New Study Finds U.S. Soybean Industry Has $115 Billion Impact on the American Economy

WASHINGTON (March 19, 2020) — The National Oilseed Processors Association (NOPA), a trade association representing owners/operators of oilseed crush facilities, is pleased to announce the availability of a new study, The Economic Impact of the U.S. Soybeans & End Products on the U.S. Economy, that examines the value of the American soybean industry. NOPA partnered with the United Soybean Board (USB) in commissioning LMC International Ltd, an independent economic consulting firm that specializes in global agricultural commodity and agribusiness sectors, to develop the study. 

This 31-page study analyzes the soybean value chain’s impact to the U.S. economy, based on data from crop years 2014/15 to 2016/17. As highlighted in the report summary, during this period: 

— The total economic impact on the U.S. economy from the soybean sector averaged $115.8 billion. 

— The soybean sector supported an average of 357,000 people, comprising 280,000 paid, full-time equivalent jobs as well as an additional 78,000 family members, beyond growers themselves, who support and are supported by soybean farming operations. 

— The total wage impact of the sector averaged $11.6 billion. 

Economic impacts highlighted in the study are quantified in terms of revenue, wages, jobs and number of people dependent on the sector — all focused on the production, distribution and use of soybeans, and soybean products, spanning across the value chain, from soybean farming and production to consumers and exports. Findings are presented, with educational intent, at the national and state levels, as well as by congressional district. The study also includes one-page summaries for 39 key states where the soybean industry primarily operates. 

A copy of the full study (November 2019) is available under the Resources section of NOPA’s website at nopa.org.  

ABOUT UNITED SOYBEAN BOARD: USB’s 78 volunteer farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy. That preference is based on U.S. soybean meal and oil quality and the sustainability of U.S. soybean farmers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff. Learn more at unitedsoybean.org.

ABOUT NOPA: Founded in 1930, the National Oilseed Processors Association is a national trade organization representing the U.S. soybean, canola, flaxseed, safflower seed and sunflower seed crushing industries. Our members include 13 companies that operate a total of 60 soybean and 6 softseed solvent extraction plants across 22 states. Products from these companies include meal and oil used in human food, animal feed, fuel and industrial applications. Collectively, our members process approximately 95 percent of all soybeans in the United States. For further information on NOPA, visit nopa.org.    

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.