Philip Good on Soybean Growth and Market Strategies

While speaking with intern Karleigh Erramouspe, Philip Good explained the structure and purpose of the United Soybean Board, emphasizing the dedication of its members. He said, “Each state has certain directors that they sendnso I get the opportunity this year to work right alongside 77 of some of the top farmers in the United States that are passionate about the soybean industry. They literally leave their farms and family volunteering their time on behalf of all of us, the whole 500,000 farmers in the US.” He highlighted that the board’s mission is to invest checkoff funds into both supply and demand initiatives for the soybean industry.

Good elaborated on how the checkoff funds are used to improve yields and address challenges in soybean production. He explained, “On the supply side, we’re looking at research, education and promotion… looking at things like yield robbers. Soybean cyst nematode is the number one national yield robber. This year, we saw some red crown rot in the Midwest and upper Midwest raise its ugly head.” This demonstrates the board’s focus on tackling practical agricultural issues to ensure consistent and increased soybean production.

Addressing the demand side, Good discussed efforts to expand both domestic and international markets. “On the domestic side, we’re looking at opportunities to increase the soy inclusion rate in pig diets… continue to work with our number one customer, poultry in the US,” he said. He also highlighted innovative uses for soy beyond food, including “firefighting soy foam to replacing petroleum in products that would be like the rubber, replacing petroleum in rubber tires, asphalt, you know, the soles of your tennis shoes… artificial turf.” Good emphasized the importance of export diversification, noting, “We have grown in our diversification our exports to other countries around 30%.”

Good also touched on the emerging potential of soy-based bioproducts, particularly in biofuels. He stated, “because of the unique way that the soybean is made, we have both feed and fuel, and so we’re able to provide that food and fuel. So it’s not one or the other, it’s both.” He highlighted the market opportunity for expanding the soybean oil industry while maintaining sustainability, saying, “I’m proud of our sustainability story and absolutely renewable. Yes, no doubt, in a world that’s pushing for sustainability too. It’s really exciting to see.”

Finally, Good shared practical advice for soybean producers facing ongoing challenges. Reflecting on his own farm, he noted, “On my farm, we faced weather challenges, input costs, market… I’ve looked for efficiencies anywhere I can. It’s been a tough year. It’s been very tight.” He expressed optimism for the future, emphasizing hope and perseverance: “I think the opportunity is there. It still will be very challenging, but as a farmer, we believe in hope, and next year is going to be better, right?”

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