Iowa Soybean Review, October 2017 by Iowa Soybean Association

IOWA

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October 2017

STATE OF TRADE INTERNATIONAL CONSIDERATIONS

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The Iowa Soybean Review is published eight times a year by: Iowa Soybean Association 1255 SW Prairie Trail Parkway, Ankeny, Iowa 50023 (515) 251-8640 | iasoybeans.com E-mail: aclinton@iasoybeans.com

October 2017 | Vol. 30, No. 1

Boatloads of Bushels United States soybean exports hit new heights during the last marketing year.

Champion for Iowa Ag United States Ambassador Terry Branstad received a standing ovation from Iowa's agricultural groups as he entered a meeting room at the U.S. Embassy in Beijing on July 25.

Soy Lives High on the Hog More Iowa soybeans are destined to walk off the farm as pork processing and production grow to meet export demand.

STC Looks North of the Boarder to Ship Soybeans When it comes to exports, farmers donâ&#x20AC;&#x2122;t want to put all their soybeans in one or even a few baskets.

For advertising information in the Iowa Soybean Review, please contact Larson Ent. LLC (515) 440-2810 or dave@larsonent.com. Comments and statewide news articles should be sent to the above address. Advertising space reservations must be made by the first day of the month preceding publication. In consideration of the acceptance of the advertisement, the agency and the advertiser must, in respect of the contents of the advertisement, indemnify and save the publisher harmless against any expense arising from claims or actions against the publisher because of the publication of the content of the advertisement.

On the Cover: The skyline of Shanghai, China, captured by ISA photographer Joe Murphy, glows in the night sky as boats carrying cargo pass through the city on the Huangpu River. China is the largest importer of soybeans in the world with nearly 60 percent of all soybeans exported in the world ending up in China.

Kirk Leeds Chief Executive Officer, Iowa Soybean Association kleeds@iasoybeans.com, Twitter@kirkleeds

35 Years of Expanding Exports

elcome to this issue of the Iowa Soybean Review! It focuses on global trade and soybean exports. With another large soybean harvest underway, the importance of international trade has never been more vital to the future of our industry. With 60 percent of the U.S. soybean crop exported, soybean farmers have a lot at stake as political leaders in the U.S. and around the world debate and disagree about the importance of trade agreements and expanded trade. As I write this column, I am back in China participating in events to commemorate 35 years of checkoff investments by Iowa and U.S. soybean farmers to expand export opportunities in China. When this work began in 1982, China was just beginning to recover from the disasters inflicted by their government in the Cultural Revolution and they were in the very early stages of opening up their economy to the outside world. Hundreds of millions of Chinese were still living in dire poverty and the country was struggling to feed its growing population. Even though China was still a major exporter of soybeans in 1982, soybean farmers in the U.S. were confident that it was just a matter of time before China would become a huge customer. With initial investments from state checkoff programs, early efforts were focused on helping the Chinese understand how to incorporate more soybean meal into modern livestock and poultry

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production. These efforts were vastly increased beginning in 1991 with the advent of the national soybean checkoff program. As the Chinese industry became more sophisticated, checkoff-supported efforts evolved and grew. In the early 2000s, new programs in aquaculture were launched. China remained a net exporter of soybeans until the mid-1990s, nearly 15 years after the first investments were made by these visionary farmers through their checkoff programs. These exports exploded in the mid2000s. Today, China is the largest importer of soybeans in the world with nearly 60 percent of all soybeans exported globally ending up in China. One of every four bushels of soybeans grown in the United States gets shipped to China â&#x20AC;&#x201D; a number that continues to grow every year. Fortunately, we are also seeing increased soybean exports to other parts of the world. From the key markets of Mexico, Europe, the Middle East, Central America, North Asia and SE Asia to potential markets in India and parts of Africa, the future for U.S. soybean exports continues to be bright. I hope you enjoy this issue of the Review and as always, please don't hesitate to let me know if you have questions or want to learn more about the efforts of the Iowa Soybean Association.

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The Other Insurance

e recently received nearly 400 policy surveys from our members, offering direction for our legislative priorities for 2018. It’s a farm bill year, and our surveys verified that crop insurance ranks high on farmers’ priority lists for those negotiations. But somewhat surprisingly, another insurance issue emerged from those 400 members — the cost to farm families for health insurance. More than 40 percent of those responding said they were paying for family policies out of their own pockets rather than receiving the benefit from an off-farm job. Their average premium cost for a family of four was $17,000. And most indicated that their premium was set to double in 2018—or that the policy would no longer be available and they would have to search for a new one. We’re hearing from our younger members that paying $20,000 to $30,000 in annual premiums for family health insurance that may have deductibles and out-of-pocket maximums totaling more than $15,000 is an issue they need help with. Most farmers don’t qualify for a premium subsidy (the cutoff line is about $40,000 in annual income). They also know they need catastrophic insurance to cover accidents and unexpected illness. But paying $40,000 to $50,000 up front before they receive any benefits—especially with crop prices at current levels — seems pretty catastrophic on its own. With Iowans down to possibly one insurance provider in the individual market, prospects for relief next year don’t look bright.

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The Iowa Soybean Association (ISA) doesn’t have policy on health insurance for farm families. As an organization, we try to stay focused on issues that include a soybean in the mix. But hearing stories around the state at district meetings from some of our younger farmers as well as from those not yet eligible for Medicare has given us a reason to look at the issue. While on our Washington, DC visit last summer, one of our younger directors shared his family’s health insurance problems with Sen. Joni Ernst. She sees the urgency of the issue. Forty years ago, I went to work as a teacher primarily to gain access to a group health insurance policy for my family. Thousands of farm spouses still do. But with 40 percent of our survey respondents telling us they don’t have that opportunity, and their farm profitability is being swallowed up by uncontrolled premiums and deductibles, is there anything ISA can do to help? Farmer health insurance won’t be part of the Farm Bill. But is it time for farm organizations to weigh in? As we work through ISA’s policy process over the next few weeks, we hope to hear from more of our members about the best policy path to take.

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BOATLOADS OF BUSHELS U.S. Soybean Exports Soar By Matthew Wilde

Analysts say several factors are nited States soybean exports hit new behind the meteoric rise in soybean heights during the last marketing year. exports the last 30 years: worldwide Luckily for the nation’s farmers harvesting what’s projected to be a fourth population increase, rising incomes and protein demand, etc. But to John Baize, record soybean crop in a row, exports a nationally-renowned oilseed consultant are expected to soar even higher this from Falls Church, year. If worldwide Virginia, one thing demand continues particularly stands out. to increase, the sky “Farmers invested is the limit for sales. a lot of soybean Soybean exports checkoff money to for the 2016/17 achieve it,” Baize says. marketing year, “What we’re doing which ended Aug. today for exports is 31, are estimated John Baize phenomenal.” at 2.15 billion Only 802 million bushels. The U.S. bushels were sold to foreign buyers in Department of Agriculture (USDA) 1987, according to USDA statistics. increased the total by 50 million bushels “It’s good to remind farmers about in August based on strong end-of-the that,” Baize continues. “The world year sales. market for soybeans would not be as The government projects 2017/18 large if it wasn’t for the soybean U.S. soybean exports at 2.225 billion industry investing resources to bushels, 75 million bushels more than promote their products.” the previous year.

Rolland Schnell

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The global growth rate the past two decades is relatively stable, he continues. International soybean demand has increased 16 million metric tons (nearly 590 million bushels), on average, each of the last four years, according to Baize. The USDA predicts the increase will be 15 million metric tons (551.1 million bushels) this year. Analysts expect the growth rate to slow but demand will remain strong. Baize says an additional 80 million metric tons (nearly 3 billion bushels) of soybeans or more will be needed to feed the world by 2027. Even though Brazil and Argentina will vie for larger market share worldwide for decades to come, Baize predicts the U.S. will be just fine competing against their major rivals.

“Buyers like the quality and consistency of U.S. soybeans, and the dependability of our transportation system,” Baize says. “We will have a huge crop, but it will find a home and a price to move it.”

World's largest buyer Twenty-five percent or more of the U.S. crop will go to China, the world’s largest buyer of soybeans. The country imported about 1.1 billion bushels of soybeans from the United States during the 2015/16 marketing year, or more than 36 percent of its needs. As of early August, China exceeded that by 300 million bushels, according to Chad Hart, Iowa State University Extension and Outreach grain economist. “That’s just the growth, which is tremendous,” Hart says. “It’s like twothirds of Iowa’s production.” The USDA predicts overall Chinese imports will grow by 110.2 million bushels to nearly 3.5 billion this year, possibly higher. There’s no indication soybean exports to China, home to about 1.4 billion people, will slow anytime soon. An estimated 300 to 400 million citizens are expected to join the middle class in the next decade. Increased protein consumption typically accompanies a higher standard of living. During an historic 10-day all-Iowa ag trade mission to China in July, growth projections and associated soybean needs were reaffirmed by the government. Chinese buyers agreed to purchase more than $6.5 billion of U.S. soybeans, or about 600 million bushels, during two contract signing ceremonies before and after the trade mission. “China is looking for a reliable partner,” says Gov. Kim Reynolds, who led the delegation represented by every commodity and farm organization in the state, including the Iowa Soybean Association (ISA). One out of every four rows of Iowa soybeans end up in China, officials say. “There’s a three-prong approach to the popularity of soybeans in China: meal for animals, oil for food consumption and industrial uses and crushing for jobs,” Hart says. “I think you will see other Southeast Asia countries follow a similar path. That bodes well for us longer term.”

Brisk construction continues in Shanghai and other cities in China to house a growing population. Twenty-five percent or more of the U.S. crop will go to China, the worlds largest soybean buyer.

China accounted for nearly 58 percent of U.S. soybean exports during the 2015/16 marketing year, data shows. The European Union was a distant second at nearly 11 percent, followed by Southeast Asia at just over 8 percent. Japan, Taiwan and South Korea come in at 8 percent and North America accounts for more than 7 percent.

Opportunities abound Hart says countries to watch in the near-term as far as soybean demand are Indonesia, Malaysia and Vietnam. “There’s tremendous opportunities to grow outside of China,” he adds. Past ISA President Rolland Schnell agrees. Besides participating in the July trade mission to China, the Newton farmer discussed soybean supply and demand with a group of Southeast Asia buyers — many from Hart’s watch list — when they toured Midwest farms and agriculture facilities in early August. Countries with burgeoning economies will need more soybeans to fulfill protein and feed needs, Schnell says. “I see container shipments increasing,” he adds. In many countries, demand and infrastructure aren't available to handle cargo ships filled with bulk soybeans. Twenty-foot containers, which hold about 800 bushels of soybeans each, are the preferred method of shipment. “One of my long-term goals is to narrow the basis numbers in central

Iowa,” Schnell says. “If we can fill more containers with soybeans, I think we can do that.” Jusef Kusuma, owner of PT. Sinar Agung Agro in Jakarta, Indonesia, is doing his part. The soybean importer has dramatically ramped up purchases from the United States. Soybeans are bagged and resold to other companies to make tofu and tempe. In 2010, Kusuma bought 10 containers per month. Today, he buys 300 to 400. “U.S. soybeans are very good quality,” says Kusuma, who was part of the Southeast Asia trade group that visited Iowa this summer. “I see the demand for more protein in the future.” Indonesia is the fourth most populous country in the world. As much as demand has grown, supply has matched it and then some with record production in the U.S. and South America. With stagnant U.S. soybean demand, Hart says strong exports kept prices hovering around break even this year, though a few weather-driven price rallies provided opportunities for profit. A 20-percent drop in production in the U.S., Brazil or Argentina, given current and future demand, would likely spark a major spike in prices, Hart says. “The market wants to run, it just doesn’t know which way,” he adds. OCTOBER 2017 | IASOYBEANS.COM | 13

CHAMPION FOR IOWA AG By Joseph L. Murphy

nited States Ambassador Terry Branstad received a standing ovation from Iowa's agricultural groups as he entered a meeting room at the U.S. Embassy in Beijing on July 25. It was the first event in a week of meetings during an all-Iowa agriculture trade mission. The proceedings were historic — it was the first time all of the state’s commodity groups traveled overseas together. The purpose of the trip was to enhance relationships and create new ones between the people of China and Iowa farmers, agricultural groups and elected leaders. "Welcome to the American Embassy. We are excited to have you here," Branstad told the farmers and agriculture representatives at the start of the meeting. He said it had been a busy three

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weeks in his new position with deep dives into a wide range of issues relating to China. Branstad was flanked by the heads of the major departments at the Embassy including defense, public affairs, agriculture affairs, commercial affairs and political affairs. While his position as ambassador offers new opportunities, Branstad won't forget the tactics that made him successful and the nation’s longest-serving governor. He plans to continue the Iowa tradition of visiting every county in the state annually by visiting all of China's regions while conducting meetings with high-ranking government officials. Gov. Kim Reynolds, head of the allIowa agriculture trade mission, thanked the Ambassador for the historic meeting. "Relationships are especially important in China, and we are fortunate Governor Branstad welcomed a then-

local agricultural official from China over 30 years ago into Iowa named Xi Jinping who is now the nation's president," Reynolds said earlier in the week during tours in Shanghai and Xi'an. Those relationships have now been enriched and extended with Branstad's new role as U.S. Ambassador. "It doesn't escape Ambassador Branstad how important it is that every Iowa agriculture group is here in China," says Rolland Schnell, immediate past president of the Iowa Soybean Association. "We are here as one unit and Branstad recognizes how important that is to Iowa’s economy." The delegation hoped to further solidify with the leaders of China that Iowa is a partner in meeting mutual goals in food security, safety and sustainability. Department heads at the Embassy gave the agriculture leaders and farmers

a snapshot of issues they are working on in China. Several issues discussed were: 1. China's investment in the United States has surpassed U.S. investment in China. 2. Food consumption in China is expected to grow 25 percent by 2020. 3. China doesn't want to be reliant on any one country for goods, but U.S. soybeans are an exception. 4. The U.S. has more than $450 billion in investments in China. 5. China is pursuing an initiative to increase manufacturing of agricultural machinery. 6. A top priority in China is to be more environmentally friendly. One concern from the Iowa delegation was a perceived political instability in Washington, D.C. Ambassador Branstad assured the group that trade between the United States and China would continue to grow.

"We were assured that agricultural trade is always separate from those other issues," Schnell says. "They need us, they want us, and we don’t need to worry about issues that may come up politically affecting our trade.” That was good news for all members of the Iowa delegation, especially for participants growing and representing soybeans. China is by far the largest soybean importer in the world. The country is projected to purchase 83 million metric tons, or nearly 3.5 billion bushels in 2017-18. The U.S. markets almost 1.1 billion bushels annually. Branstad said he presented President Trump a plan to bring top business leaders to China to discuss trade barriers and possibly sign contracts. Iowa historically leads the nation in soybean production. Soybeans are a primary feed ingredient for pigs. China,

which wasn’t in the market for soybeans 15 years ago, currently accounts for 60 percent of global soybean imports. Branstad said he intends to champion Iowa agriculture in his new position. This includes getting more U.S. products into the Embassy and China. "I met with Tom Vilsack (currently president and CEO of the U.S. Dairy Export Council) about the vague rules concerning dairy imports into China,” Branstad says. “The milk we drink in the Embassy is from Australia. I'd like to see it come from the U.S.” Schnell was honored to have the opportunity to visit with Ambassador Branstad in his new role. “It is overwhelming when you step back and think about it,” Schnell says about meeting with Brandstad in China. “Most farmers don’t get an opportunity to do this; to be there and see all the things that are going on at the ground level, all the work that is being done to support agriculture. I don’t think the general farming public realizes what it takes to make excellent trade programs and how they translate into dollars in farmers’ pockets.”

“

THEY NEED US,

T H E Y WA N T U S , A N D WE DON’T NEED TO WO R RY A B O U T I S S U E S T H AT M AY CO M E U P P O L I T I C A L LY AFFECTING OUR TRADE. U.S. Ambassador Terry Branstad pauses for a photo with Governor Kim Reynolds and other members of the all-Iowa agriculture trade mission at the Ambassador's residence in Beijing. Above: Members of the all-Iowa agriculture trade mission play catch with children in the streets of Beijing while touring a market.

”

— Rolland Schnell, immediate past president, Iowa Soybean Association

OCTOBER 2017 | IASOYBEANS.COM | 15

INVESTING CHECKOFF DOLLARS

THE NEW SILK ROAD By Joseph L. Murphy

he Chinese government would like the historic Silk Road to be prominent once again, and U.S. soybeans could play an important role. Shaanxi Shiyang Group established its soybean crushing business in Xi'an, a city far from the Chinese coasts and other competitors. Preferring to rely on a strong transportation network that includes roads, river and rail, the company believes it will be best for their business to be near their customers. Sound familiar?

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It did to Gov. Kim Reynolds and other members of an Iowa Soybean Association (ISA) trade mission as they visited the company in late July. "We have a lot in common," Reynolds told Chang Qingshan, CEO of the Shaanxi Shiyang Group, while pointing to Iowa on a map on the back of an ISA business card. "We are in the center of the country far from the coasts, too." Qingshan hopes the strategic position will capitalize on the reemergence of the Silk Road, an

ancient trade route between China and the West during the Roman Empire. The road was how silk from the orients made it to Europe and how China received western goods in return. China President Xi Jinping announced in 2013 a new $900 billion trade corridor would reopen channels between China and Central Asia, the Middle East and Europe. The new Silk Road will be on land and sea, helping China boost global trade. "They don’t have as much competition in the central part of China,” says Kirk Leeds, ISA CEO. “If you look at the re-establishment of the Silk Road going north and west out of China, there are many advantages logistically."

INVESTING CHECKOFF DOLLARS

Shiyang Group was first established in 1992 and transformed into a joint stock limited company in 1999. The Group focuses mainly on farming, breeding and processing, but has integrated into other areas including the sale of soybean cooking oil. Qingshan told the Iowa trade group that 35 percent of the soybeans they crush are from the United States. "That leaves 65 percent that were not from the U.S.," Leeds says. "You have to listen to customers. At the

“

end of the day when looking at the total value of soybeans, consistency, on-time delivery and financing, China knows there is an advantage in buying from the U.S." Qingshan told the Iowa delegation he continues to be concerned with foreign material in shipments coming from the U.S. But as the Iowa group drilled into the numbers, they found the percentage was below the allowable rate for the soybeans they had purchased.

Currently, one out of every four rows of soybeans are exported to China. Jeff Jorgenson, an ISA director from Sidney, and other U.S. farmers would like that number to increase as large surpluses drag commodity prices down. “There’s no better opportunity to sell soybeans than right now," Jorgenson says. "There is affordability and plenty of supply. Obviously, we see that in the markets.”

THERE’S NO BETTER

OPPORTUNITY TO S E L L S OY B E A N S THAN RIGHT N OW. T H E R E I S A F F O R DA B I L I T Y AND PLENTY OF S U P P LY.

”

— Jeff Jorgenson, ISA director, Sidney

Iowa Gov. Kim Reynolds makes a point during a meeting with top executives of Shaanxi Shiyang Group. Reynolds, Iowa Soybean Association (ISA) CEO Kirk Leeds and other ISA leaders visited with the company that imports U.S. soybeans for their crushing operation.

OCTOBER 2017 | IASOYBEANS.COM | 17

INVESTING CHECKOFF DOLLARS

By Joseph L. Murphy

The importance of soybeans to the success of the Intensive Pond Aquaculture system is unmistakable. The Iowa Sobyean Association used checkoff funding and other partnerships to establish a farm in China to test the technology that utilizes a soy fish diet to produce high quality fish protein.

AQUACULTURE TRANSFORMED By Joseph L. Murphy

wo thousand years of aquaculture in China was revolutionized by one simplistic system developed by the U.S. soybean industry and supported with an investment by Iowa soybean farmers. Thatâ&#x20AC;&#x2122;s the takeaway soybean leaders celebrated while visiting the first Intensive Pond Aquaculture (IPA) farm in China as participants on an all-Iowa ag trade mission July 19-28. Without a checkoff investment by the Iowa Soybean Association (ISA), that success may never have been realized, says ISA Director Jeff Jorgenson. "With nearly 40 percent of China's imports coming from the U.S., the

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IPA system is going to enhance fish production into a higher inclusion of soybean meal in fish diets," he says. "The investment by soy checkoff dollars again will turn into more Iowa soybeans being utilized around the world." The new technology creates a system that produces healthier fish and uses fewer resources while being fed sustainable soy. The ISA, in partnership with the U.S. soybean industry, funded research to develop the IPA system, which has been provided to China in a technology transfer. The IPA system has been proven to triple the yield of farmed fish in existing Chinese ponds while

greatly reducing the environmental impact. "Iowa soybean farmers were the first to sponsor this technology. We are very appreciative for their generosity and support," says Jim Zhang, United States Soybean Export Council (USSEC) program manager for aquaculture in China. IPA technology requires minimal modification to existing ponds and creates a zero water discharge system that increases yield with no negative impacts on the environment. Water is diverted around the pond to keep it mixed. Fish are housed in concrete pens that have screens on the front and back. The circulating water creates a current that mimics the natural habitat of fish while also removing waste manure. Other species of fish are contained in the ponds outside of the pens to feed off the nutrients.

INVESTING CHECKOFF DOLLARS

THE ISA IN PA R T N E R S H I P WITH THE U . S . S OY B E A N I N D U S T RY F U N D E D R E S E A R C H TO D E V E LO P T H E I PA SYS T E M . Iowa Gov. Kim Reynolds throws a handful of fish food into an Intensive Pond Aquaculture (IPA) tank located near Shanghai, China. The Iowa Soybean Association invested checkoff dollars to develop IPA.

The IPA technology also allows Chinaâ&#x20AC;&#x2122;s limited water resources to be conserved and recycled. Excess waste can also be removed and used as fertilizer or biofuels. "In 2013 when the project started, there were only three cells. Now there are over 3,000 cells in China with the total construction investment, not mentioning the operational investment, worth around $44 million," Zhang says. The sky could be the limit for the new technology. Zhang believes the number of fish raised using the IPA

system could double in the next five years. "This technology helps break the bottlenecks that face China's aquaculture including labor, water, environment and food safety." Iowa Gov. Kim Reynolds, who led the delegation, toured the site and fed some of the thousands of carp species raised on the farm. "I'm extremely proud of the ISA to think that they were the original investor in this IPA," says Reynolds. "It is a win-win. Our farmers benefit from

the increased use of soy, and these farms are reducing costs and expanding." Karey Claghorn, Chief Operating Officer for the ISA, also toured the aquaculture farm powered by U.S. soybean meal. "IPA has revolutionized the industry. It changed the way they could look at their in-pond systems," she says. "It allows them to improve water quality and environmental footprint. It was an exciting investment for us and it has worked out."

OCTOBER 2017 | IASOYBEANS.COM | 19

INVESTING CHECKOFF DOLLARS

SOY LIVES

HIGH ON THE HOG: SWINE INDUSTRY DRIVES SOYBEAN DEMAND By Matthew Wilde

ore Iowa soybeans are destined to walk off the farm as pork processing and production grow to meet export demand. Nearly 120.5 million bushels of soybeans were fed to more than 44 million head of hungry hogs in the state last year, according to the latest National Pork Producers Council state impact studies. Pigs consumed nearly 2.9 million tons of soybean meal. Industry officials and economists are confident those numbers will increase as people eat more U.S. pork worldwide. Twenty-six percent of the nation’s pork production was consumed by customers outside of the country in 2016, industry statistics show. The U.S. Meat Export Federation reports exports for the first half of 2017 at 966,195 metric tons, up 11 percent from a year ago. “There’s no doubt our production will grow at a responsible rate to meet demand, which means more soybean meal and corn will be consumed,” says Pat McGonegle, Iowa Pork Producers Association executive director. “With lower margins associated with crop production, adding more pigs comes at a good time.”

Farmer benefits More like the perfect time for Grant and Nicole Woodley of rural Clarion. The couple returned home to farm with family in 2015 after seven years of being full-time pastors in Des Moines. If it wasn’t for raising hogs, the Iowa Soybean Association (ISA) members say

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they wouldn’t have been able to fulfill their dream of farming full-time. Even though Grant jokes he and his wife still have “lucrative” part-time pastor jobs, it would have been difficult to make ends meet now only raising soybeans and corn. The Woodleys' operation consists of 1,100 mostly rented acres and two 2,400-head swine finishing buildings. The couple contract feeds for the Hanor Family of Companies, with operations in seven states. “It was a scary proposition going on our own this year,” Grant Woodley says. “Adding livestock was a key component to furthering the operation by building equity, providing monthly income and valuable nutrients for our corn.” The family has turned the buildings two times since October of 2016, when construction was finished. A third group of pigs arrived in late August. The finished hogs are processed at the Triumph Foods plant in St. Joseph, Missouri. Most of the meat is shipped to Japan, Woodley says. “Adding the livestock was totally dependent on opportunities for trade,” he adds. “That international relationship is key to Hanor being able to offer me the contract price they do. My

success depends on their success.”

Pork progress Even though the Woodleys raise hogs for Hanor, they are vocal supporters of the Prestage Farms of Iowa pork processing plant being built south of Eagle Grove. The $240 million facility is on track to open in the late fall of 2018. The 900-plus good paying jobs and associated economic boost is a boon for the region, they say. The plant will initially slaughter

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10,000 hogs a day — 60 percent owned by Prestage and 40 percent from independent farmers. The company has 800,000 finishing spaces in Iowa. Woodley believes added competition from packers will boost hog prices, which will encourage farmers to expand herds. It may also help future contract negotiations, he says. More hogs will likely increase local commodity prices. “The value as a grain farmer is building a local market to add value here by feeding soybeans and corn,” Woodley says, noting his grain is mostly processed into hog and chicken feed. “Our grain doesn’t go far.” Prestage, based in North Carolina, is one of several companies building new pork processing plants or recently opened new facilities. Others include: • Seaboard Triumph Foods in Sioux City opened in September. It will initially slaughter 10,500 hogs per day. • Clemens Foods Group in Coldwater, Michigan, opened in September. It will slaughter 11,000 head per day. • Prime Pork in Wyndom, Minnesota, opened in April. A former beef processing plant, the renovated facility can slaughter up to 6,000 head of hogs per day. • Moon Ridge Foods in Pleasant Hope, Missouri, opened in 2016. The facility will process 600,000 hogs annually. According to news reports, 30 percent of its finished product will be shipped to new markets in Asia. “The plants being built to process pork are designed to get the product out of this country,” says Chad Hart, an Iowa State University Extension and Outreach economist. “That’s where we’re growing.”

Pork and beans: a winning combination It’s inevitable, Hart adds, that more hogs will be raised. There were 22.9 million hogs and pigs on Iowa farms as of Sept. 1, up 3 percent from the previous quarter and the previous year, according to the latest U.S. Department of Agriculture Hogs and Pigs Report. The state’s breeding herd, estimated at 980,000 as of Sept. 1, is the same as the previous year. As economies and incomes grow in Asia, the Pacific Rim and other areas, more pork is being consumed. That’s not the case in the U.S., where per-capita consumption averages about 50 pounds. That's slightly more than during the Great Recession, but similar to the early 2000s. Dr. Ron Prestage says burgeoning exports are the primary reason his family is investing hundreds of millions of dollars to build their first pork processing plant.

“I think there’s tremendous opportunities, especially in emerging economies, for us to grow our markets,” Prestage says. “That’s good for soybean and corn farmers.” Last year Prestage Farms purchased 425,000 tons of soybean meal (18 million bushels of soybeans) and 52 million bushels of corn to feed hogs and turkeys. Prestage is confident the U.S. will be a major supplier of pork as demand rises worldwide. The top importers of U.S. pork are Mexico, China, Hong Kong, Japan and Canada. The Trump administration recently struck a deal with Argentina to reopen its border to American pork, which was closed since 1992 because of mitigation requirements and other sanitary issues. “Our optimism is based on the efficiency of the U.S. pork and grain farmer,” Prestage says. “We have the infrastructure, grain and ability to produce meat more efficiently and affordably than anyone else.”

Grant Woodley and his wife, Nicole, of Clarion constructed two hog barns to build equity and provide another source of income on the farm.

OCTOBER 2017 | IASOYBEANS.COM | 21

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STC LO O K S

NORTH OF THE BORDER TO S H I P S OY B E A N S By Matthew Wilde

hen it comes to exports, farmers don’t want to put all their soybeans in one or even a few baskets. Soy Transportation Coalition (STC) leaders toured Canadian ports and rail facilities in August. The group explored if soybeans and soybean products could be economically and efficiently hauled to ports in Vancouver and Prince Rupert for export. STC Executive Director Mike Steenhoek says diversifying shipping is always good to increase competition, reliability and ultimately farmer revenue. “I (and STC leadership) believe in the cardinal rule of not placing all your eggs in one basket,” Steenhoek says. “You always explore opportunities to diversity the supply chain. Not only multiple modes of transportation and locations in the United States, but other countries including our neighbors to the north.” Three million metric tons of U.S. soybeans, or 110.2 million bushels, were exported via licensed elevators in Canada in 2015/16 marketing year,

22 | OCTOBER 2017 | IASOYBEANS.COM

most via containers, says Tim Timmer, regional manager of the Canadian Grain Commission. That's an extremely small percentage considering the United States exported an estimated 2.1 billion bushels during the 2016/17 marketing year, data shows. Steenhoek says the probability of more U.S. soy heading north of the border for export is promising. “I anticipate Canadian ports, particularly along the West Coast, will increasingly be regarded as a launching point for U.S. soybean and grain exports,” Steenhoek says. “Whether loaded into containers or bulk ocean vessels, the ports of Prince Rupert and Vancouver, in particular, are attractive options given their reliability, closer proximity to China and the Pacific Rim and access to competing railroads. “The Soy Transportation Coalition looks forward to exploring and promoting this potential with the goal of enhancing our international competitiveness and the profitability of the U.S. soybean farmer.”

Competition Fifty-eight percent of U.S. soybean exports — an estimated 1.25 billion bushels during the last marketing year, government data shows — are shipped from the Gulf of Mexico. Much of the rest is loaded from ports in the Pacific Northwest, such as the Port of Grays Harbor in Washington. A small percentage leaves in containers from ports on each coast. Limited export options can be costly, officials say.

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Soy Transportation Coalition • Based at the Iowa Soybean Association in Ankeny • Established in 2007 • Focuses on soybean transportation issues • Made up of the American Soybean Association, the United Soybean Board and 13 state soybean organizations: Iowa, Illinois, Indiana, Kansas, Missouri, Kentucky, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota, Tennessee.

A lock and dam failure or flooding on the Mississippi River has and can occur, backing up barge traffic and the bulk of soy exports. Research indicates the current backlog of high-priority maintenance, like repairing crumbling concrete walls and rusty gate mechanisms, at nearly $9 billion. Any unplanned, longterm closing of certain locks could compound transportation costs and result in a drop of 44 cents per bushel for soybeans, according to U.S. Department of Agriculture studies. Labor unrest and railroad issues have caused shipping uncertainty at times, which could force customers to source soybeans elsewhere. In 2015, a nine-month labor dispute at ports from Seattle to San Diego slowed the flow of U.S. exports. Unions representing port and maritime workers approved a threeyear contract extension this summer eliminating the possibility of any nearterm disruptions, but the possibility exists in the future.

“

Mike Steenhoek, STC Executive Director

It’s not uncommon for harsh winters to delay or slow trains filled with commodities from the Midwest heading to the West Coast. Competition for rail, such as oil from the North Dakota, has slowed or driven up transportation costs in the past. Even though the United States has the most efficient and reliable transportation system for shipping soybeans in world, based on STC studies, board members say it’s prudent to examine every avenue. “It’s all about options,” says Robb Ewoldt, STC and ISA board member from Blue Grass. He lives 4 miles from the Mississippi and all his soybeans head down the river to market. Yet, Ewoldt knows it’s not smart to totally depend on it. “We always have to expand ways to transport soybeans,” he says. “If a lock goes down, a hurricane hits Louisiana or labor issues arise again at West Coast ports, we need other routes to ship commodities.”

Oh, Canada? Canadian transportation experts say the nation is ready to help. They filled farmers in about opportunities and challenges of accommodating bulk and containerized U.S. soybean shipments. The ports of Vancouver and Prince Rupert have grain storage capacity for 900,000 metric tons and 210,000 metric tons, respectively, with eight licensed grain handling terminals. Each can load Panamax-size ships or larger. A new grain terminal with 48 silos is under construction in Vancouver that will add several million metric tons of capacity. Port Rupert, a more remote facility, has plenty of room to expand. Canadian National Railway Co. (CN) serves both ports while Canadian Pacific Railway (CP) only goes to the Port of Vancouver. The railroads provide different options to deliver unit trains full of soybeans from the U.S. to Canadian ports, officials say. Different track is used compared to lines that serve California and Pacific Northwest export terminals.

I A N T I C I PAT E C A N A D I A N P O R T S W I L L I N C R E A S I N G LY

B E R E G A R D E D A S A L AU N C H I N G P O I N T F O R U . S . S OY B E A N

”

AND GRAIN EXPORTS.

— Mike Steenhoek, STC Executive Director Photo Credits: Matthew Wilde

OCTOBER 2017 | IASOYBEANS.COM | 23

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[ Continued from page 23 ]

Both railroads have extensive track in the U.S. and serve hundreds of grain elevators in the Midwest. “If there are opportunities (to ship more U.S. soybeans for export), I’m very open to hearing them. Diversification of (export) gateways is important,” says Lonny Kubas, CN director of marketing. “We’re committed to the Midwest.” The challenge of increasing U.S. soy exports from Canadian ports is convincing grain companies with export terminals to do so instead of handling only their grain. Jarad Farmer, a grain executive with CP, believes that’s starting to occur. He projects more U.S. soy will move through Canadian ports to Asia and the Pacific Rim soon. CP hauls about 15,000 to 20,000 rail hoppers full of soybeans a year, Farmer says. The vast majority go to export terminals on the West Coast. “I think the border is going away,” Farmer adds, referring to more U.S. soy potentially heading north. “Once the new elevator at the (Vancouver) port is done, it will change the way everyone thinks. “Canada is definitely growing as far as exporting soybeans,” he continues. “We would love to move more from the U.S.” Joe Morken, a member of the North Dakota Soybean Council and STC Board, would like that, too. The Casselton, North Dakota, farmer says having more options to meet customer demand benefits all U.S. soybean producers. STC studies show competition exerts downward pressure on

New cranes were recently installed at the Port of Prince Rupert in Canada. The facility may become a hub for containerized U.S. soybean shipments.

transportation rates and makes U.S. soybeans more competitive. “It’s an extension of our competitive advantage,” Morken says. Dave Walton, ISA Board member and STC representative from Wilton, sees great potential exporting beans from Canada. “If transportation costs are reduced, that should translate to lower basis,” he said.

Advantage Canada It only takes 10 days for a cargo ship to reach China from the Port of Vancouver and eight days from Prince Rupert.Since the country is the United States’ primary customer for soybeans, ISA Chief Operating Officer Karey Claghorn says it’s good business to

It takes ships leaving Canadian Pacific Northwest ports one-third the time to reach China than vessels sailing from the Gulf of Mexico.

24 | OCTOBER 2017 | IASOYBEANS.COM

explore shipping more beans from the ports. It takes 30 days for soybeans to arrive in China from the Gulf of Mexico and Brazil, the United States’ chief competitor. However, getting soybeans to Canadian ports from soybean growing states, most likely west of the Mississippi River due to proximity to rail lines, would have to be factored in to overall shipping costs. A feasibility study may be needed to determine if using Canadian ports makes sense, Steenhoek adds. “We want to make U.S. and specifically Iowa soybean farmers more competitive and this could do the trick,” Claghorn says. “As farmer leaders think about the needs of fellow producers and future research, learning missions such as this give them great perspective.”

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PRINCE RUPERT EYES U.S. SOY BUSINESS

“

By Matthew Wilde

C A N A DA

I S D E F I N I T E LY G R OW I N G A S FA R AS EXPORTING S OY B E A N S . W E WO U L D LOV E TO M OV E MORE FROM THE U.S.

”

— Jarad Farmer, grain executive, Canadian Pacific Railway

Robb Ewoldt (left), Joe Morken (center) and Mike Steenhoek discuss shipping options from Canada.

he Port of Prince Rupert is on the verge of giving soybeans the royal treatment. Few U.S. soybeans currently pass through Canada’s newest export terminal, but officials and farmers hope that’s about to change. Ray-Mont Logistics opened a new grain transloading facility last month to quickly unload unit trains full of soybeans, wheat and other crops into containers for customers overseas. It’s the latest of many improvements at the port, which celebrated its 10th anniversary in August. Prince Rupert officials and farmers hope upgrades and natural amenities will make the port a major transportation hub for containerized soy shipments. Soy Transportation Coalition (STC) leaders toured the port in August to learn if it’s a viable option to ship soybeans to international markets. STC Executive Director Mike Steenhoek believes it is. Many customers in Asia and the Pacific Rim, such as Vietnam, Indonesia and Thailand, prefer to buy smaller quantities of soybeans shipped in containers due to logistics, demand, identitypreservation and other requirements. A 20-foot container holds about 800 bushels of soybeans. “Prince Rupert has ambition to grow and the ability to do it,” Steenhoek says. “It could be another artery to our customers, particularly in Asia.”

Location, location, location Prince Rupert is 500 nautical miles closer to Asia than other West Coast ports, meaning less transit time and cost. On average, it takes about eight days for a ship to reach Asia from the port compared to 10 days from Vancouver and 30 days from the Gulf of Mexico or Brazil, port officials say. Located 500 miles northwest of Vancouver in British Columbia, Prince Rupert has a naturally deep harbor that can accommodate the largest container ships afloat with no dredging needed. Plus, officials say the mountainous topography protects the port from storms. The bay doesn’t freeze to allow year-round access for ships. Photo Credits: Matthew Wilde

Brian Friesen, the port’s marketing manager, told STC leaders the facility is poised to do more soybean business. “We have a lot of empty containers going on ships (heading back to Asia). That’s why we need you to fill them up,” Friesen told soybean farmers. “There’s a cost advantage doing it. The vision for the future is to optimize the supply chain by coming through Prince Rupert.”

Poised for growth The Port of Prince Rupert is expected to handle 800,000 20-foot cargo containers (TEUs) this year. An expansion is underway to increase capacity to 1.3 million TEUs. Plans are in the works to double that amount by 2022. Containers arrive from Asia filled with everything from electronics and auto parts to household goods and leave filled with grain, lumber and other products. Canadian National (CN) Railway serves the port. It takes about five days for trains to go from Chicago to Prince Rupert, company officials say. It serves grain elevators throughout the Midwest, including Iowa. CN track runs east to west along Highway 20 and branches off toward Omaha and Waterloo. Lonny Kubas, CN director of marketing, says plenty of capacity exists to increase grain shipments to the port. The company is adding track and rail yard capacity at the facility. “With facilities being added, that will add a new dynamic to Prince Rupert,” Kubas says. “It’s the most efficient port we have.” The container terminal recently added another berth for ships and a logistics park is being developed. Port Rupert’s size is also an advantage. Friesen says about one-quarter of the city’s 12,000 citizens work at the port. The community is motivated to keep goodpaying jobs and grow the facility. There’s plenty of green space available for future expansions, which isn’t always the case in large urban centers like Vancouver. “I’m amazed by the growth at Prince Rupert,” says Robb Ewoldt, STC and Iowa Soybean Association Board member from Blue Grass. “Midwest farmers can be part of that. Expanding export opportunities improve our competitiveness.” OCTOBER 2017 | IASOYBEANS.COM | 25

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GETTING TO KNOW GOVERNOR REYNOLDS By Carrie Laughlin

overnor Kim Reynolds knew she had big shoes to fill when Terry Branstad, Iowa’s former and longestserving governor, was confirmed as the United States Ambassador to China. With a job that doesn’t allow for much “new employee orientation,” Reynolds worked to make the transition for Iowans as smooth as possible. Coming off a recent, all-agriculture trade mission to China, Reynolds reflects on her first few months as governor and what she hopes to accomplish for Iowa agriculture.

How do you plan to support Iowa agriculture in the coming year? “Passing a water quality bill is imperative this legislative session. We already have the Nutrient Reduction Strategy (NRS) in place to serve as our roadmap in identifying and implementing best practices and 26 | OCTOBER 2017 | IASOYBEANS.COM

ensuring accountability. But we need long-term, dedicated funding to enable us to scale those best practices outlined in the NRS. “By leading on this issue, we have the opportunity to modernize Iowa’s ag infrastructure, create jobs in rural Iowa and promote collaboration between urban and rural communities. Water quality affects us all, regardless of where we live.”

What are some challenges affecting Iowa farmers and how do you plan to tackle them? “Iowa’s farmers have the incredible ability to increase production while reducing impact on natural resources. But the markets that exist today can’t consume this increased production. “It’s critical we negotiate trade agreements allowing Iowa’s globallybranded, safe, reliable, quality products to continue moving beyond our borders. “Renewable fuels markets also

impact the bottom line of farmers and rural Iowa. The state’s biodiesel industry is running at just over 50 percent capacity. We can increase production, and Renewable Fuel Standard (RFS) volumes should reflect that. “I will continue to advocate tirelessly for increased trade and renewable fuels because Iowa’s farmers have demonstrated they are able to feed and fuel the world.”

What's been most rewarding in your role as governor? “Iowans were promised a seamless transition, and I believe we’ve kept our word. “It was a privilege to represent Iowa in China on the first ever all-agriculture trade mission and secure many highlevel meetings. The access we were given really speaks to the depth of the relationship our state has and continues to have with the country. “I’m also humbled by all the positive feedback I’ve received from young girls and women about being Iowa’s first female governor. The gravity of my responsibility is not lost on me, and I strive every single day to be the role model they need and deserve.”

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AG’S ONE WATER FUTURE By Michelle Jones

ater is the lifeblood of every living thing and is critical for production agriculture. As the industry faces challenges of adequate water supplies, nutrient loss and erosion, how does agriculture fit within the "One Water" approach? During the 2017 One Water Summit in New Orleans, a session titled "Embracing the Transformation: One Water and Sustainable Agriculture" highlighted ways agriculture can engage in the One Water movement. “Water influences farmers’ productivity, their ability to make a profit and their impact on natural resources,” says panelist Roger Wolf, Iowa Soybean Association Director of Environmental Programs and Services. “These upstream impacts are felt by farmers every year. They have no choice but to farm in the face of whatever the weather is going to do. We also know that there are impacts downstream.” The panel discussed innovate ways to advance large-scale adoption of conservation practices.

Wolf discussed the watershed planning approach used in parts of Iowa. It involves farmers and community leaders identifying goals — increased profitability, reduced nutrient loss, increased habitat, reduced flooding, etc. Using the science in the Iowa Nutrient Reduction Strategy and planning tools, conservation practices can then be targeted to specific locations in the watershed where they will have the greatest impact to the meet the desired goals. In many cases, plans are built on a 20 or 30-year timeline. “It’s going to take many years to implement this kind of work,” Wolf says. “It’s also going to take significant funding. We have to have a financing mechanism to scale up watershed work.” From a financial angle, Wolf mentioned the concept of upstreamdownstream partnerships. He says the water entities downstream can more affordably implement practices upstream in the landscape versus

adding more nutrient removal technologies at the water utility. As an example, Wolf discussed how Iowa cities are using the Clean Water Revolving Loan Fund to implement practices outside their normal city boundaries —up in the watershed. “The Iowa Finance Authority adjusts the interest rate, so the cities that enter into a project pay the same amount of money,” Wolf says. “But with the interest rate savings, we’re able to take that money and apply it to implementing the watershed plan.” It’s that kind of working together and collaboration that Wolf thinks is necessary to reach the goal. “All these issues — whether it’s nutrients, flooding, drought, upstream, downstream — we’re all in this together,” Wolf says. “It’s the whole package. We have to have all these pieces working together for agriculture to be more sustainable. It has to be about being better in the future.”

OCTOBER 2017 | IASOYBEANS.COM | 27

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COMMON PESTS PERSIST AND SURPRISE By Allison Arp

he Iowa Soybean Association (ISA) On-Farm Network® has criss-crossed the state time and again this year conducting insect pest surveys. For the second year, corn rootworm (CRW) levels were tracked. And for a fourth year, soybean cyst nematode (SCN) surveys were conducted. Unlike data collected the previous years, the levels this year were surprising to experts. “Compared to last year, both CRW and SCN numbers are higher across the state,” says Rich Stessman, operations manager for ISA. “We encourage all farmers to scout their fields and determine what the pest pressure is on their operation.”

Corn rootworm Northern CRW and Western CRW numbers were high in some areas of the state compared to last year’s survey (Figure 1). Experts say this may be because dry weather was favorable to larvae production and survival. Surprising the team this year was the number of Northern CRW hatched on corn-after-soybean fields (Figure 2), a pattern ISA experts think could reflect the extended diapause, or period of suspended development in insects. “Northern CRW have the unique

SW I TC H I N G TO CO R N F O R A S I N G L E Y E A R C A N R E D U C E S OY B E A N C YS T M E N ATO D E P O P U L AT I O N S BY

50 PERCENT.

28 | OCTOBER 2017 | IASOYBEANS.COM

ability to lay dormant for a year between growing seasons,” says Stessman. “The ability to adapt to a crop rotation the way the Northern beetle does has already become problematic for some Iowa farmers.” The harm of CRW beetles is the physical damage they do to the plant. Silk clipping, root damage, early on-set stalk rot and lodging are just a few of the issues that can arise from severe feeding. While all farmers in the study who decided to control their CRW populations with a well-timed

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BEETLES/TRAP/DAY insecticide got a good kill, most farmers chose not to spray. This is the second year of this study sponsored by Monsanto and AMVAC. The ISA On-Farm Network plans to conduct a similar study next year to further determine pest patterns.

Soybean Cyst Nematode One of the biggest yield robbers in soybean production is SCN and that problem doesn’t appear to be going away any time soon. SCN has been a problem since the early 90s. Until now, SCN has been managed using resistant genetics, such as varieties with PI88788. According to Iowa State University (ISU), SCN seems to have adapted to PI88788 resistance as evidenced by higher rates of reproduction. Farmers who have seen a resurgence of SCN have a couple of options. Switching to a Peking variety is one, but there are also new seed treatment products on the market specifically targeting

nematodes. A more common practice is adding a corn-soybean rotation. “Switching to corn for a single year can reduce SCN populations by 50 percent,” says Greg Tylka, ISU professor and nematode expert. “Multiple years of corn doesn’t increase the amount of reduction, but the first year really makes a difference.” It should be pointed out that when enrolling fields into the SCN survey, farmers were asked to pick fields where they thought they had an SCN problem. Therefore, the numbers may be higher than the average field. Regardless of the pest being dealt with or what the plan of action to combat it is, there is one practice that all the experts can agree on. “You have to scout meticulously, especially if you already suspect there is an issue," says Scott Nelson, ISA On-Farm Network director. “Scouting is a must.”

1-2

Figure 1. Corn rootworm populations across all rotations and species. Trap counts greater than 2 beetles per trap per day are considered above the economic threshold.

1-2

Figure 2. Northern corn rootworm populations in first year corn. Trap counts greater than 2 beetles per trap per day are considered above the economic threshold.

C O M PA R E D TO L A S T Y E A R , B OT H C O R N R O OT WO R M A N D S OY B E A N C YS T N E M ATO D E NUMBERS ARE H I G H E R AC R O S S T H E S TAT E . On-Farm Network's Rich Stessman assesses a corn rootworm beetle trap. This trap, like many across the state, revealed CRW populatins above ISU's recommended threshold.

OCTOBER 2017 | IASOYBEANS.COM | 29

The Last Word Editor’s Notes by Ann Clinton aclinton@iasoybeans.com

The Numbers Tell the Story

s combines are rolling through the fields, everyone is anxious to hear the final numbers. It would be nice to see Iowa topping the charts again in soybean production, but this year’s growing season has been extremely variable. It’s simply hard to know what to expect. In fact, as I write this, Bill Shipley, the newly elected president of the Iowa Soybean Association (ISA), is sitting near me analyzing the latest crop report. The numbers in the report are unexpected. That’s hardly a surprise. In fact, it’s a surprise when we aren’t surprised; But I don’t have to tell you that’s the nature of our business. In the world of the Iowa Soybean Review, I don’t like to be surprised. I like to know all there is to know about its content offerings, relevance, advertisers and most importantly, its readership. Numbers tell the story. Earlier this year, the Review conducted a comprehensive readership survey. Perhaps you received the questionnaire and responded. If you did, my heartfelt appreciation. I heard you. You said you wanted to learn more about topics such as herbicide and fungicide technology, international demand, new uses and conservation. I listened.

MORE THAN

50%

of readers have taken some action within the past 12 months as a result of seeing advertising in the Iowa Soybean Review.

This issue, was focused on the state of trade. The editorial team covered the globe to bring you answers to questions that can only come from the experts. For example, as you read about the future of agricultural trade with China, the reporting was a result of our Iowa farmers sitting down with Ambassador Terry Branstad in China. It’s hard to get much closer to the source than across the table. Furthermore, we're compiling stories for our November issue of the Iowa Soybean Review. That magazine will be an overview of new uses for soybeans. While biodiesel may not be “new” per se, it is yet to be used by the majority of farmers in Iowa. Why? We'll share examples and have some new suggestions on how to make the transition easier for you. Take a look at the summary of our readership results. Are they reflective of your operation? Do you disagree with something we learned? Let me know. Talk to me. I will ensure your checkoff investment is heard throughout the pages of the Iowa Soybean Review.

ALMOST TWO-THIRDS

of recipients are thorough readers who normally read one-half or more of each issue, with an average reading time of 33 minutes/issue.

ALMOST

98% of readers own or operate a farm or ranch. The average size of their farm is

1,061 ACRES.

60%

of recipients are regular readers who have read at least 3 out of the last 4 issues.

Source: Iowa Soybean Review Readership Survey, June 2017

AVERAGE OF 1.3

readers per copy of the Iowa Soybean Review.

OCTOBER 2017 | IASOYBEANS.COM | 31

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