(Photo: Iowa Soybean Association / Joclyn Bushman)
Executive Insights: All things soy
August 1, 2024 | Kirk Leeds
As a kid growing up in Iowa in the 1960s and ’70s, the closest I ever came to soybeans was when I “walked” them. This was prior to the advent of herbicide resistant varieties. Despite the time and attention given to the task, I had absolutely no idea why soybeans were being grown or how the harvested soybeans would be used.
I also grew up working in family-owned grocery stores in rural Iowa, which sold bottled “vegetable oil.” I did so despite having no clue that the product was soybean oil. Same story cutting meat in my early teen years. I did the work but had no idea that soybean meal was a key ingredient in chicken and pig feed.
I also remember working on a presidential campaign in the late ’80s and taking a congressman from California around the state as a surrogate for my preferred candidate. One day, while cruising from one campaign stop to the next, I was asked to pull over so the congressman could step into a soybean field. He was a member of the U.S. House Agriculture Committee but had never seen a soybean field. He had “always wondered” what a soybean plant looked like and, like me, had no idea the ultimate use of harvested soybeans.
So, with this background and “experience,” it made perfect sense that I went to work for soybean farmers in 1989!
Thirty-five years later, I look back and appreciate that I have had a front row seat to the growth of the U.S. and global soybean industries and the incredible array of new products being made from the commodity. Soybeans remain one of the most preferred vegetable oils in the food industry while meal serves as a vital feed ingredient for poultry and livestock producers. These are the two most important uses for soybeans and will remain so for the near future.
We will continue to see increasing amounts of soybean oil used to produce biodiesel and renewable diesel and potentially sustainable aviation fuel. With increased demand for soybean oil to meet biofuels demand, we’ll also have the challenge of finding a home for more soybean meal (for domestic use and export). Even with the growth in soy production in South America, we can’t forget that more than 50% of the U.S. soybean crop is exported. At the same time we’re seeing an explosion in the number of ways to use or incorporate soybeans into a host of new products. Examples include tires, asphalt and tennis shoes. In this issue, you’ll read about efforts to increase demand for soy-based artificial turf. It’s made from soybean oil that replaces 60% of the petroleum products used in traditional synthetic lawns.
Enjoy reading this month’s magazine and stay tuned as we continue to use farmer’s checkoff dollars to expand soybean demand and explore all things soy.
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