Soybeans: Exports, food vs fuel, economic benefit to US economySoybeans: Exports, food vs fuel, economic benefit to US economy
What is the economic impact of U.S. soybeans and end products on the U.S. economy? What might might the move to biofuels mean for the feed industry and the availability of soybean meal? We dig in and take a look at what might be ahead.
September 14, 2023
The National Oilseed Processors Association and the United Soybean Board recently unveiled a new study examining the value of the American soybean industry.
The study, “The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy,” found that the total economic impact of the US economy from the soybean sector is around $124 billion annually. Breaking that down, it comes to $85.7 billion from soy production and $9.8 billion from the processing side of the soy industry.
During the recent Farm Progress Show we caught up with Mac Marshall, Vice President of Market Intelligence with the United Soybean Board, to get more details on the recently completed study of the soybean industry to the overall economy and to get an update on exports and the food vs fuel debate. What might all the extra soybean meal mean for those of us in the US livestock industry.
This episode is sponsored by United Animal Health, a leader in animal health and nutrition. You can learn more about United Animal Health and how they are working to advance animal science worldwide by visiting the website at UnitedANH.com
For more information, on this and other topics, we invite you to visit our websites - www.Feedstuffs.com, and www.NationalHogFarmer.com. While you are there be sure to check out our digital editions and our new Feedstuffs 365 platform.
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