Posted February 06, 2018 02:15:50 The world’s largest soy producer is hoping to make its soybeans the fastest-growing commodity in the world.
According to the World Soybean Commission, soybeans accounted for 20 percent of the world’s agricultural output in 2019, up from 12 percent in 2013.
It said this year’s soy production would surpass 2016’s by the end of 2020.
The soybean industry is not alone in the soybean boom, though.
There are several other new soybean varieties being released by new and emerging soybean producers and seed companies.
The new varieties have been hailed by farmers as a more efficient, less expensive alternative to genetically engineered (GE) varieties, and they are often referred to as “organic.”
The soybeans also offer farmers an option to use their land for planting crops.
As the demand for soybeans grows, so will prices.
The U.S. Department of Agriculture (USDA) reports that soybean prices are rising at a faster rate than all other crops combined.
According the USDA, prices for corn and soybeans rose nearly 20 percent last year.
The corn price increased 17 percent and the soybeans nearly 8 percent.
However, soybean farmers are still struggling with high costs.
According as the USDA states, the average annual price of a pound of soybeans is $1.25, which is 25 percent higher than last year and about four times the price in 2014.
A pound of corn is $0.92, about half of the price of last year’s corn.
As for soybean seed, it’s estimated that the global soybean crop is worth about $5.5 trillion, or roughly 7 percent of global GDP.
The US Department of the Interior said the average yield of a field of soybean seeds is about 20,000 bushels per acre, which equates to approximately 7 million bushel or one acre.
That’s a lot of seeds.
The USDA reports that the soy industry has seen an uptick in investment in plantings in recent years.
The agency reports that over the past five years, soy investment has increased more than 10 percent, with a total investment of $17.4 billion.
The Soybean Investment Council, an independent group that represents the interests of U.s. soybean growers, said in a statement that the Soybean Product Alliance, a trade group representing the largest soybean companies, “has made it possible for soy producers to focus on new technologies that deliver higher yields, lower costs, and improved nutrition to the market.”