Soybean Opportunities for U.S. Farmers Russ Carpenter, Chair
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Soybean Opportunities for U.S. FarmersRuss Carpenter, Chair
United Soybean Board (USB) Communications Program
to theNational Farmers Union
Beginning Farmers InstituteSeptember, 2011
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Soybean OpportunitiesCarpenter Family Farm
Crop and beef cattleTrumansburg, N.Y.
Population: 1,600
New York, N.Y. Population: 8.2 million
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Soybean Opportunities
New York State Fair, Aug. 25 - Sept. 5, 2011Syracuse, N.Y.
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Soybean OpportunitiesPercentage Change in Global Consumption: 1990-2010
Source: John Baize & Associates
Soybean demand up 145%; corn up by 76%, wheat up by only 21%
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Soybean OpportunitiesInternational Marketing
More than every other U.S. row sold abroad
Animal ag use is largest use
Domestic Marketing U.S. animal ag: 98% soybean meal
poultry, pork, dairy, beef, fish
Food use: 83% of soybean oil Soy biodiesel: 11% of soybean oil Other: 6%
Know Your Customer, First Think beyond your local elevator
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Soybean OpportunitiesUnder Contract for Specific Use
Trait-enhanced U.S. soybeans
www.QUALISOY.com
Premium Programs Examples: food-grade, non-biotech, others
www.SoybeanPremiums.org
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Soybean Opportunities: My ViewsRotational Crop to Income Crop
1.98 billion bushels in 1991
3.3 billion bushels in 2010
Futures & Options Manage risk
I forward contracted only 20% this year
Know Your Customer, First Location, location, location!
Eastern U.S. is soy deficient
Largest acreage growth in Upper Midwest
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Soybean Opportunities: My ViewsExpect the Unexpected
Huge competition for land Weather
Diversify Carpenters: soybeans, corn, cattle, hay
Manage Debt If not, it could will bring you down
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Soybean Opportunities: My ViewsUtilize multiple sources of info.
Print, radio, TV, Internet
Get Involved!
Qualified State Soybean Boards
United Soybean Board
Soybean checkoff: www.UnitedSoybean.org
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Soybean OpportunitiesUnited Soybean Board (USB)Long-Range Strategic Plan
Strategic ObjectivesU.S. Soybean Meal
increase value
U.S. Soybean Oilincrease value
Freedom to Operatefreedom and infrastructure for us to operate
Customer Focusquality U.S. soy products and services
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Current USB Priority Issues
Short-term opportunities, challenges in need of immediate attention by checkoff
1. Protect & Support U.S. Animal Ag2. Transportation Infrastructure
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Soybean OpportunitiesUSB Impact Projects
1. Identify Genes Affecting Yield
2. Export Market Diversification
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Soybean Opportunities
Profit opportunities for all U.S. soybean farmers!