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.”

“It was information wrangling in the beginning, but it wasn’t hard. It turned out to be a nice piece,” said Miller. He said they already had relationships with the researchers, farmers, and extension agents benefiting from the funds, so the next steps were to compile the information.

“We want to show that there is a lot of room in the industry and people need help.”

Arkansas will be represented by two of our farmers serving as officers on national boards for the soybean industry in 2020.

Jim Carroll III of Brinkley, Arkansas, was elected Chair of the United Soybean Board on December 11, 2019. Carroll is a returning member having served ten consecutive years on the national board, where he has represented the Arkansas Soybean Promotion Board since May 2010. In addition, 19 new directors, appointed by Secretary of Agriculture Sonny Perdue, were sworn in by the U.S. Department of Agriculture.

The full report is available on the board’s website and a printed copy was sent to every soybean producer who grows over 100 acres. The website also features videos and podcasts with experts in agriculture and information that producers can use on their farms. Miller says the bottom line is they want to get information out to growers through multiple platforms such as video, audio, and print.

Another goal of the board is to highlight young, up-and-coming professionals working in agriculture in Arkansas, and the broad spectrum of agri-related jobs available.

“We want to show that there is a lot of room in the industry and people need help,” said Miller. “We’re trying to cover all those bases and make sure that we get that information to them in every way possible.”

The full annual report, videos, and podcasts can be found at themiraclebean.com.

The Arkansas Soybean Promotion Board consists of soybean producers nominated by various producer organizations within Arkansas and appointed by the governor.

“We've made great strides to innovate beyond the bushel and infuse every opportunity we can into growing markets and creating new uses for soybeans,” said Carroll. “We have a lot to be proud of but also have tremendous potential to further demand as we continue our progress through wise and strategic investments. One of my priorities as Chair is to recognize the performance and sustainability of U.S. Soy and show our customers its many capabilities as a renewable alternative.”

USB leadership, with oversight from USDA, guides the activity of the national soy checkoff in accordance with the strategy outlined by the 78-member board. USB continues to focus on three priority areas for investment: meal, oil, and sustainability.

The American Soybean Association (ASA) elected Brad Doyle of Weiner to serve as secretary for 2020. He has been a member of the ASA Board of Directors since 2017. Doyle grows soybeans, rice, wheat, and cereal rye on his farm, Berger Farms/Eagle Seed Company. He has served as president of the Arkansas Soybean Association and as County Farm Bureau President on the President’s Leadership Council. Doyle will be on the leadership team guiding ASA through its 100th year.

For almost 100 years, the American Soybean Association has met the demands of an evolving world and has grown to 26 affiliated state associations representing 30 soybean-producing states and more than 300,000 soybean farmers. ASA represents U.S. soybean farmers on domestic and international policy issues that are important to the soybean industry.