Specialty soybean contracts in Delmarva offer much-needed profit boost to farmers by offering 2020 premiums.
BALTIMORE (January 15, 2020) — Delmarva farmers now have increased availability of high oleic soybean contract opportunities and more delivery locations and options to grow high oleic soybeans for the 2020 season, which earn an average premium of 50 cents per bushel. High oleic varieties offer a sustainable, highly stable, U.S.-grown oil product for the food industry and other customers, expanding the market for U.S. soy.
Elevator and processor locations — 10 in all — have collaborated with Perdue in the Delmarva area to offer contracts to growers for either on-farm storage or defined amounts of harvest delivery for high oleic soybean varieties.
“Growing high oleic soybeans is another way for farmers to add value to their operations,” said Belinda Burrier, high oleic soybean farmer from Union Bridge, Maryland, and a soy checkoff farmer-leader. “All you have to do is keep your beans separate, so it’s really never too late to give it a shot.”
With many high premium contracts already finalized, high oleic contracts offer the opportunity to collect additional revenue with minimal investment next season. High oleic soybeans can even be processed with commodity beans if necessary.
“Money is tight in a lot of places for many farmers,” said Burrier. “Growing high oleic is the opportunity we need to widen those margins and see the return they expect.”
Elevators and processors that will sign up contract growers for delivery during the 2020 Perdue Program include:
— Perdue AgriBusiness, LLC — Salisbury, Md.
— Boyle Brothers — Queen Anne, Md.
— Milford Grain — Milford, Del.
— Perdue AgriBusiness, LLC — Berlin, Md.
— Perdue AgriBusiness, LLC — Bridgeville, Del.
— Perdue AgriBusiness, LLC, Red Bird-Bridgeton — Woodstown, N.J.
— Perdue AgriBusiness, LLC — Marietta, Pa.
— Perdue AgriBusiness, LLC, Shiloh — Hurlock, Md.
— Perdue AgriBusiness, LLC — Sudlersville, Md.
— Schiff Farms — Harrington, Del.
The soy checkoff recognizes the potential high oleic soybeans have to revolutionize the soy industry. From increased food functionality to industrial uses, high oleic soybeans add long-term value for all U.S. soybean farmers by providing a product that meets the demand of new and emerging markets for soy.
To see the full map of high oleic acreage and find out if contracts are available near you, visit soyinnovation.com/location and type in your ZIP code to find your nearest delivery location.
USB’s 78 farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy. That preference is based on U.S. soybean meal and oil quality and the sustainability of U.S. soybean farmers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.
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