Iowa Soybean Review | November 2023 by Iowa Soybean Association

November 2023

Harvesting Global OpportunitieS

IOWA SOYBEAN REVIEW® | 1

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Board of Directors Paul Kassel, Spencer | D1 April Hemmes, Hampton | D2 Sam Showalter, Hampton | D2 Rick Juchems, Plainfield | D3 Marty Danzer, Carroll | D4 Corey Goodhue, Carlise | D5 Dave Struthers, Collins | D5 Robb Ewoldt, Davenport | D6 Dave Walton, Wilton | D6 Scot Bailey, Anita | D7 Lee Brooke, Clarinda | D7 Warren Bachman, Osceola | D8 Pat Swanson, Ottumwa | D9 Tim Bardole, Rippey | At-Large Aimee Bissell, Bedford | At-Large Sharon Chism, Huxley | At-Large American Soybean Association Board of Directors Steph Essick, Dickens Wayne Fredericks, Osage Morey Hill, Madrid Jeff Jorgenson, Sidney Pat Swanson, Ottumwa Dave Walton, Wilton United Soybean Board of Directors Tim Bardole, Rippey Robb Ewoldt, Davenport Lindsay Greiner, Keota April Hemmes, Hampton Brent Renner, Klemme Staff Credits Editor | Bethany Baratta CO of Strategy & Brand Management | Aaron Putze, APR Creative Design Coordinator | Susan Langman Photographer | Joclyn Bushman Writer | Jeff Hutton Writer | Kriss Nelson Communications Specialist | Joseph Hopper Public Relations Manager | Brock Johnston Iowa Soybean Review is published monthly by: Iowa Soybean Association 1255 SW Prairie Trail Parkway, Ankeny, Iowa 50023 (515) 251-8640 | iasoybeans.com E-mail: bbaratta@iasoybeans.com For advertising information contact Bethany Baratta at (515) 334-1020 or bbaratta@iasoybeans.com. Comments and statewide news articles should be sent to the above address. Advertising space reservations must be made two months 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.

NOVEMBER 2023 | Vol. 36, No. 2

Path to Farm Bill Passage Will the 2023 Farm Bill be passed this year? ISA Senior Director of Public Affairs Michael Dolch spells out what’s at stake.

Open for Business Global customers visit Iowa soybean farmers seeking information, conf irmation of U.S. soybean market.

Quiet Giant India surpassed China in population. What does this mean for soybean demand?

Delivering Conservation Programs to Iowa Farmers ISA Director of Conservation Roger Wolf explains how ISA’s Research Center for Farming Innovation helps implement, grow conservation efforts in Iowa.

On the Cover: Soybeans grow on Lane Volkert’s farm near Holstein. The ISA member shares lessons and parallels between farming and his military involvement during the Vietnam War. See Stars, Stripes and Soy on Page 30.

IOWA SOYBEAN REVIEW® | 3

Heart, Soul and Thankfulness Aaron Putze, APR ISA Chief Off icer, Strategy & Brand Management aputze@iasoybeans.com

“

The budget numbers you review are important, but I won’t remember any of them. What I’ll remember and treasure are the relationships.” And with that, Lindsay Greiner officially retired as an Iowa Soybean Association (ISA) director. Steph Essick, Morey Hill, Jeff Jorgenson and Chuck White joined the Keota farmer in sharing poignant farewells during an ISA board meeting held earlier this fall. Wayne Fredericks, a past ISA director, was also recognized for his service as an American Soybean Association (ASA) director. Recollections shared by retiring directors are a tradition when ISA’s farmer leaders gather each September. One by one, they take the floor to share experiences and reflect on their years of service. It’s a trip down memory lane as they tell stories about trade missions and budget discussions, soy industry milestones and approving initiatives that have ultimately flourished to the benefit of soybean farmers here at home, across the country and globally. Spouses and family members attend, plaques are presented, shutters click and tears shed. Without a doubt, September’s board meeting is by far my favorite ISA board meeting. Ironically, after pouring their heart and soul into representing fellow soybean farmers (some for a decade or more), retiring directors devote the lion’s share of their farewell addresses to giving thanks. At the top of the list is family. Serving on the ISA board requires time and attention. Farmer directors are called away from their farms and families 40-50 days a year (double that if serving as president). Inevitably, that means missed ball games, meals, birthdays, anniversaries, not to mention time away from the field for planting and harvesting. Time away diverts attention away from matters centric to the farm and family to serving the industry’s collective good. It’s a major concession, but one they readily make. Many also extend their appreciation to fellow directors. “Some of my best friends are on this board,” said Jorgenson. “These are friendships that’ll last a lifetime.” Others salute the staff they support and depend upon. “ISA is an awesome organization and I wish every farmer knew how hard employees work on their behalf,” said Essick. While giving thanks for the opportunity to serve, retiring directors encourage their colleagues to savor the moment. “As you all embark on another year — whether your first or last — enjoy your time and take advantage of the opportunities that come your way,” said Hill.

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ISA has many strengths: an entrepreneurial staff, outstanding culture, disdain for the status-quo, propensity for collaboration and a relentless drive to innovate. But what sets ISA apart is its farmer leadership. And few have done it better than Fredericks, who retired after serving nearly 15 years in state and national soybean leadership roles. “When you look at a tombstone, there’s the date you were born and the date you die,” said Fredericks, who, with the support of his wife Ruth and soybean family, has courageously battled cancer for more than a year. “And in between is the dash,” he continued. “Use that dash to the best of your advantage and don’t put off tomorrow what you should be doing and considering today.” Wise words indeed, and a call for action and thanksgiving.

Retiring directors Jeff Jorgenson, Lindsay Greiner, Wayne Fredericks, Chuck White, Morey Hill and Steph Essick.

ISA CEO Kirk Leeds with Wayne Fredericks, Randy Miller and Jeff Jorgenson.

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Rural Route 2 Editor’s Note by Bethany Baratta bbaratta@iasoybeans.com

In Thanksgiving

’m blessed to have known essentially what I’ve wanted to do for a living since middle school. I grew up watching my mom string words together to create radio advertising scripts. Decades later, a career shift meant moving from journalism to healthcare, but she snagged a position with a local newspaper to craft columns and provide freelance coverage of our community events on nights and weekends. I saw her talk to local people we knew from school or church, and I knew I wanted to do that someday. That same local newspaper (the Oelwein Daily Register) and others gave me a chance to dabble in writing and coverage when I was in high school. I continued during breaks in college, covering city council meetings, a RAGBRAI stop in our small town of 1,000, summer tornadoes and flooding. There was even a time I couldn’t get to the office in downtown Waterloo because of the rising floodwaters; a makeshift office popped up at the local community college. It wasn’t until a meeting with my journalism instructor and newspaper advisor at North Iowa Area Community College (NIACC) that it finally clicked. Mr. Peterson asked if I had thought about ag journalism. Turns out, that’s the name for the genre of publications my parents regularly read, clipped articles from and saved in the magazine rack for future reference. Other internships and experiences with community newspapers, ag associations and ag publications transpired, each having their own ag angle to pursue.

Do we choose our professions? Or are they chosen for us? I’m certain it was divine intervention. There’s a reason why the internships in bigger cities — several hours out of state — didn’t work out. And now, I know I’m where I’m supposed to be. I’m blessed to stay closely connected to my family and the farm. I’m grateful to have a talented team of writers, a photographer and a designer who carefully build this publication monthly. They devote time and attention to the subjects, thoughtfully considering how each challenge impacts you on the farm. We know we’re a resource to you, and we always want to be. In this season of Thanksgiving, I give thanks for a tremendous team and for the farmers we serve. I know how lucky I am to have faithful readers of this publication. Thank you. I appreciate how you dive into the magazine monthly. You spend time on the phone talking to me, and you loan me the buddy seat. Just as many of you have always known that farming was in your future, I’ve known that telling your stories and digging into the challenges in agriculture has been a part of mine. Thank you for being a part of my life story. Stay safe,

P.S. Have a soy question you’d like us to research? Know of someone we should meet? Email me bbaratta@iasoybeans.com or call me at 515-334-1020.

IOWA SOYBEAN REVIEW® | 7

Navigating the Path to Farm Bill Passage Michael Dolch ISA Sr. Director of Public Affairs mdolch@iasoybeans.com

n the heartland of America, where the fertile fields stretch as far as the eye can see, federal support for Iowa farmers hangs in the balance as the 2023 Farm Bill takes center stage in the political arena. This landmark legislation is crucial for the prosperity of our state’s agriculture industry, with potential implications for everything from crop insurance to conservation practices, and market access to checkoff programs. Farm bill passage and implementation have a unique timeline with serious consequences should lawmakers fail to act. Its five-year lifespan provides policymakers with an opportunity to update key programs, ensuring relevancy to current market and economic conditions. If the farm bill expires without a new bill in place or if the legislation is not granted a congressional extension by Dec. 31, all programs would return to the 1949 bill, reverting to support price programs for the limited number of commodities — excluding soybeans — covered by the 73-year-old law. This helps drive the urgency that farmers and members of Congress feel about passing a new bill or extending the current legislation. Let’s dig into the complex journey of the 2023 Farm Bill, exploring the current political dynamics, contentious issues and

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the potential impact on Iowa’s soybean farmers.

Current political dynamics As Iowa soybean farmers know all too well, the passage of a farm bill is never a straightforward process. The political landscape in 2023 is marked by a delicate balance of power in Congress. With a closely divided U.S. House and Senate, bipartisan cooperation is more critical than ever to move any legislation forward. The farm bill, traditionally a bipartisan endeavor, will require yet-to-be-seen collaboration across party lines. Key players in this legislative tango include Senator John Boozman (R-Ark.) and Senator Debbie Stabenow (D-Mich.), who hold influential positions on the Senate Agriculture Committee. In the House, a similar waltz is taking place between Chairman GT Thompson (R-Pa.), and Ranking Member David Scott (D-Ga.). The ability of these lawmakers — the four corners of farm policy — to find common ground on critical issues such as crop insurance, agricultural research funding and nutrition programs will significantly impact the bill’s fate.

Contentious issues While the farm bill has historically enjoyed broad support, several contentious issues threaten

to derail its progress this fall. One of the most significant debates revolves around funding. The Congressional Budget Office has scored the next farm bill at roughly $1.51 trillion over ten years — more than 81% of which funds the nutrition title. With additional funding unlikely, committee leaders and staff are looking at “efficiencies” in the existing farm bill, which will require a tightrope between party priorities and supporting farmer livelihoods. Another contentious issue is the allocation of funding for nutrition programs, such as the Supplemental Nutrition Assistance Program (SNAP). The ongoing debate over program eligibility and funding levels has the potential to polarize lawmakers and stall the bill’s passage. Any major cuts or policy changes would ultimately kill the bill. Lawmakers must recognize the interconnectedness of these consumer-facing programs with the agricultural sector, as they provide an essential market for soy and soy-based products.

Priorities for Iowa soybean farmers For Iowa’s soybean farmers, the 2023 Farm Bill holds several areas of interest. The bill’s provisions for crop insurance are of paramount importance, given the unpredictability of weather patterns and market fluctuations.

Scan here to learn how to positively influence policy and regulatory matters impacting the Iowa soybean industry.

Strong support for risk management programs, including higher reference prices, is essential to provide farmers with a safety net in challenging times. Research funding is critical to developing innovative farming techniques and practices that can increase yield while minimizing environmental impact. ISA is advocating for robust funding for agricultural research and development to ensure the industry remains at the forefront of innovation. The farm bill also presents opportunities to elevate the Market Access Program (MAP) and Foreign Market Development (FMD) program, trade promotion

programs that lead to increased demand for Iowa soybeans. These programs are indispensable for expanding our market reach and promoting Iowa soybeans globally. Additionally, ISA Advocates are aggressively opposing harmful anti-checkoff program amendments. Checkoff programs play a vital role in funding promotion, research and education efforts that return $12.34 in added value for every dollar invested by farmers in the soy checkoff. Protecting these programs ensures continued support and longterm competitiveness for Iowa’s soybean farmers. The journey to pass the 2023 Farm Bill is fraught with

challenges, but one that Iowa’s soybean farmers cannot afford to ignore. The bill will shape the future of agriculture in our state, influencing everything from crop insurance to conservation efforts. To ensure your voices are heard, I encourage you to engage your elected officials, advocate for your interests, and help ISA work toward meaningful, bipartisan solutions that will benefit generations to come. As the legislative process unfolds, the fate of the 2023 Farm Bill may remain uncertain, but one thing is clear: the future of Iowa agriculture depends on it.

2023 FARM BILL SCORING BREAKDOWN Source: Senate Ag Committee, Congressional Budget Office

0.03% Energy $500 million 0.1%

Misc $800 million

0.1%

Research $1.3 billion

0.1%

Horticulture $2.1 billion

0.3%

Trade $5 billion

0.7%

Admin CCC Spending $10 billion

2.3%

Inflation Reduction Act $34.7 billion

4.0%

Conservation $60 billion

4.5%

Commodity Programs $68.6 billion

6.7%

Crop Insurance $101.3 billion

81.1%

Nutrition (SNAP) $1.223 trillion

Fiscal Year 2024-2033, Total spending $1.51 trillion IOWA SOYBEAN REVIEW® | 9

OPEN FOR

IOWA SOYBEAN FARMERS HOST INTERNATIONAL VISITORS BY JOSEPH HOPPER, KRISS NELSON AND JEFF HUTTON

owa Soybean Association (ISA) farmer-members welcomed visitors from across the globe to their farms ahead of harvest. The visits were facilitated by the U.S. Soybean Export Council (USSEC) and hosted by ISA, which welcomes visitors to the state year-round. These international trade teams are typically comprised of business professionals involved in the soybean industry. “It’s important to build relationships because relationships matter when doing business,” says Grant Kimberley, senior director of market development at ISA. “People want to do business with people they know and understand how we grow our crops and the care we take with it.”

The first team to make their visit in the summer hailed from The Maghreb, the northwest region of Africa which includes the countries of Algeria, Libya, Morocco, Tunisia and Mauritania. Roger Van Ersvelde, who farms near Brooklyn, showed off his equipment, storage and examined the crops growing in the field. “I love showing what we can do in production agriculture, how we’re doing things that are positive for the environment and positive for the world by producing the amount of food we can for them,” Van Ersvelde says. Traveling from Algeria across the Atlantic Ocean and to Iowa, Abdelkader Khider, of the Khider Group, was all smiles during the

International trade teams visited Iowa Soybean Association District 4 Director Marty Danzer and his family’s farm in rural Carroll County earlier this year. Photo by Jeff Hutton.

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visit. He said the on-farm visit was an exciting experience and he enjoyed learning about the varieties of crops grown in Iowa as well as the high-tech equipment used on the farm. “I’m very happy, to see how you grow crops here and also in terms of harvesting,” says Khider. “I do believe that the equipment that you have here is better than ours.”

International dialog Teams continued to make their way onto Iowa farms through the month of August. Delegates from Japan and South Korea visited ISA District 4 Director Marty Danzer’s farm in Carroll County. ISA District 1 Director Brent Swart, former ISA Director

Danzer showcased his farming operation to visitors f rom Japan and South Korea. Photo by Jeff Hutton.

Chuck White and former ISA District 5 Director Morey Hill also hosted trade teams. For Swart, the tour wasn’t just a chance to field questions, but also an opportunity to ask visitors what they want in American soybeans? “They wanted to know how we (U.S. growers) can differentiate ourselves from China, Argentina and other meal exporters,” he says. “They probably didn’t care as much about quality as some other meal purchasers. It was really about price for them.” Swart says he was appreciative of the honesty from his guests, because as exporters, American soybean producers should want to produce a more affordable soymeal product, given the increase in interest in soy oil and crush capacity. Both Swart and Danzer say the trade tour offered clear indications of what buyers are looking for and that Iowa soybeans will be the first thing

that comes to mind when Korea, Japan and other foreign markets are looking for quality, affordable soybeans. “I certainly learned from the experience, and I believe they learned from it,” Danzer says. “The value is there,” Swart says. “Hopefully they’ll think of us first.”

Putting a face to a grain Visiting Calhoun County later that month, the China Sustainability Team were seeking to learn more about crop conditions, how they compare to the U.S. Department of Agriculture (USDA) reports and operating costs when visiting Randy Souder’s farm. Souder, a Calhoun County farmer and past ISA director, pointed out to the group that he expected lower soybean yields because of the dry conditions in his area. The prediction caught the group’s attention while they scouted soybeans, learning how to predict yields by counting pods.

Trade team delegates f rom the Maghreb region inspect ears of corn on a farm near Brooklyn. Photo by Joseph Hopper.

Wang Yabing, assistant purchasing director for Guangxi YangXiang Co., Ltd. from the Guangxi Province in China, says this was his third time visiting the United States and second visit to Iowa. “Iowa is the second largest state in soy production in the U.S., and we are grateful for the invitation,” he says. “We have a lot of demand for soybeans, and we appreciate the views on planting acreage; the information is very useful for us.” Souder and his wife Cindy have previously opened their farm to trade groups. “It’s a good experience. Not only can we share our story, but we can also learn about agriculture in their country,” says Souder. “We show them we are human. We are trying to make a living for our family, the same way they are trying to make a living for their family. It helps to put a face to the bushel of grain they receive.”

The Maghreb trade team joins Roger Van Ersvelde and ISA staff for a group photo. Photo by Joseph Hopper.

IOWA SOYBEAN REVIEW® | 11

M OROCCO

TUNI S I A

ALG ER I A

Population: 37 million

Population: 12.1 million

Population: 46 million

2021 soy imports:

2021/2022 soy imports:

Whole bean: 17,000 mt 67% U.S. soy

Whole Bean: 0.416 mmt 73.55% U.S. soy

Whole bean: 1.53 mmt 27.58% U.S. soy

Soybean meal: 620,000 mt 57% U.S. soy

Soybean Meal: 0.062 mmt

Soybean meal: 160,000 mt

Soybean Oil: 0.063 mmt

Soybean oil: 920,000 mt

Marketing opportunities:

• Supporting veterinarycontrolled poultry slaughter will help maintain poultry consumption with a growth forecast at 25% by 2035. • There is increasing awareness of carbon footprint for feed ingredients, especially by young people. Hypermarkets started pushing for organic food as well as sustainable nutrition, including nondeforestation soy.

• The poultry sector is the main consumer of soybean meal. The aquaculture sector will follow. • A growing market for dairy, meat and poultry production, which increases soy products consumption. • The aquaculture market is growing with the state providing funding to hundreds of aqua-farm projects. • Four crushing plants are already in place. Two are in production, others forecast to start late 2023. • Stable economic policy since the government changed in 2020. The government facilitates investments in the agriculture sector. • Local crush capacity is increasing and could reach around 20,000 metric tons in the next two or three years.

Soybean oil: 546,000 mt 64% U.S. soy

Marketing opportunities: • Growth and resilience in animal agriculture. Poultry production growth is forecast at 4 to 5% yearly and covers over 55% of meat consumed. • Morocco has a stable soybean meal market and prioritizes modern animal production industries. • Poultry, dairy and recently aquaculture sectors remain top priorities; growing demand attributed to rising middle class and urbanization rate.

TUNISIA

ALGERIA

MOROCCO

“ Annually, Maghreb markets are about 1 million metric tons combined between Morocco, Tunisia and Algeria. Morocco is mainly a soybean meal importer; Algeria and Tunisia have crushing plants and they mainly import whole soybeans.” rent Babb, B USSEC regional director for Europe and the Middle East/North Af rica

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CHINA

SOUTH KO R EA

JAPAN

Population: 1.4 billion

Population: 52 million

Population: 125 million

2021/2022 soy imports:

Whole Bean: 108.26 (mmt) 27.58% U.S. soy

Whole bean: 1.3 mmt 48.92% U.S. soy

Whole bean: 3.272 mmt 75.79% U.S. soy

Soybean Meal: 70.62 mmt 32.97% U.S. soy

Soybean Meal: 1.7 mmt 0.82% U.S. soy

Soybean meal: 1.73 mmt 15.02% U.S. soy

Soybean Oil: 16.59 mmt 32.48% U.S. soy

Soybean Oil: 374,000 mt 29.67% U.S. soy

Soy Food: 13.55 mmt 4.05% U.S. Soy

Soy Food: 318,000 mt 59.74% U.S. soy

Soybean oil: 3.9 thousand metric tons 16.66% U.S. soy

Marketing opportunities:

• Continuing urbanization and rising per capita income. Stable economic policy to drive GDP growth. • Growing demand for healthy and quality foods. Increasing demand for precision animal nutrition. • Increasing awareness of carbon footprint for feed ingredients as required by the government’s commitment to carbon peak/neutrality. • Emerging needs for marketing differentiation tools such as traceability and sustainability certification.

• Preference for U.S. soybean and soybean oil and an increasing interest in using high oleic soybean oil in food industry. • Continued escalation of the Tariff Rate Quota for food beans under the U.S.-Korea Free Trade Agreement. • Korean biodiesel policy mandating 3.5% blend in 2022 and 5% (B5) by 2030.

Soy food: 0.837 mmt 47.78% U.S. soy

Marketing opportunities: • Sophisticated consumer economy with strong purchasing power and desire for high-quality and innovative products. • Demand for soy, particularly in the soy food and alternative protein sectors, is increasing every year. • Increased consumer awareness and commitments by companies presents tremendous opportunity for U.S. soy.

Information courtesy of USSEC. CHINA

JAPAN

SOUTH KOREA

“ In 2021, South Korea ranked as the world’s 10th largest economy and was the second largest importer of U.S. soybean oil and of U.S. food bean. Korea is an early adopter of high oleic soybean oil.” osalind Leeck, R USSEC executive director for market access and strategy and regional director for Northeast Asia

IOWA SOYBEAN REVIEW® | 13

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INDIA

‘The Quiet Giant’ BY KRISS NELSON

arlier this year, India surpassed China as the world’s most populous country, reaching more than 1.4 billion people. And the country is only showing signs of growth. China’s population, meanwhile, is declining. “China is in significant demographic decline, which they will not be coming out of anytime soon,” says Frank Kelly, founder and managing partner of Fulcrum Macro Advisors. By the year 2100, China’s population could be as small as 500 million. Although China will remain a critical market for U.S. exports, including soy, Kelly believes little attention has been paid to the “quiet giant” of the globe, India.

Iowa Soybean Association (ISA) President-elect Brent Swart thinks market diversification when he hears about growth in a country, especially one that’s not a significant soybean buyer. According to Trade Data Monitor, India imported more than 160,000 metric tons of soy products (primarily soybean oil) from the U.S. in 2022. China meanwhile, was the U.S.’s largest export destination, importing nearly 30 million tons of soy products (primarily whole soybeans) from the U.S. “It’s exciting to be able to diversify our exports by having the potential to bring our product into a developing country like India,” says Swart, who grows soybeans and corn near Spencer in Clay County.

“ It’s exciting to be able to diversify our exports by having the potential to bring our product into a developing country like India.” Brent Swart, Iowa Soybean Association president-elect

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Participants at a feed formulators workshop learned about the attributes of U.S. soy. The U.S. Soybean Export Council (USSEC) and other cooperators created the International Aquaculture Feed Formulation Database (IAFFD), the f irst standardized, commercially viable, publicly available formulation database for aquaculture. Photo courtesy of USSEC.

A reliable soy supplier

India is the world’s largest vegetable oil importer — with 75% of its sunflower seed oil coming from Ukraine. Sourcing a majority of their oil from a country engaged in war is risky, Kelly notes. “I don’t know what India’s appetite is for soybeans, but going to where the market is safe and secure, like the United States, you would think, is going to be a huge factor moving forward,” says Kelly. The U.S. has credibility in being a reliable supplier in recent years, says Mac Marshall, vice president of market intelligence for the United Soybean Board. “During the 2021-22 marketing year, when there were disruptions to the global supply of vegetable oils, India turned to the United States for a couple of large spot orders of soybean oil,” says Marshall. “When other supplies became less available, the U.S. became a reliable and critical customer.” When soybean meal became less available to India in 2021, the U.S. again stepped up with available shipments. “When you combine this reliability with the potential of the market from an animal productivity standpoint, there are opportunities,” Marshall notes.

Growing protein markets

More people to feed means more demand for protein, Swart notes. “That presents a lot of opportunities for us as soybean farmers,” he says. How much demand for soy? It depends on the growth in various markets, including the animal sector and its need for soy-based feed. “Anytime we talk about markets where there is

population growth and economic potential, we talk about increased protein consumption and what that means for soy, which is a critical piece for making animal protein,” says Marshall. India is one of the largest shrimp producers, and has a rapidly expanding aquaculture industry. “The aquaculture industry is a growing sector that is going to demand increasing amounts of soybean meal in the years to come for many reasons,” says Marshall. “Not only will they be seeking a high protein, high-quality soybean meal, but fish meal is perpetually getting harder to source, so soybean meal plays an important role in that aquaculture space.” Soybean meal could also find its place in the terrestrial animal market. Although there are cultural limitations to India’s protein consumption, poultry is increasingly becoming a part of the diet. Still below the world poultry consumption per capita, India’s poultry consumption has increased by nearly 40% in the last decade. “These markets take time to develop, but the metrics around the trajectory we see on poultry consumption are encouraging in the future,” says Marshall. A quarter of the world’s dairy cows are in India. Although the country’s dairy growers face challenges in efficiency, and their milk production pales in comparison to the United States, the inclusion of soybeans in dairy rations could heighten demand for U.S. soy. Research funded by the soybean checkoff is looking at the use of full-fat, high oleic soybeans in dairy rations and the potential to improve milk production. “Here is a value-added channel we have for high oleic soybeans, and a market with a key trading partner that has underproduction of milk on a per-animal

Continued on Page 19.

IOWA SOYBEAN REVIEW® | 17

Opportunities for U.S. Soy in India Aquaculture In the world of aquaculture, India is one of the top five largest producers of feed. While U.S. soy is currently not used in making aquafeed, the opportunities are endless. USSEC has consistently worked on capacity-building and knowledge sharing through events like regional animal production courses, In-Pond Raceway System workshops, on-site and in-classroom training, and more.

Feed Industry In 2021, Indian poultry farmers were at a crossroads where they needed to feed the birds, but the feed cost was too high. The demand for feed outpaced local production. Soybean meal prices rallied to nearly $1,203 per metric ton at the benchmark location of Indore. The poultry, shrimp and feed milling industry, especially in the south, were compelled to petition the government for relief. Their petition pleas were answered with India allowing the importation of genetically modified soybean (GM) meal on August 24, 2021, for the first time in its history. This was a significant milestone for U.S. soy, and India imported around 800,000 metric tons of GM soybean meal, allowing new market access to U.S. soy.

Edible Oil Whether it’s frying samosas or cooking dosas, food is an important part of Indian culture. Hence, it is no surprise that India is the second largest consumer and largest vegetable oil importer globally. Edible oil is also the sixth most significant import in India. It is estimated that by 2026, India’s need for edible oil will be 26-27 million metric tons (mmt). While India historically has imported soybean oil from Argentina and Brazil, in 2022, the droughts in South America led the Indians to turn to U.S. soy. India imported a record 180,000 metric tons of U.S. soybean oil.

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basis,” Marshall says. “There could be an opportunity there.”

Market headwinds

Kirk Leeds, chief executive officer for ISA, isn’t as optimistic about the India market. He’s seen the poverty while on a trade mission to India. He’s aware of the challenges as they relate to food security, consumer perceptions of food and feed production technologies, and the restrictions in place as they relate to trade. “I wish I could be more optimistic about India, but it is not going to be a large market anytime soon,” says Leeds, who has worked with and for soybean farmers at ISA for more than 30 years. “However, that doesn’t mean we shouldn’t work to seize opportunities to export U.S. soybeans to India when they arise. They are in desperate need of increasing the protein in their diets.”

In September 2023, India, the largest world exporter of rice, began restricting rice exports to tame domestic prices. “The people of India are worried about their agriculture and having to feed themselves. They are hoarding,” says Kelly, the founder at Fulcrum, the political and regulatory risk advisory firm in Washington, D.C. “A lot of this goes to the Ukraine War with the Black Sea Grain Initiative being broken by Russians actively attacking Ukraine grain shipments.” Work continues in India and globally in sharing the attributes of using genetically modified technologies in food and feed production, Marshall says. ISA Senior Director of Market Development Grant Kimberley shares Leeds’ sentiment on India. “There may be small windows of exports,

but in order for U.S. soy sales to grow in India, the country must continue to relax their regulations and trade barriers, which could happen if they experience more food shortages,” says Kimberley, adding he is more optimistic about trade opportunities in other areas of South Asia including Bangladesh, Sri Lanka and Pakistan. “As more customers experience the attributes of U.S. soy meal, the hope is other markets will look more to the U.S. as a critical provider in the years to come.” Marshall says.

Is progress being made? India is working on reducing trade

restrictions and developing deeper relationships with the United States, Australia, Europe and Japan. “There have been more free market agreements, more sales and building tremendous relationships between the United States and India,” says Kelly. Although India faces challenges to its infrastructure and markets, the country is rapidly evolving with the development of a large middle class, Kelly says. With the potential of increased availability of U.S. soybean meal, now is the time to look at more global markets, including India. “There is potential for economic growth on the heels of a very large population in India,” says Marshall. “As we think about the increasing demand for soy meal from the poultry and aquaculture space, there could be a great opportunity for customers in India to enjoy U.S. origin soy meal.” Contact Kriss Nelson at knelson@iasoybeans.com

IOWA SOYBEAN REVIEW® | 19

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Delivering Conservation Programs to Iowa Farmers Roger Wolf ISA RCFI Director of Conservation rwolf@iasoybeans.com

s one of the nation’s leading row crop organizations, the Iowa Soybean Association’s (ISA) farmer leadership supports the Research Center for Farming Innovation’s (RCFI) robust programming, directly helping farmers be more productive, profitable and sustainable. As the RCFI Director of Conservation, I oversee a group of highly qualified staff, deploying projects and programs originating out of the headquarters in Ankeny. Our conservation programs support our farmers by addressing goals to improve soil and water quality, reduce soil erosion and nutrient loss and improve habitat. We implement this work in conjunction with RCFI’s agronomy research and analytics and insight staff to ensure robust data and information are used to assist with decision-making. As we work to support farmers, we also engage numerous partners and collaborators

such as ag retailers, university researchers, local county officials and state and federal agencies. Todd Sutphin, conservation program lead and Mike Gilman, conservation agronomy lead, oversee the teams working directly with farmers. “We feel local natural resource and management issues are best addressed at the local level,” says Sutphin. “At RCFI, we help provide better information and data for decision making. The best outcomes are when farmers are active participants and can help drive production, profitability and sustainability.” RCFI’s conservation programs provide farmers access to technical and financial assistance, helping drive the implementation of on-farm conservation practices across Iowa. RCFI’s conservation professionals provide support for project planning, development and implementation of

practices for continual improvement of soil, water and habitat aligning with farmer operator and landowner goals.

Water management strategies and services RCFI’s team of experts also provide water management strategies and services. This includes support for watershed planning, research and technical consultation on drainage water management; water monitoring program design, sampling, laboratory data analysis and interpretation and technical support for edge-of-field practice placement and implementation. For the last two decades, ISA has supported watershed programming and planning efforts to generate a local place-based implementation project to improve water quality while also supporting agricultural production. This work emphasizes locally-led watershed planning efforts

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" At RCFI, we help provide better information and data for decision making. The best outcomes are when farmers are active participants and can help drive production, profitability and sustainability." Todd Sutphin, RCFI conservation program lead

with farmers as active participants. Watershed programming often leads to securing additional financial support that provides outreach and technical assistance. Backed by data analytics, watershed farmers increase the adoption of conservation practices to improve water quality and aquatic habitat in watersheds across Iowa. RCFI is researching and providing technical consultation support for drainage water capture and recycling projects. This work is designed to help with field drainage water management, outlet capacity concerns, drive improvements in water quality and address downstream flooding challenges. Work also supports the deployment of edge-of-field practices, such as tileline bioreactors and saturated buffers placement and implementation. These efforts improve crop production benefits and address impacts on nutrient delivery and downstream water quality. ISA has a State of Iowa-certified lab located at our headquarters in Ankeny. The lab provides

coordination and consultation on water monitoring program design and services supporting the collection and interpretation of water quality data. This builds knowledge of current water conditions, providing valuable insights into water quality.

Habitat integration services Technical specialists assist farmers by assessing ways they can use marginal or unproductive land to develop wildlife and species habitats. Integrating habitat on the farms also help achieve conservation benefits. RCFI support includes practice placement, planning, design and assistance. Practices include the construction of stream oxbow restorations and pollinator plantings.

Conservation agronomists Conservation agronomists serve Iowa farmers and landowners by helping identify, plan and implement proven water quality and soil conservation practices and agronomic expertise to enhance productivity and

profitability. Conservation agronomist positions are aligned and partnered with ag retail outlets across Iowa providing farmers with one-on-one support to successfully implement conservation practices on their farms. Farmers benefit by having data and information about how to successfully integrate practices into their operation as well as assistance with securing public and private financial support. “These conservation agronomists have a wealth of knowledge in agronomic principles and conservation practices,” says Gilman. “They consult with farmers on a one-on-one basis and tailor those conservation practices to fit each farmer’s unique farm operation. All of this while ensuring we meet our productivity, profitability and sustainability goals for the Iowa farmer.” For more information on RCFI conservation and research activities, visit our website at iasoybeans.com/research.

IOWA SOYBEAN REVIEW® | 23

Nuffield scholar hopes to replicate global aquaculture success in U.S. A view of one of Colombia's tilapia farms.

BY JEFF HUTTON PHOTOS BY EASTON KUBOUSHEK

rom the Land Down Under to South American ports, from the Middle East to our Canadian neighbors, Easton Kuboushek has trekked thousands of miles in the last several months. He has met farmers and agriculture leaders around the globe, gaining more insights into aquaculture, an area of particular interest to him and many soybean farmers. Kuboushek, the executive director of the Soy Aquaculture Alliance (SAA), is one of 10 Nuffield International Farmer Scholars for 2023. His scholarship has allowed him to travel on behalf of Iowa farmers and U.S. aquaculture where he is exploring the success stories, best practices and technology that have created huge growth in aquaculture production globally.

Changing the narrative Sponsored in part by the Iowa Soybean Association, the Nuffield Scholarship allows Kuboushek to study global aquaculture, covering 14 weeks of travel across five continents and more than a dozen countries. “It’s been profound seeing the differences in agriculture around the world,” says Kuboushek, who grew up milking cows on the family’s farm near Spillville. “What’s most surprising is the commonality: every farmer is facing challenges related to profitability, labor and sustainability. If you were to compare a farmer in Iowa to a farmer in Australia, you’d find they share more in common than not.” The embrace of aquaculture in other parts of the world has been eye-opening, Kuboushek says. Farmers 24 | NOVEMBER 2023 | IASOYBEANS.COM

and advocates in other locales are serious about sustainable seafood farming with hopes of reducing poverty, reducing hunger, providing more economic opportunities, and helping others by recognizing aquaculture as a sustainable farm practice. Kuboushek hopes to incorporate those concepts into how SAA approaches its work and research, while also trying to sway more American farmers, businesses, investors and politicians toward this form of agriculture. He acknowledges the journey toward American acceptance of aquaculture continues to be long and treacherous. “It boils down to regulations,” he says. “The permitting and inconsistent regulatory structure is so expensive and challenging to navigate. It’s a barrier to new producers getting off the ground and for existing producers to grow.” Other countries, he’s learned, have far fewer regulations, and often provide incentives for farmers to get started. Because the United States has the “luxury” of having an ample food supply and enjoys the strongest economy in the world, Kuboushek says some are more focused on social and environmental issues, that, in some cases, are providing “false barriers to the growth” of aquaculture. “There are a lot of opportunities in offshore aquaculture, for example, but certain groups are putting up those barriers because they don’t want to

During his recent visit to Colombia, Nuff ield Scholar Easton Kuboushek explored the country’s growing tilapia and aquaculture industry. Kuboushek met with producers, feed suppliers and processors and gained insight into the In-Pond Raceway System (IPRS). The IPRS concept, oversimplif ied, is a “river in a pond” that routes through raceways or channels where f ish are cultured.

see any form of fishing or because they are opposed to consuming any animal protein, including fish and other seafood,” he says. “Adversaries have argued that aquaculture will have a negative impact on the environment and that these sites are an eyesore, even though they are often miles offshore,” he says. This has created a false narrative, despite evidence that shows aquaculture is much more sustainable than traditional fishing.

Rewarding opportunity As a Nuffield scholar, Kuboushek says the trip “has been more affirming in the opportunity for aquaculture than I had anticipated.” Trips to Egypt and South America showcased the value aquaculture can have for farmers, business owners, investors, suppliers and consumers. Thanks to aquaculture, Egypt has dramatically increased its farm-raised fish production — from 600,000 metric tons in 2005, to nearly 1.5 million metric tons (mmt) in 2019. Production is expected to surpass 2 mmt by 2030. That means more need for fish food, which in turn means more demand for soybeans. “There’s no reason why the United States can’t adopt these aquaculture practices,” Kuboushek says, noting the opportunity to connect with aquaculture

enthusiasts throughout the supply chain during his Nuffield experience. For Kuboushek, being a Nuffield scholar has been life changing. “The most valuable part for me are the connections I’ve made around the world,” he says, pointing to the hundreds of Nuffield alumni and their contacts. “I had underestimated having those friends with mutual interests scattered around the globe,” Kuboushek says. “I can apply that knowledge to the work I’m doing with SAA, the Iowa Soybean Association or even my personal life.” Kuboushek will wrap up his Nuffield experience with a trip to Southeast Asia, slated for next spring. After that, he will submit a final report. He notes, however, that the experiences and opportunities will linger throughout his lifetime. These will help him guide farmers and others to understand how far reaching the soybean can be. It’s also about how significant Iowa and other soybean-producing states can be in the development of the aquaculture market, providing sustainable and environmentally-sound food for the world. “I really want Iowa farmers to understand the global perspective of their business,” he says. “It’s so interesting the beans they grow in Iowa are reaching this unique market of aquaculture.” Contact Jeff Hutton at jhutton@iasoybeans.com

IOWA SOYBEAN REVIEW® | 25

Iowa Soybean Association leaders at USSEC Global Forum included Robb Ewoldt, Tom Adam, Brent Renner, Jeff Jorgenson, April Hemmes, Marty Danzer and Tim Bardole.

New York Center of Soy Universe for USSEC Global Forum BY AARON PUTZE, APR

hen making the case (and sale) for your version of a product that numbers in the billions, differentiation is key. For U.S. farmers, it’s the quality of the soybeans they produce that sets them apart from the global competition. “As a farmer, I take pride in growing high-quality soybeans because that’s what buyers are looking for,” says Tom Adam of Harper. The southeast Iowa farmer and Iowa Soybean Association director made his pitch to processors, traders and buyers during the U.S. Soybean Export Council’s (USSEC) Global Soy Forum held recently in New York City. Harper was busy as more than 700 people representing 60 countries attended the two-day meeting and sought conversations with farmers. “Soy value chain stakeholders want to hear from multi-

26 | NOVEMBER 2023 | IASOYBEANS.COM

generational farmers like Tom,” said USSEC CEO Jim Sutter. “They want to know the specific ways U.S. farmers sustainably produce a quality and reliable soybean crop.” Exporting soy to destinations around the world drives demand and strengthens domestic market prices. U.S. soybean exports were valued last year at more than $34 billion, according to the U.S. Department of Agriculture’s Foreign Ag Service (FAS). That’s up 26% from the previous year and nearly 30% from 2020. Total U.S. ag exports were valued at just shy of $200 billion. Alexis Taylor, U.S. Department of Agriculture’s undersecretary of trade and foreign agricultural affairs, says U.S. soybean farmers “stand ready” to serve the needs of consumers around the world. “We saw gains last year in agricultural sales to all top-10 U.S. customers,” Taylor says.

The ag trade official added that there were 30 markets around the world where U.S. exports totaled more than $1 billion, up from 27 markets the previous year. “Soy plays a big, big factor in this growth,” Taylor added. China bought $17.8 billion of U.S. soy in 2022 compared to $14.1 billion in 2021, a 27% increase. According to FAS data, Mexico, the European Union and Egypt rounded out the top-four buyers of U.S. soy in 2022 with purchases of $3.6, $2.7 and $2 billion respectively. Brazil accounts for 60% of global soy market share compared to a U.S. share of 28-38%. Combined, Brazil and U.S. supplies 90% of global soy inventories. Argentina competes for global soybean meal sales, but volumes have suffered the past 2-3 years due in part to crippling droughts and economic woes.

“Soy value chain stakeholders want The Brazil-U.S. soy dominance is here to stay, says Walter Cronin, an oilseed processing consultant. “There is no country on the way to challenge Brazil and the United States on production of the world’s most consumed protein,” he says. U.S. exports of soy will decline in the coming years, Cronin predicts, as the world’s reliance on Brazil increases beyond 60% of global share. Argentina’s global soybean meal market share will decline from 50% to 35% over the coming decade. Driving the decline will be more competitively priced U.S. soybean meal as crushers ramp up to satisfy surging demand for oil needed for renewable fuels. As U.S. farmers top off the bins after another busy harvest season, all eyes are on the economic and social health of China, the world’s top soy consumer. Jahangir Azis, who researches global market economies for J.P. Morgan, says lockdowns caused by

to know the specific

Covid, serious amounts of internal regulatory changes and massive intensification of U.S. sanctions have rocked China’s economy. Adding to the misery is China’s vanishing real estate market and prioritizing state-owned enterprises over the private sector. Combined, they create enormous negative vibes that have global repercussions. Earlier this year, India surpassed China as the world’s most populous and looks to widen its lead over the coming decades. As India struggles to implement economic reforms to mesh with its exploding population, China will continue to look to Brazil and the U.S. for soy. Export sales to the country of $1.4 billion grow even brighter if its hog herd recovers from African Swine Fever outbreaks.

ways U.S. farmers

sustainably produce

a quality and reliable soybean crop.” Jim Sutter, USSEC CEO

“For global exporters, the Chinese demands have been clear — they want to be connected to farmers and infrastructure and logistics providers,” Cronin says. In the meantime, it’s likely the bulk of these sales will be made by Brazil while the U.S. becomes the world’s go-to supplier of highquality and competitively priced soybean meal. Contact Aaron Putze at aputze@iasoybeans.com

Robb Ewoldt and Marty Danzer meeting with one of the many trade teams visiting the Global Soy Forum.

IOWA SOYBEAN REVIEW® | 27

Make Moves with U.S. Soy WISHH connects Trade, Development & Food Security in Cambodia where fish account for 61% of households' animal protein intake. We cultivate trade with Cambodian feed mills that are buying U.S. soybean meal for the growing aquaculture industry that WISHH is developing. Our trade and development work makes protein more available in the country where 45% of Cambodians live in moderate or severe food insecurity. Find out how WISHH’s three pillars of trade, development and food security cultivate new markets for U.S. Soy protein.

Trade. Development. Food Security.

28 | NOVEMBER 2023 | IASOYBEANS.COM

Join WISHH in the business of untapped protein potential.

WISHH connects trade and development across global market systems, improves food security, and brings the power of strategic partnerships to our unique market-systems approach.

Connect with WISHH wishh.org

WISHH is a program of the American Soybean Association and is funded in part by the United Soybean Board and state soybean board checkoff programs.

IOWA SOYBEAN REVIEW® | 29

Soybean farmer values the time he spent in the military BY JEFF HUTTON

or Lane Volkert, the hard work instilled in him on his family’s farm helped to shape him as a member of the Iowa Air National Guard and his service during the Vietnam War. Fifty years after he was honorably discharged from the military, this Veterans Day is a time of reflection for the 74-year-old soybean and corn farmer from rural Holstein. It’s also a time to honor those, like Volkert, who honorably served their country through conflict, hardship and uncertainty, and remember those who didn’t return home.

Chore boots to combat boots Growing up on a farm in western Iowa, demanding work wasn’t just something you did, it was part of who you were, says Volkert, who joined the Iowa Air National Guard when he was a senior in high school.

30 | NOVEMBER 2023 | IASOYBEANS.COM

“I was a farm kid before I joined the military at 17,” Volkert says. “I grew up baling hay and pitching manure. You learned responsibility on the farm.” That responsibility paid off for Volkert and other farm boys who did well in the trenches, in the field and flying above the chaos in Southeast Asia. He credits his rural upbringing for the discipline and work ethic that transformed him from a farm kid to a military man. While in the guard, Volkert served as crew chief on a fighter jet, gaining valuable knowledge on mechanical issues and working under pressure — important lessons he applies to his farming operation today. Of the six years he served, 2½ years were active duty, including time in Vietnam, where he was part of a chopper crew that was shot down by enemy fire. Volkert and the other crew

members survived the harrowing event. “Being shot down was probably the worst memory I have of my entire military experience,” Volkert says. “It was a war that should never have happened.” But he and other service members from the farm fields of Ida County and elsewhere in Iowa, were proud to serve and were rewarded for their hard work and bravery. He earned a commendation medal for his service. “Those good roots paid off,” Volkert says. Following his time in the service, Volkert returned to the farm, applying lessons and skills he learned in the military. He worked part-time as a mechanic until he and his brother could acquire more farmland and begin farming in earnest.

“I took that job as a mechanic with all my training in the Air National Guard,” he says. “When we were able to grow the farm, I had to quit. They hated to see me go.” His Air National Unit, based in Sioux City, was exceptional, Volkert says. He’s still in touch with many of those he served with. “We grew up working hard, respecting our folks and working until the job was done,” Volkert says.

Stars, stripes and soy Volkert says the combined military and farming experiences have shaped the trajectory of his life. Serving in the military afforded him the opportunity to take agriculture classes at Iowa State University through the G.I. Bill. Working on different aircraft and learning new technology, even in the late 1960s and early ’70s, has aided Volkert with the new systems and technology used by farmers today. “At 74, I should be quitting, but I’m having too much fun farming,” he says.

“The military taught me to be persistent about what I do.” Last spring, he traveled with other veterans to the nation’s capital on an Honor Flight. The day trip to D.C., including a stop at the Vietnam War Memorial, was a lot to take in, but one he’ll remember. “I was proud that part of my (Sioux City) unit got to go,” Volkert says. Volkert commemorates his military service with activities at the Holstein American Legion, speaking to young people and taking part in school programs. There’s also the local Legion’s steak fry and volunteering and participating in Holstein’s Avenue of Flags display throughout the year. So, would he trade any of his military experience? “Well, I’d trade that day we got shot down,” he says. “But I did enlist. It was a top-notch unit, and I think in the end they were happy with all of us young farm boys.”

Holstein-area farmer Lane Volkert says his work on the farm helped shape his military career. Both require hard work, dedication and a commitment to doing your best.

Contact Jeff Hutton at jhutton@iasoybeans.com

IOWA SOYBEAN REVIEW® | 31

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32 | NOVEMBER 2023 | IASOYBEANS.COM

Iowa Soybean Review | November 2023

Articles inside

Stars, Stripes and Soy

New York Center of Soy Universe for USSEC Global Forum

Fishing for Success

Delivering Conservation Programs to Iowa Farmers

India 'The Quiet Giant'

Open for Business

Navigating the Path to Farm Bill Passage

Rural Route 2

Heart, Soul and Thankfulness