The United Soybean Board approved a $75 million checkoff budget for fiscal year 2020 at their meeting in Fargo, North Dakota. Past USB Chairman and South Dakota farmer Lewis Bainbridge says they funded 169 projects focused on sustainability, meal and oil.
He says some of the projects they funded look at adding value to soybean meal and oil, including high oleic oil through new uses.
Bainbridge says their strategic plan also focuses on sustainability and building preference globally for U.S. soy. So, they targeted funding towards projects to help soybean farmers become even more sustainable.
The funding approval followed USDA’s announcement they will not conduct a checkoff referendum vote due to the low number of farmers requesting it. Bainbridge says that shows overwhelming support for the soybean checkoff.
