U.S. Soybean Farmers’ Voices Heard in Global Discussion

Checkoff Participates in Soy and Grain Trade Summit

Changes abroad affect U.S. soybean farmers more than ever before, especially with the United States exporting 1.5 billion bushels of whole soybeans in 2011. To keep farmers up to date on the potential effects these issues could have on their operations, the United Soybean Board (USB) and soybean checkoff participates in activities just about everywhere representatives of the global soy industry come together.

This fall the checkoff took part in the Soy and Grain Trade Summit in St. Louis, which gave U.S. soybean farmers a voice in discussions about global trade, transportation, regulation and other issues. The summit brought together more than 800 international agricultural commodity buyers and sellers.

Dwain Ford, a soybean farmer from Kinmundy, Ill., and a checkoff farmer-leader, moderated the panel discussion focusing on improving commodity transportation efficiency. The panel included Paul Rhode from the U.S. Waterways Council and Maria Sanchez, economist and senior international trade specialist for the Panama Canal Authority. Ford also provided some insight into the importance of the Panama Canal to the U.S. agricultural sector by highlighting some findings of a USB-funded study about the Panama Canal expansion and the potential effect it could have on soybean farmers and the rest of U.S. agriculture.

Rhode informed the audience about ongoing issues with the U.S. lock and dam system, which remains vital to U.S. soybean farmers. Sanchez gave attendees an update on increased use of the Panama Canal before presenting information on improvements and expansion of the shortcut between the Atlantic and Pacific oceans, scheduled to be completed in 2014.

“The Panama Canal expansion could provide the opportunity to export more U.S. soy,” adds Ford. “We could have greater sales and the potential for greater profitability for U.S. soybean farmers.”

Other topics discussed at the summit included demand for soy in China, possible implications of the federal food safety and modernization act, and new multiyear federal farm legislation under consideration by the U.S. Congress. Participants also delved into the areas of international trade and transportation, commodity production, food processing and ingredients, and animal feed production.