U.S. Soybean Checkoff Funds Valuable Resources for the Food Industry

A series of recent independent studies revealed the many ways in which the U.S. soybean checkoff continues to provide value to both farmers and the food industry. Beyond financial return-on-investment (ROI) to soybean farmers, the soybean checkoff has funded valuable resources, developed by the United Soybean Board (USB), to aid the food industry in making decisions about soybean oil and soy protein ingredient choices. Programs developed by USB and funded by U.S. soybean farmers include:

• USB’s Web site for food and health professionals, SoyConnection.com
• Technical brochures detailing soybean oil’s nutrition, functionality and product applications
• Materials explaining advances in soybean oil technology and enhanced trait development
• A guide to the advantages of soy-based trans fat solutions for sales and marketing forces
• Annual study of consumer attitudes about nutrition
• Food company onsite visits
• Quarterly food industry e-newsletter

USB conducts an annual survey of food industry executives to evaluate the effectiveness of USB’s programs and identify new opportunities to meet the industry’s needs. In the 2008 survey, USB’s Savvy Sales & Marketers Guide to Trans Fat Solutions brochure received a rating of “10 out of 10” for usefulness, with all other USB publications scoring positively as well.  Processors, manufacturers and research development professionals noted that they often visit SoyConnection.com to learn more about trans fat solutions, download literature and follow recent announcements on the development and availability of soybean oils with enhanced compositional traits.

U.S. soybean farmers continue to support the checkoff that funds these important resources. An independent study of soybean producer attitudes, conducted on behalf of USB, found that more than seven out of every 10 U.S. soybean farmers continue to support their soybean checkoff. The survey also found that support for the checkoff is uniform across the country.
Telephone interviews with 1,000 soybean producers across the United States were conducted from February 8-25, 2009. The results from this checkoff-funded survey are used as a method by USB directors to guide their decisions on how to invest checkoff dollars.

During a Board meeting in Charleston, S.C., earlier this year, USB reviewed the results of its independent ROI study, which was conducted by Dr. Gary Williams, director of the Texas Agribusiness Market Research Center at Texas A&M University.  The study found that the soybean checkoff has returned $6.40 in additional profits to U.S. soybean farmers for every dollar invested. The ROI study and an annual audit are two of several tools the checkoff uses to maintain fiscal responsibility and transparency. USB Chairman Chuck Myers, a soybean farmer from Lyons, Neb., said such exercises keep the checkoff farmer-leaders pointed in the right direction when it comes to investing checkoff dollars. 

“We’re constantly working to find out through surveys and meetings what we need to be working on and where we need to be investing soybean farmers’ checkoff money,” Myers said. “I think we’ve been very effective in doing that, and the success of the soybean checkoff shows just that.”
USB is made up of 68 farmer-directors who oversee the investments of the soybean checkoff on behalf of all U.S. soybean farmers. Checkoff funds are invested in the areas of animal utilization, human utilization, industrial utilization, industry relations, market access and supply. As stipulated in the Soybean Promotion, Research and Consumer Information Act, USDA's Agricultural Marketing Service has oversight responsibilities for USB and the soybean checkoff.

Sources:
April 17, 2009; High Plains Journal “Survey Says Soybean Farmers Continue to Support Their Checkoff”
March 16, 2009; E-News “U.S. Soybean Farmers Getting Big Return on Checkoff Investment, Says Independent Analysis”
September 2008, USB Food Industry Study