Specialty soybean contracts in Indiana and Ohio offer profit boost to farmers through 2020 premium incentives.
INDIANAPOLIS (January 15, 2020) — Indiana and Ohio 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.
“This is a great opportunity for farmers close to any of these elevators,” said Kevin Wilson, who grows high oleic soybeans in Walton, Indiana, and serves as a soy checkoff farmer-leader. “High oleic soybeans protect and grow current markets while giving the consumer a product that they want and the farmer the premium that they need.”
Elevator and processor locations throughout Indiana and Ohio — 20 in all — have collaborated with ADM in Indiana and Bunge in Ohio to offer contracts to growers for either on-farm storage or defined amounts of harvest delivery for high oleic soybean varieties.
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.
“High oleic soybeans possess the same traits and performance that farmers have come to know from their everyday beans,” said Wilson. “This is just another way we can collectively advance the U.S. soy industry into the future along with staying fiercely competitive.”
Elevators and processors that will contract with farmers for both on-farm storage and a defined amount of harvest delivery for the 2020 growing season include:
— Clunette Elevator — Leesburg, Ind.
— Deatsman Farms — Leesburg, Ind.
— Dennis Grain Company — Huntington, Ind.
— Edon Farmers Cooperative — Montpelier, Ohio
— Gerald Grain — Napoleon, Ohio
— Gerald Grain — Archbold, Ohio
— Gerald Grain — Wauseon, Ohio
— Gerald Grain — Liberty Center, Ohio
— Gerald Grain — Hamler, Ohio
— Gerald Grain — Delta, Ohio
— McGrawsville Feed & Grain Co., Inc. — Amboy, Ind.
— Shideler Grain — Eaton, Ind.
— Smith Grain — Rochester, Ind.
— Wheatfield Grain — Rensselaer, Ind.
— Wheatfield Grain — Wheatfield, Ind.
— Bunge — Decatur, Ind.
— Bunge — Delphos, Ohio
— Bunge — Waterloo, Ind.
— Bunge — Bellevue, Ohio
Locations that will contract with farmers for on-farm storage contracts for the 2020 growing season include:
— ADM — Frankfort, Ind.
Many soybean farmers find planting high oleic varieties an easy change due to the ease of introducing them to their farm.
“Your application and fertility programs stay the same as your commodity beans. High oleic beans do not require any additional maintenance in your program,” said Jessica Keppeler, high oleic soybean farmer from Edgerton, Ohio. “The biggest difference you do see is the premium you receive for raising high oleic soybeans.”
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.
“This is just another way for farmers to widen their margins and see more return,” said Keppeler.
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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