By Blake Jackson
One of the most impactful ways to support Missouri soybean farmers is by increasing demand. The Missouri Soybean Association (MSA), guided by a board of farmer-leaders from across the state, is placing a strong emphasis on legislative efforts to grow soybean demand in its revised strategic plan.
“The board of directors understands the need to use policy as a way to drive demand for the soybean crop,” said Casey Wasser, Missouri Soybeans interim CEO.
“The global marketplace has changed drastically over the past eight years. South America overtook the U.S. as the global leader in soybean exports, and their production continues to expand at record pace.”
With U.S. soybeans losing export ground to China, their primary international buyer, MSA is focusing more on trade policy to regain market share and stimulate both national and Missouri-specific demand, Wasser explains.
Progress has already been made through Missouri’s growing biodiesel industry. “Missouri is home to 250 million gallons of soy-based biodiesel production,” said Wasser. “This demand provides a benefit to Missouri soybean producers and adds value to our members’ crop. It’s critically important to sustain and grow the Missouri biodiesel industry.”
To support this, MSA helped pass legislation offering a $0.02-per-gallon tax credit to biodiesel producers. Fuel retailers blending between 5% and 10% biodiesel qualify for the same tax break, and those exceeding 10% biodiesel blends earn a $0.05-per-gallon credit.
MSA continues to push for fair treatment of soybean oil in renewable fuel policies, advocating for equal tax incentives under the Clean Fuel Production Tax Credit and the Renewable Fuel Standard.
Partnerships are a major focus in the new strategic plan. “The board would like to see a collective effort with soybean growers, livestock producers, elevators, soybean crushers and livestock processors to identify the current hurdles for expansion in Missouri,” Wasser says.
Soybean meal presents another growth area as domestic crush capacity increases. MSA plans to collaborate with the livestock sector to address expansion challenges.
The plan also emphasizes the importance of tax policy. “Demand certainly creates value, but tying that directly back to your farm is difficult,” Wasser says.
To support farm succession, MSA backs tax incentives for landowners who lease or sell to beginning farmers. “Additionally, a landowner can receive a deduction of up to $20,000 for leasing their land to a beginning farmer,” Wasser adds.
Photo Credit: missouri-soybeans
Categories: Missouri, Business, Crops, Soybeans