Soybean farmers in Maryland, Virginia, West Virginia, Delaware, Pennsylvania and New Jersey have new access to specialty contracts and their premiums to grow high oleic soybeans.
Mid-Atlantic farmers can lock in new premiums by selecting high oleic soybeans for the 2021 growing season. Many Delmarva-area farmers have already decided to take advantage of this opportunity due to the minor adjustments needed from growing commodity soybeans and expanded convenient delivery location options accepting Plenish® high oleic soybeans from Corteva.
Maryland-based Perdue AgriBusiness has increased per bushel premiums for 2021 in hopes of encouraging more of the region’s farmers to grow high oleic soybeans to meet growing demand for refined high oleic oils. Mid-Atlantic soybean farmers have already received more than $10 million in premiums since the program began.
Eddie Mercer Agri-Services, Inc. in Frederick, Maryland, has joined the growing list of delivery locations offering attractive premiums between 50 and 65 cents per bushel to farmers for both harvest delivery and on-farm storage — with an additional 10 cents per bushel premium for farmers that contract 100% in high oleic varieties. This central location opens the door to many farmers in the region.
“This is a great opportunity for farmers to add extra value to their land and crop,” said United Soybean Board farmer-leader Belinda Burrier, who grows high oleic soybeans in Maryland. “It’s really a no-brainer when you look at how similar it is to grow high oleic varieties if you’ve ever grown commodity beans.”
In today’s economic and market conditions, a modest boost with these specialty soybeans can be a huge help to farmers. A recent study indicated if high oleic growth continues as projected, a 1,000-acre soybean farmer will net between $34,000 and $50,000 more from soybean farming as a result of higher prices driven by high oleic demand. Perdue AgriBusiness is one of the biggest demand drivers for high oleic soybeans in the region.
“There is growing demand in the food industry for high oleic soybeans due to their performance and health benefits,” said Perry Aulie, Senior Vice President of Value Add for Perdue AgriBusiness. “We are thrilled to partner with Mercer, and we are also seeking 175,000 acres of high oleic soybeans this year. We project a need for 350,000 acres for spring of 2022.”
By supplying a product that meets the demand of sustainable and biobased alternatives, high oleic soybeans are adding long-term value for all U.S. soybean farmers.
For end users, these high oleic varieties offer increased functionality for the food sector and industrial applications, which has revolutionized the soybean value chain. For the food sector, it extends fry life, increases stability and provides less saturated fat than comparable conventional oils. It also offers new innovations for industrial uses, such as synthetic motor oil, tires, shoes and asphalt.
“High oleic soybeans innovate and grow current markets while giving the consumer a product that they want and the farmer the premium that they need,” said Burrier.
Farmers eager to learn where and how they can access high oleic soybean contracts for their farm can visit the USB website for high oleic soybeans at soyinnovation.com, or contact their seed representative to ask about high oleic soybeans. Elevator and processor locations throughout the U.S. offer contracts to growers for either on-farm storage or defined amounts of harvest delivery for high oleic soybean varieties.
Participating elevators in the Delmarva region include:
- Perdue AgriBusiness, LLC — Salisbury, Maryland
- Boyle Brothers — Queen Anne, Maryland
- Eddie Mercer Agri-Services, Inc. — Frederick, Maryland
- Milford Grain — Milford, Delaware
- Perdue AgriBusiness, LLC — Berlin, Maryland
- Perdue AgriBusiness, LLC — Bridgeville, Delaware
- Perdue AgriBusiness, LLC, Red Bird-Bridgeton — Woodstown, New Jersey
- Perdue AgriBusiness, LLC — Marietta, Pennsylvania
- Perdue AgriBusiness, LLC, Shiloh — Hurlock, Maryland
- Perdue AgriBusiness, LLC — Sudlersville, Maryland
- Perdue AgriBusiness, LLC — Tappahannock, Virginia
- Schiff Farms — Harrington, Delaware
Use the lookup tool at soyinnovation.com for the full list of delivery locations.
About United Soybean Board: United Soybean Board’s 78 volunteer farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy. That preference is based on U.S. soybean meal and oil quality and the sustainability of U.S. soybean farmers. As stipulated in the federal Soybean Promotion, Research, and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff. For more information on the United Soybean Board, visit unitedsoybean.org.
About Maryland Soybean Board: The checkoff program is funded by farmers through an assessment of one-half of one percent of the net market value of their soybeans at the first point of sale. One-half of the checkoff funds stay in Maryland for programs; the other half is sent to the United Soybean Board. Maryland farmers grow about a half a million acres of soybeans, producing more than 20 million bushels of beans each year. With a value of $173 million to the state’s economy, soybeans are one of Maryland’s top crops.
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Danielle Bauer, Executive Director
Maryland Soybean Board
Office: 443.812.4526
danielle@mdsoy.com