One Bean, Infinite Possibilities The Soybean Promotion Board Aims to Invest in the “Miracle Bean” Arkansas currently ranks 10th in the nation in soybean production, producing more than 150 million bushels annually valued at more than $1.5 billion. Every year, millions of dollars are entrusted to the Arkansas Soybean Promotion Board to improve the sustainability and profitability of the soybean industry in the state, but exactly how do they disperse it? The board aims to answer that question with the Arkansas CheckoffFunded Research Report, first created in 2019. The Arkansas Board divides its funds into research, market development, promotion and expansion of soybeans throughout the state. The new annual report aims to show what projects these funds are affecting and how this can help producers. “We work to maximize the return of every checkoff dollar spent. Whether it’s for research or promotion, there is no room for error,” said Rusty Smith, the chairman of the board. “We are also doing our best to reach out to the younger generations and consumers about career opportunities and the benefits of consuming soy. We’re on the right track.” The report highlights each project the board funded that year and explains the goal and value to the soybean industry. Each board member is featured, and statistics are shown on how the money is broken down into categories from breeding to weeds to entomology. Funds are used primarily for research projects conducted by the University of Arkansas Division of Agriculture’s Cooperative Extension Service. The board’s money comes from checkoff dollars paid by Arkansas soybean producers. Producers invest 0.5% of the market price per bushel for soybeans, known as a checkoff, into a fund. The Arkansas Soybean Promotion Board receives half of the checkoff dollars collected in the state, and the other half is sent to the United Soybean Board (USB) to manage and invest. According to the board, for every $1 invested, $6.40 is returned to the farmer. “It’s a good reporting piece on how checkoff funds are spent,” said Brent Miller, the associate creative director for Communications Group and designer of the report. “I want to get that valuable production data in front of our growers.”
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