The national soy checkoff has authorized the formation of a major industry partnership aimed at growing the market for a healthier oil through high-oleic soybeans. Its goal is to have high-oleic soybeans available in maturity groups that cover up to 80% of U.S. soybean acres by 2020. Without the proposal, current industry projections put high-oleic soybeans at 5% to 10% of acres in 2020.
“This is what the soy checkoff is all about—maximizing profit opportunities for all U.S. soybean farmers," said Vanessa Kummer, a former chair of the United Soybean Board (USB) and soybean farmer from North Dakota. “We have an opportunity to expand the acreage for high-oleic soybeans and strengthen U.S. soy’s competitive position in the food and industrial sectors."
The new soy oil, high-oleic, features significantly increased oxidative stability critical for high heat applications like frying foods and also contains less saturated fats. The increased functionality will be important for both food and industrial customers.
USB is partnering with the two seed companies with high-oleic varieties in the approval pipeline, DuPont Pioneer and Monsanto. The project outlines development of a broader range of maturity groups at a more rapid pace to reach the goal acreage and meet customer demands.
Although a 5-year project, checkoff farmer-leaders will annually review the project’s impact on farmer profitability before making each year’s financial commitments. Like all checkoff-funded activities, this project is subject to USDA approval, which is pending.
“This partnership will rapidly drive market adoption in key soybean-producing areas," Kummer said. “By expanding high-oleic soy’s availability, we are sending the right signals to the entire value chain and helping to develop new markets for our soybeans. This is a strategic move for our entire industry."
