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Soybean Opportunities for U.S. Farmers Russ Carpenter, Chair

Discover the vast potential in the soybean market for U.S. farmers. Explore its various uses in animal agriculture, food production, and biodiesel. Learn how to maximize profits and manage risks in this growing industry.

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Soybean Opportunities for U.S. Farmers Russ Carpenter, Chair

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  1. Soybean Opportunities for U.S. Farmers Russ Carpenter, Chair United Soybean Board (USB) Communications Program to the National Farmers Union Beginning Farmers Institute September, 2011

  2. Carpenter Family Farm • Crop and beef cattle • Trumansburg, N.Y. • Population: 1,600 • New York, N.Y. • Population: 8.2 million Soybean Opportunities

  3. Soybean Opportunities New York State Fair, Aug. 25 - Sept. 5, 2011 Syracuse, N.Y.

  4. Percentage Change in Global Consumption: 1990-2010 Soybean demand up 145%; corn up by 76%, wheat up by only 21% Soybean Opportunities Source: John Baize & Associates

  5. International 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 Soybean Opportunities

  6. Under Contract for Specific Use • Trait-enhanced U.S. soybeans • www.QUALISOY.com • Premium Programs • Examples: food-grade, non-biotech, others • www.SoybeanPremiums.org Soybean Opportunities

  7. Rotational 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 Soybean Opportunities: My Views

  8. Expect the Unexpected • Huge competition for land • Weather • Diversify • Carpenters: soybeans, corn, cattle, hay • Manage Debt • If not, it could will bring you down Soybean Opportunities: My Views

  9. Utilize multiple sources of info. • Print, radio, TV, Internet • Get Involved! • Qualified State Soybean Boards • United Soybean Board • Soybean checkoff: www.UnitedSoybean.org Soybean Opportunities: My Views

  10. Soybean Opportunities United Soybean Board (USB)Long-Range Strategic Plan • Strategic Objectives • U.S. Soybean Meal • increase value • U.S. Soybean Oil • increase value • Freedom to Operate • freedom and infrastructure for us to operate • Customer Focus • quality U.S. soy products and services

  11. Current USB Priority Issues • Short-term opportunities, challenges in need of • immediate attention by checkoff • Protect & Support U.S. Animal Ag • Transportation Infrastructure

  12. Soybean Opportunities USB Impact Projects • 1. Identify Genes Affecting Yield • 2. Export Market Diversification

  13. Soybean Opportunities Profit opportunities for all U.S. soybean farmers!

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