Soybean Price Structure May Change Say Experts

The chairman of the United Soybean Board (USB) says an effort is underway to reinvent the price structure of soybeans to reward quality over quantity. John Motter says growers have been forced to work within a system that prefers supply over demand, which is a major reason for the slumping ag economy.

John Motter

He calls soybean farmers “price takers” instead of price makers, but a new strategic vision placing more emphasis on oil and protein content has the potential to change that.

The next step would be to engage major seed companies in developing varieties containing higher oil and protein content. Motter is asking farmers to be patient as the USB works toward these goals.

Motter says there should be more to growing soybeans than bushels and he envisions a system based on quality that benefits the bottom line of the farmer. Iowa was the number two soybean producing state in the U-S last year, with just over 550 million bushels. Illinois topped the list with just under 561 million bushels produced in 2016.

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