St. Louis, Missouri
May 6, 2008
Source:
The United Soybean Board
(USB)
The verdict is out on what factors
will weave the fabric of the soybean industry over the next few
years. More than a year of visioning and research by a diverse
group of industry leaders points to sustainable technologies
existing both for soy and other crops.
The soybean checkoff organized the Soy 2020 visioning process to
bring together all segments of the soybean industry. Together, a
diverse team of industry leaders on Soy 2020's Steering
Committee created the Soy 2020 Vision: Through collaboration and
technology, the U.S. soybean industry will be a global
marketplace leader. Now, the committee has released the results
of the first “indicator tracking” study. This provides a vantage
point on the overall state of the industry for the next five
years.
"The outlook is mostly sunny for farmers, both for soybeans and
other crops," says Ike Boudreaux, USB chairman and a soybean
farmer from Lebeau, Louisiana. "But this means that the
technology advances other crops experience could challenge soy's
competitiveness. So, soybean farmers and industry need to work
even closer to adopt new technologies that will drive success
for our industry. That's why the soybean checkoff took the lead
in organizing Soy 2020 – to drive technology and ensure our
success."
This insight is not an end point, but only the beginning of the
Soy 2020 process, says Boudreaux.
“Over the last several months, a wide range of experts from
across the industry provided input on anticipated changes in 74
measurements affecting the soybean industry,” he says. “Experts
were carefully chosen by the Steering Committee and include
industry association leaders, university researchers,
specialized consultants, industry stakeholders and more.
Channeling their expertise through the indicator tracking method
provides an overall assessment of the direction the industry
will take.”
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
soybean industry.
“The knowledge provided by the indicator tracking is not a
crystal ball, but it is a road map that the soybean industry
should include in their long-range planning,” says Magin. “Now
that we know we are looking at a scenario where sustainable
technology will advance both for soy and other crops, we know
that we need to adopt strategies that will best facilitate
success.”
For farmers, this means adopting new soybean traits, such as
low-linolenic and – coming in the next year or two –
increased-oleic soybeans. It also means supporting trait
adoption incentives throughout the value chain.
For industry, this means improving inputs by leveraging
technology dollars for soy. It also requires an evolution in soy
processing by moving toward segregated processing,
transportation and storage procedures that can handle multiple
trait-specific soybean crops. And the entire value chain can
help move the industry forward by communicating soy-based
innovations to end users of food, feed, fuel and more.
“This first indicator tracking is one early step of the Soy 2020
process. The soybean checkoff’s commitment to Soy 2020 will
continue as we proceed with twice-yearly updates to the market
outlook,” says Boudreaux. “We have built Soy 2020’s strategies
into our own long-range strategic plan. We will continue to urge
industry to do the same and will also guide our nation’s soybean
farmers in the adoption of the sustainable technologies that
will ensure our success.”
Farmers and industry can e-mail
info@soy2020vision.com
to sign up for e-mail updates on Soy 2020. For more information
on Soy 2020, the Soy 2020 Vision and its strategies, and the
collaborative force of its Steering Committee and other key
players, visit
www.soy2020vision.com.
For more information on USB and the soybean checkoff , visit:
www.unitedsoybean.org.
USB is made up of 68 farmer-directors who oversee the
investments of the soybean checkoff on behalf of all U.S.
soybean farmers. Checkoff funds are invested in the areas of
animal utilization, human utilization, industrial utilization,
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 soybean checkoff. |
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