Soybean farmers and their checkoff, working through the North Carolina Soybean Producers Association and the United Soybean Board, are building innovative programs to increase the value of the soybean and its products. Soybean farmers receive $5.20 in profits for every dollar they invest in their checkoff. Whether it is through customer-focused initiatives to increase consumption of soy meal and oil, farmer-focused programs to increase yield, or international marketing to support America’s number one agricultural export, soybean farmers have reason to be proud of their checkoff, doing good work since 1990.
The Soybean Promotion and Research Order is authorized by the Soybean Promotion, Research, and Consumer Information Act [7 U.S.C. 6301-6311]. The Act was passed as part of the 1990 Farm Bill. It authorized the establishment of a national soybean promotion, research and consumer information program. The program became effective on July 9, 1991, when the Order was published. Assessments began September 1, 1991. Soy growers have the opportunity every five years to request a referendum on the future of their checkoff.
A mandatory assessment of one-half of one percent of the net market price of soybeans is collected at the first point of sale (typically when a farmer delivers soybeans to a grain elevator). Half of the amount collected remains within the state where it is collected. The other half is forwarded to the United Soybean Board which makes project investments nationwide.