• Thu. Sep 28th, 2023

News Eyeo

All Important News

Research reveals that the soybean industry significantly contributes $124 billion to the U.S. economy


Sep 9, 2023

The National Oilseed Processors Association (NOPA) and the United Soybean Board (USB) have released a new study titled “The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy.” The study was conducted by LMC International Ltd., an independent economic consulting firm that specializes in global agricultural commodity and agribusiness sectors. Thomas Hammer, the President of NOPA, emphasizes the significant contributions of the soybean processing and refining sectors to the U.S. economy. These sectors play a vital role in connecting soybean farmers with end users by converting soybeans into meal and oil, which are used in various industries such as food, feed, industrial products, and biofuels. These sectors support billions of dollars in domestic wages and tens of thousands of good paying jobs in the United States.

The 33-page study analyzes the economic impact of the soybean value chain on the U.S. economy, focusing on data from crop years 2019/20 to 2021/22. The report reveals that the total economic impact of the soybean sector on the U.S. economy averaged $124 billion during this period. This includes $85.7 billion from soy production and $9.8 billion from soybean processing. The study also highlights the significant number of individuals involved in soy farm decision-making, with over 500,000 people participating in this sector. This includes 223,000 paid, full-time equivalent jobs and an additional 62,000 family members who reside on farms and contribute to soybean farming operations. The wage impact of the sector averaged $10 billion.

Meagan Kaiser, the Chair of USB and a Missouri farmer, expresses gratification at the report’s findings, highlighting the extensive impact of the U.S. soybean industry on farmers and the overall economy. Kaiser emphasizes the multiple roles of soy in various sectors, including food security, renewable energy, and the production of more than 1,000 products on the market. The study serves as an educational tool, quantifying the economic impacts of the soybean industry in terms of revenue, wages, jobs, and the number of people dependent on the sector. The findings are presented at the national and state levels, as well as by congressional district. The study also includes summaries for key states where the soybean industry primarily operates.

To access the complete study and related national and state summary sheets, they can be downloaded from NOPA’s website at nopa.org. NOPA, founded in 1930, represents various crushing industries, including soybean, canola, flaxseed, safflower seed, and sunflower seed. The association’s members process approximately 94 percent of all soybeans in the United States. For more information about NOPA, visit www.nopa.org. The United Soybean Board (USB) consists of 77 volunteer farmer-leaders who work on behalf of all U.S. soybean farmers. The board invests in research, education, and promotion to deliver sustainable soy solutions across three priority areas: Infrastructure & Connectivity, Health & Nutrition, and Innovation & Technology. USB operates under the oversight of the USDA Agricultural Marketing Service. To learn more about the United Soybean Board, visit unitedsoybean.org.

By Editor

Leave a Reply