLOOMINGTON, IL (March 15, 2022) – Last year, U.S. soybean farmers grew nearly one-third of the soybeans in the global market. To ensure U.S. Soy retains access to a quickly changing, consumer-driven market, five state soybean checkoff groups jointly funded an effort designed to help soybean farmers make smart and informed decisions that will increase opportunities for future success. The Illinois Soybean Association (ISA) joined soybean checkoffs from the states of Iowa, Missouri, Indiana and Ohio to conduct the Future State of Soy exercise that identified the most impactful trends for soy in the coming years.
“We uncovered five major trends that will impact the global soy market and U.S. soybean farmers in particular,” said Steve Pitstick, ISA Chairman. “These trends help uncover how the global demand for soybeans will change over the course of the next several decades, giving farmers valuable insight now to make decisions that will better position them for the future.”
The five trends identified in the Future State of Soy exercise include:
- A rising focus on high-quality soybean oil and meal
- Changes in fuel demand, including alternative fuels, and emerging fuel uses
- The rising need for protein given a growing global population – both in animal and plant form
- The increasing global competition for soy and how infrastructure can provide an impactful advantage
- Emerging and diversified revenue streams that will offer farmers more opportunities
“We know that every farmer and every farm is unique,” said Pitstick. “Identifying these trends enables farmers to determine if their farm is set up to take advantage of one over another, or if it can support a multitude of changes to take advantage of several trends. The ultimate purpose for this exercise is to help farmers navigate changes now so they are set up for the future of this industry. Proactively addressing how the market is shifting means we won’t be left scrambling to meet market demands later, which will keep U.S. Soy in high demand around the world.”
The soybean checkoff is already investing in several programs at both the national and state levels to find new markets, new uses and new characteristics of soybeans that will align with these five trends. The soybean checkoff will also use these trends as a litmus test when determining if future investments will result in strong returns for U.S. soybean farmers.
At ISA, the organization is committed to investing in programs that help expand the export footprint of Illinois soybean growers to support robust demand. Additionally, ISA supports initiatives that support the global utilization of soy through human consumption and is working to better understand the emerging requirements of the food industry and exploring how soy can connect with food companies to deliver high quality protein that enables them to deliver on food innovation. ISA also prioritizes growing demand for soy-based fuels such as biodiesel and encourages farmers to use it on their own operations to boost their bottom line. As the soybean checkoff continues to position U.S. Soy for the future, this work will help influence how the world perceives the value of domestic soy and soy products.
For more information about the Future State of Soy exercise and to see how ISA is investing in projects to support these trends, visit FutureStateOfSoy.org or ilsoy.org.
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development and utilization efforts while the membership program supports the government relations interests of Illinois soybean farmers at the local, state, and national level, through the Illinois Soybean Growers (ISG). ISA upholds the interests of Illinois soybean producers through promotion, advocacy, and education with the vision of becoming a market leader in sustainable soybean production and profitability. For more information, visit the website www.ilsoy.org and www.ilsoygrowers.com.