What is the soybean checkoff?
Like producers of other commodities, such as beef, dairy and eggs, soybean farmers collectively invest a portion of their product revenue to fund research and promotion efforts. This collective investment is called a checkoff.
How does the soybean checkoff work?
The soybean checkoff is supported entirely by soybean farmers with individual contributions of 0.5 percent of the market price per bushel sold each season. The efforts of the checkoff are directed by the United Soybean Board, composed of 73 volunteer farmer-leaders often nominated by their state-level checkoff organizations, called Qualified State Soybean Boards (QSSBs). The nominees are appointed to the board by the U.S. Secretary of Agriculture.
How does the soybean checkoff support individual farmers?
Success for soybean farmers in today鈥檚 market takes more than just a good harvest. Increasing demand for soybeans is an essential part of the equation. The soybean checkoff helps facilitate market growth and creation by funding and directing marketing, research and commercialization programs. By building demand both at home and abroad, the soybean checkoff helps ensure a strong and profitable future for U.S. soybean farmers.
The United Soybean Board (USB) is required by the federal legislation to provide soybean farmers a return-on-investment (ROI) report every five years. The report evaluates ROI for soybean farmers contributing to promotion, research and information through the soy checkoff program. The two most recent return-on-investment reports are available below.
What鈥檚 the difference between the United Soybean Board and the American Soybean Association?
The United Soybean Board (USB) and the American Soybean Association (ASA) are two different organizations with one focus: the success of U.S. soybean farmers. Both groups serve this purpose in different ways. Whereas USB administers soybean checkoff activities focusing on research and market development and expansion, ASA focuses on state and national policy issues, which, by law, the checkoff can鈥檛.