Increasing soybean protein content by one percentage point – when yield and oil levels remain the same – can increase a crop's value per acre, a new soy checkoff study has found.
The study quantifies the old adage that higher-quality soy crops can generate more value. It's based on soybeans' price, which is driven by the combined value of soybean meal, oil and hulls – a measurement known as the estimated processed value.
Laura Foell, chairwoman of the United Soybean Board's Meal Action Team, said higher quality soybean meal is a "win-win" for crop farmers and livestock and poultry producers.
"Farmers can provide animal ag with the quality of feed the industry demands, and the value farmers get in return will rise," she said.
In the checkoff's study, conducted by Centrec Consulting Group LLC, EPV was shown to increase when farmers raise the protein content in their soybeans. State-by-state increases, as determined by the study, are as follows:
• Illinois: $11.16
• Indiana: $10.62
• Iowa: $12.33
• Kansas: $7.70
• Kentucky: $10.00
• Michigan: $8.83
• Minnesota: $12.43
• Missouri: $9.07
• Nebraska: $12.96
• North Dakota: $10.81
• Ohio: $9.25
• South Dakota: $11.35
• Wisconsin: $11.26
Farmers in regions with higher quality soybeans receive better prices than those in areas with lower protein content, the checkoff notes, suggesting that the differences are because higher quality soybeans create more demand.
The checkoff adds also that seed selection is important for growing soybeans that are high in quality. Farmers can visit growsoybeanvalue.com to find varieties that will produce greater protein without sacrificing yield.
Source: Soy Checkoff