Iowa soybean farmers remain bullish on soybean oil amid supply chain concerns –

IARN – Despite continued supply chain disruptions across industries, soybean producers in Iowa remain optimistic about the availability of soybean oil to buyers and customers.

A recent U.S. House Agriculture Committee hearing on the immediate challenges to our nation’s food supply chain sought to address the lingering concerns of soybean producers and users over issues ranging from labor shortages work on transport delays. As supply chain and workforce disruptions continue to hamper many commercial products, Iowa Soybean Association President Robb Ewoldt said soy products remain plentiful. .

“Growers across the state remain eager and optimistic to continue to meet the growing demand for soybeans,” Ewoldt said. “While there is no shortage of soybean oil, the uncertainty of accessing once-reliably available products, such as parts of equipment and fertilizers, continues to have an impact. negative about Iowa farmers and the state’s rural communities. “

Food industry groups continue to claim that soybean oil supplies are dwindling, citing demand for biodiesel and a rapidly growing renewable diesel market. However, the United States Department of Agriculture (USDA) expects American farmers to harvest more than 4.42 billion bushels of soybeans in 2021. Iowa’s soybean production is estimated at 601.2 million. bushels for the year.

In addition, at least seven new oilseed processing plants are currently under construction in the United States to meet the 26% growth in soybean supplies over the past 10 years, according to the American Soybean Association (ASA). A $ 350 million facility near Alta, Buena Vista County, was recently approved by state and local authorities and is expected to boost demand, crushing nearly 38.5 million bushels per year.

Iowa’s large harvest means there will be soybean meal and soybean oil available for all uses, including food and feed applications for humans and livestock, and in production. of biofuels.

“We welcome all opportunities and uses that include the use of the soybeans we grow,” Ewoldt said.

The Iowa Biodiesel Board (IBB) agreed, saying the new demand is a welcome market signal for soybean growers and grinders. This will translate into increased value for soybean producers, more protein for animal production and oil for food manufacturers as well as producers of renewable fuels.

As Iowa’s biodiesel production supports more than 4,500 jobs and contributes millions to Iowa’s GDP, further support for Iowa soybean producers through a robust renewable fuels standard (RFS) would bring additional benefits. Grant Kimberley, senior director of market development for ISA and executive director of BWI, said farmers are grateful for this committee’s attention to real problems and how to solve them.

“The ISA joins the American Soybean Association and BWI in urging the Biden administration to demonstrate its commitment to biofuels and the RFS it is committed to despite rumors of volume shortages,” he said. Kimberley said.

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Story courtesy of the Iowa Agribusiness Radio Network.

Photo courtesy of the Iowa Soybean Association

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