The United Soybean Board last week approved funding for 169 checkoff-funded projects for fiscal-year 2020. The projects are part of USB’s promotion, marketing and research programs that are strategically aligned to increase the value and preference for U.S. soy. The action came shortly after the U.S. Department of Agriculture announced it will not conduct a referendum vote due to the results of a soybean request for referendum held in May.
The lack of requests, according to USB, shows overwhelming support for the Soybean Promotion and Research Order, known as the soy checkoff. Conducted every five years, the announcement affirms the checkoff’s commitment to drive innovation and build demand for U.S. soy both domestically and abroad.
USB Chair and Kentucky farmer Keith Tapp says U.S. farmers “have changes to overcome,” adding USB’s job is to “rise to the occasion on their behalf.” The proposals were categorized by target areas, including soy meal, oil and sustainability, and in action teams of supply, demand and marketplace.