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UNITED SOYBEAN BOARD: HIGH OLEIC SOYBEANS COULD PROVIDE LONG-TERM PROFITABILITY
United Soybean Board (USB) reports:

Whether it's college basketball or soybean yields, state pride runs deep. But farmers from across the nation are growing more and more excited about high oleic soybean varieties, which have the potential to increase long-term on-farm profitability for all U.S. soybean farmers.

North Dakota farmer Jared Hagert says high oleic soybeans could make a significant impact throughout his state and across the country by increasing demand for all U.S. soybean oil.

"Farmers in states that aren't growing high oleic soybeans still need to know that our customers want the high oleic oil, but, right now, they are using competing oils," says Hagert, a soy checkoff farmer-leader from Emerado. "We need to preserve and expand our food oil demand, and high oleic soybeans are an opportunity to do that and earn back some of a lost market."

The soybean industry has set a goal for farmers to plant 18 million acres of high oleic soybeans by 2023. A recent analysis from the soybean-industry board QUALISOY reports that if that goal is met, each U.S. soybean farmer could gain 66 cents per bushel, or a total increase of $3.8 billion each year for all soybean farmers.

That amount is over the price each farmer would receive if the market does not adopt high oleic soybeans and food demand for soybean oil continues to decrease.

"High oleic will only add to our overall profitability," says Hagert. "Regardless of whether or not I can grow high oleic on my own farm, the demand for the oil high oleic soybeans produce helps increase the value of all soybean oil, and that means increased profits for U.S. soybean farmers."

A broader introduction of high oleic soybean varieties could impact every U.S. soybean farmer, regardless of whether they grow these soybeans on their farms.
"Customers are looking for a widely adapted soybean oil that works well in their applications," says Hagert. "As an industry, we can offer them a solution with high oleic."


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