Soybean Opportunities for U.S. Farmers Russ Carpenter, Chair United Soybean Board (USB) Communications Program to the National Farmers Union Beginning Farmers Institute September, 2011

Soybean Opportunities Carpenter Family Farm Crop and beef cattle Trumansburg, N.Y.  Population: 1,600 New York, N.Y.  Population: 8.2 million

Soybean Opportunities New York State Fair, Aug Sept. 5, 2011 Syracuse, N.Y.

Soybean Opportunities Percentage Change in Global Consumption: Source: John Baize & Associates Soybean demand up 145%; corn up by 76%, wheat up by only 21%

Soybean Opportunities International Marketing  More than every other U.S. row sold abroad  Animal ag use is largest use Domestic Marketing  U.S. animal ag: 98% soybean meal  poultry, pork, dairy, beef, fish  Food use: 83% of soybean oil  Soy biodiesel: 11% of soybean oil  Other: 6% Know Your Customer, First  Think beyond your local elevator

Soybean Opportunities Under Contract for Specific Use  Trait-enhanced U.S. soybeans  Premium Programs  Examples: food-grade, non-biotech, others 

Soybean Opportunities: My Views Rotational Crop to Income Crop  1.98 billion bushels in 1991  3.3 billion bushels in 2010 Futures & Options  Manage risk  I forward contracted only 20% this year Know Your Customer, First  Location, location, location!  Eastern U.S. is soy deficient  Largest acreage growth in Upper Midwest

Soybean Opportunities: My Views Expect the Unexpected  Huge competition for land  Weather Diversify  Carpenters: soybeans, corn, cattle, hay Manage Debt  If not, it could will bring you down

Soybean Opportunities: My Views Utilize multiple sources of info.  Print, radio, TV, Internet Get Involved!  Qualified State Soybean Boards  United Soybean Board  Soybean checkoff:

Soybean Opportunities United Soybean Board (USB)Long-Range Strategic Plan Strategic Objectives U.S. Soybean Meal increase value U.S. Soybean Oil increase value Freedom to Operate freedom and infrastructure for us to operate Customer Focus quality U.S. soy products and services

Current USB Priority Issues Short-term opportunities, challenges in need of immediate attention by checkoff 1.Protect & Support U.S. Animal Ag 2.Transportation Infrastructure

Soybean Opportunities USB Impact Projects 1. Identify Genes Affecting Yield 2. Export Market Diversification

Soybean Opportunities Profit opportunities for all U.S. soybean farmers!