The United Soybean Board recently approved the 2024 fiscal year budget, supporting research, promotion and education investment portfolios. Approved at its summer meeting in Niagara Falls, New York, these investments drive demand for U.S. soy and return value to all U.S. farmers.
“Our seventy-seven farmer-leader board met and approved a $191.5 million budget for fiscal year 2024,” says Meagan Kaiser, USB Chair and Missouri farmer. “This is our largest ever, and that is in large part due to all the investment from all 515,000 farmers across the United States. And so, we’re putting those funds to use across the entire strategic plan that includes infrastructure and connectivity, health and nutrition, and innovation and technology in both the supply and demand area, in addition to communications and education.”
These investments span each of USB’s three priority areas, in addition to communication and education and export promotion. Kaiser highlights investments across the demand portfolio.
“One is in infrastructure and connectivity in demand, and here we’re identifying and addressing infrastructure and logistical constraints limiting market entry and expansion of existing and new soybean technologies. And we’re also exploring innovative soy-based materials, recycling, and new-to-processing technologies for soybean oil and meal. In health and nutrition, again, on the demand side, we’re conducting research illustrating soy’s support across the lifespan for healthy growth, living, and aging. And, in animal diets, we’re continuing to do research to increase inclusion rates.”
Kaiser says these investments also address innovative technologies in supply and export promotion.
“Innovation and technology on the supply side, we’re developing new biochemicals and biologicals for pest management and furthering the research so that farmers can make good on-field decisions. And then you can’t talk about soybeans without talking about export promotion, where we’re growing exports in more than 80 countries through the U.S. Soybean Export Council strategy to differentiate U.S. soy in the global marketplace. And so, we’re doing this with partnerships with the U.S. Meat Export Federation and the USA Poultry and Egg Export Council to promote exports of soy-fed meat.”
Source: NAFB News Service