Minnesota Soybean's 2020 Annual Report

THIS IS...

MSR&PC’S 2020 ANNUAL REPORT

REPRESENTING MINNESOTA

THIS YEAR’S WINNERS Page 3: Introducing Council Directors

Kris Folland District 1, 2 & 3

Bill Zurn District 1, 2 & 3

Jim Call District 4

Tom Frisch District 4

Patrick O’Leary District 4

Pat Sullivan Secretary, District 5 & 6

Joe Serbus Vice Chair, District 5 & 6

Ron Obermoller District 7

Gene Stoel District 7

Jim Willers District 7

Page 4: Financials Page 6: Letter From the Chair Page 8: Research Page 10: White Mold Page 12: Fullfat Soybean Meal Handbook Page 14: Plasma Blue Page 16: Expanding Exports

1 Gail Donkers District 8

2

3

Rochelle Krusemark District 8

Page 18: RePlay Page 20: The Northern Commodity Transportation Conference

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Page 22: Communications Page 24: The Soy Checkoff

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4

Cole Trebesch Chair, District 8

Glen Groth District 9

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Page 26: The Ag Innovation Campus

Ben Storm Treasurer, District 9

Lawrence Sukalski (USB Director)

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9

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MINNESOTA SOYBEAN RESEARCH AND PROMOTION COUNCIL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION MODIFIED ACCRUAL BASIS

MINNESOTA SOYBEAN RESEARCH AND PROMOTION COUNCIL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ACTIVITIES MODIFIED ACCRUAL BASIS

August 31, 2020

For the Year Ended August 31, 2020 2019

2019

ASSETS

CURRENT ASSETS Cash and Cash Equivalents Accounts Receivable Accounts Receivable - Related Parties Prepaid Expenses Total Current Assets

$

PROPERTY AND EQUIPMENT Building Equipment Vehicles Other Less: Accumulated Depreciation Net Property and Equipment OTHER ASSETS $

TOTAL ASSETS

3,604,985 55,981 2,788 8,590 3,672,344

$

2,721,928 74,300 5,658 2,801,886

1,081,922 295,276 289,415 300,000 1,966,613 1,173,890 792,723

1,081,922 437,706 223,503 300,000 2,043,131 1,220,891 822,240

240,140

162,440

4,705,207

$

REVENUES AND SUPPORT Assessment Revenue Collected Less: Assessment Revenue Remitted Net Assessment Revenue

3,786,566

$

30,259 9,000 8,798 273,000 42,241 77,700 66,840 7,400,226

15,253 9,000 5,627 41,526 42,764 96,159 7,012,991

EXPENSES Program Services Management and General Total Expenses

5,398,256 1,182,960 6,581,216

8,615,343 1,006,229 9,621,572

819,010

$

4

See accompanying notes.

$

222,366 1,500,000 861,015 792,723 (208,435) 3,167,669 118,739 3,286,408 $

4,705,207

-

839,030

CHANGE IN NET ASSETS

890,942 566,985 1,457,927

(2,608,581)

2,328,639

NET ASSETS - Beginning of Year NET ASSETS - End of Year

NET ASSETS Without Donor Restrictions Board Designated PRE-SPARC Funds Contingency Prior Year Project Commitments Net Investment in Property and Equipment Undesignated Total Without Donor Restrictions Non-Controlling Interest Total Net Assets TOTAL LIABILITIES AND NET ASSETS

675,764 743,035 1,418,799

(2,608,581)

20,020

NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST CURRENT LIABILITIES Accounts Payable Accounts Payable - Related Parties Total Current Liabilities

16,499,405 (9,696,743) 6,802,662

Royalty Rental Late Fees Grants Interest Income Gain on Investments Other Revenue Net Revenues

CHANGE IN NET ASSETS BEFORE NON-CONTROLLING INTEREST

LIABILITIES AND NET ASSETS

16,609,065 $ (9,716,677) 6,892,388

$

3,167,669

4,937,220 $

2,328,639

221,491 1,500,000 1,894,337 822,240 (2,109,429) 2,328,639 2,328,639 $

3,786,566

3

See accompanying notes.

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LEADING THE CHARGE This cutting-edge checkoff organization thinks big and always pushes forward to ensure Minnesota farmers are the stars of the show. In Fiscal Year 2020, some might “soy” this group continued growing.

What is the Minnesota Soybean Research & Promotion Council?

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Springfield farmer Cole Trebesch was reelected Council chair in 2020.

DOUBLING DOWN ON SOYBEANS To be clear, 2020 didn’t unfold like a game show – and neither does farming. Some of our questions were left unanswered this past year, and not everyone came home with a prize.

The stakes were higher this time around, as many of us stayed close to home and protected our families, friends and neighbors during a once-in-a-century pandemic. Still, Minnesota’s nearly 28,000 soybean farmers had our jobs to do, operations to run, food to put on kitchen tables, crops and livestock to raise and sell.

I’ll take “Grit” for $1,000, Alex!

Fiscal year 2020 was unlike any other in the history of the Minnesota Soybean Research & Promotion Council. At times, it felt like we had entered a new era. But we always kept our eyes on the ultimate reward: improving the profitability for our state’s soybean producers through the wise investment of checkoff resources. In fall 2019, months before the world changed, the Council once again appeared on a national TV program when our innovative checkoff projects were highlighted as part of the “Advancements” series.

Our appearance later garnered the Council a prestigious Telly Award.

2020 started on a promising note for our nation’s ag trade relations, as we finally saw the U.S. and China sign the Phase One trade deal. An agreement on the UnitedStates-Canada-Mexico trade deal (USMCA) also came to fruition later in January. Soon thereafter, Council leaders were the talk of the town when we unveiled our revolutionary Plasma Blue Technology at the National Biodiesel Conference. Another flourishing Council project, the Ag Innovation Campus, broke ground in fall 2020. Farmer-leaders joined ag officials and Gov. Walz in Crookston

as we spread the word about our endeavors to revitalize our ag economy, increase demand, promote value-added products and serve as a resource for educating the next generation of agriculture professionals. During the past year, we also said goodbye to our dear friend Rob Hanks and welcomed Winona County farmer Glen Groth to our team.

On the market development side, COVID-19 effectively halted in-person trade missions, denying farmers the chance to host trade teams throughout the growing season.

Undeterred, the Council pressed on virtually, taking the lead among QSSBs by testifying, submitting comments and meeting with trade officials in our longstanding efforts to eliminate non-tariff barriers to trade. Our research team continued investing checkoff funds in more than a dozen projects related to pest and weed management, soil health and breeding and genetics. The Council’s communications team continued spotlighting farmer-led programs, earning national agrimarketing awards for our FY19 Annual Report and a farmer-focused social media campaign that had everyone chatting about the checkoff.

We hope you enjoy our look back at the last year at Minnesota Soybean. It was a wild, albeit bumpy, ride, and we appreciate the farmers and industry leaders who supported us along the way. We didn’t have all the answers – and had plenty of questions ourselves – but, rest assured, our core mission was never in … jeopardy.

Cole Trebesch Chair, Minnesota Soybean Research & Promotion Council

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PROBING PATHOGENS

The Council continues investing in research in ongoing efforts to combat this pest that thrives in soil and removes food from soybeans, making this parasitic roundworm the crop’s top yield-robber.

What is Soybean Cyst Nematode?

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Renville County farmer Pat Sullivan works in tandem with Council leaders to review and approve research proposals.

Research Revelation Soybean Cyst Nematode (SCN) is a consistent threat to growers across Minnesota; yield losses can range from 15 to 30%. Nationwide, SCN costs growers an estimated $1.5 billion each year.

In FY20, the Council invested checkoff resources into multi-year research aimed at addressing SCN’s grip on yields and enhancing the development of SCN-resistant soybean varieties through unbiased sources of information on the resistance of commercial soybean varieties. Researcher Aaron Lorenz, recipient of the Council’s 2020 Industry Leader of the Year award, worked toward three core objectives: 1) Enhancing the efficiency and efficacy of breeding for SCN resistance 2) Advancing new sources of SCN resistance and expanding the use of new sources for crossing in breeding program 3) Conduct SCB bioassays on commercial varieties

THE ROUNDUP • In total, the Council sponsored 14 projects in FY20 in agronomic research into pest and weed management, soil health, and breeding and genetics.

• To support the next generation of ag professionals, the Council sponsored a Southwest Minnesota State University program that provided workshops and materials to help students pass the Certified Crop Advisor exam. SMSU plans to conduct refresher workshops for the students and continue incorporating CCA exam content in future curriculum.

• A decade ago, the Council invested checkoff funds in a unique research project focused on investigating how drainage affects soybean yields.

Researchers studied how management should differ between well-drained and poorly drained soils. In summer 2020, Council directors joined University of Minnesota Agronomist Seth Naeve in a tour of the 14-acre research site in southern Minnesota.

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NEW APPROACHES

Soybean farmers sponsored a University of Minnesota research project targeting this soil-borne pathogen that thrives in cool, wet weather and was first discovered in Minnesota in the early 2000s.

What is white mold?

Taking Action

According to the latest research, white mold can adversely affect Minnesota soybean yields by more than 3%, costing growers $100 million in damages annually. In a poll conducted by the Council, 15% of Minnesota farmers reported that white mold was the most bothersome pathogen on their farms in 2020.

White mold is caused by a soil-borne fungus called Sclerotinia sclerotiorum. The pathogen has a wide host range: Soybeans, dry edible beans, sunflowers and canola are all among the crops vulnerable to white mold. In soybeans, spores land on and colonize senescing soybean flowers that remain attached to the plant at leaf axils. The fungus uses this food source as a pathway to infect the stem.

The Council approved a research project from University of Minnesota Extension Educator Angie Peltier to look at new ways of applying fungicides to manage white mold in soybeans and improve fungicide coverage, efficacy and crop yield. Before applying fungicide treatments at the research sites in Crookston and Staples, Peltier and her team placed water-sensitive paper at 6 and 12 inches above the soil line in the soybean row.

Using a scanner and computer program, university researchers were able to analyze the spray pattern to measure fungicide coverage.

Data that was collected from these plots included: fungicide coverage and deposition, white mold incidence and severity and harvest moisture and yield. Despite the researchers’ best efforts to initiate disease in these experiments, warm temperatures prevailed after treatment, resulting in no disease.

As a result, there were no differences observed among treatments for soybean yield (66.7 bu/A average, P = 0.2869) and moisture (12.0% average, P = 0.2307) at the Staples site and yield (29.8 bu/A average, P = 0.9644) and moisture (8.8% average, P = 0.1882) at the Crookston site.

To view the latest updates on Council-funded research projects, visit mnsoybean.org.

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Becker County farmer Bill Zurn sits on the Council’s research action team.

Photo credit: Daren Mueller, Iowa State University, Bugwood.org

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RAISING EAA PROFILES

The Council helped fund this comprehensive online and printed guide that was purchased by 640 overseas participants, increasing the chances of future purchases of U.S.-grown soybeans.

Source Materials The Council joined forces with the Northern Crops Institute (NCI) to create a fourpart online Fullfat Soybean Meal shortcourse to accompany the Fullfat Soybean Meal Handbook, which NCI published during FY20. The handbook was first printed in 1989 and was updated in 1996. The Council, NCI and the North Dakota Soybean Council concluded the information, while still useful, had become outdated after nearly 25 years. Compiling the updated handbook took place over the course of multiple fiscal years before it was published in 2020.

The 80-page handbook was shared with leading commodity groups and informs readers about the processing and feeding of fullfat soybean meal to the major livestock groups. The handbook focuses on how farmers and feed millers around the globe can feed livestock fullfat soy in a cost-effective, beneficial manner. Those who purchased the handbook also received free admission to four webinars, which aired in 2020, covering the feeding of fullfat soybean meal to swine, poultry, ruminants and aquaculture.

Chapters from the Fullfat Soybean Meal Handbook include: • Why Whole Soybeans Require Heat Treatment Prior to Use in Animal Feed • Common Methods Used in the Heat Treatment of Soybeans • Measuring Nutritional Quality of Fullfat Soybeans • Fullfat Soybean Storage and “Keeping” Conditions • Nutritional Characteristics of Fullfat Soybeans • Economic and Practical Considerations • Fullfat Soybeans for Poultry Copies of the handbook are available for purchase at northern-crops.com

What is the Fullfat Soybean Meal Handbook and shortcourse?

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Kittson County farmer Kris Folland represents MSR&PC on the Northern Crops Council.

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OUTSIDE THE BOX OUTSIDE THE BOX Funded with checkoff resources, a fuel revolution is upon us with this patentprotected technology that aims to spark the biodiesel industry with a muchneeded energy boost.

What is Plasma Blue?

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Luverne farmer Jim Willers has been a leader in promoting biodiesel for more Jim Willers District 7 than 20 years.

Jim Willers District 7

The Future Is Here Plasma Blue is a unique reactor technology for use in the transesterification process within a biodiesel plant. By using readily available standard electricity, this technology provides operational cost savings while more fully converting oils and reagents used in the biodiesel production process.

The technology, fueled by checkoff dollars and University research, aims to reduce the price of biodiesel production costs, creating a marketplace where small biodesel plants can remain viable. Plasma Blue will allow the biofuels industry to better utilize renewable sources of energy – such as wind and solar – in the conversion of sustainably grown feedstocks to oil.

The technology contains a small footprint, is easy to integrate into existing control systems and processes, and requires minimal downtime to install – all resulting in a plant’s capabilities to expand without a large capital investment.

TRUE BLUE ●• Plasma technology can be conducted at room temperature, which decreases the use of natural gas and allows for potentially cleaner electricity to be used.

• Plasma Blue’s technology may be able to reduce a plant’s carbon index score in the range of 0.12 to 0.55 g CO2e/MJ, potentially equating to 1 to 1.5 cents per-gallon savings.

• In 2020, the Council made a big splash in the renewable fuels industry when farmerleaders unveiled Plasma Blue at the National Biodiesel Conference • In January 2020, Plasma Blue launched plasma-blue.com.

• Plasma Blue earned a $150,000 grant from the Minnesota Department of Agriculture • Plasma Blue will have a presence at the Ag Innovation Campus in Crookston.

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BUILDING MARKETS

Council directors continued their longrange work on “sweat equity” projects to fight these overseas obstacles that threaten the growth of Minnesota’s soybean exports.

What are World Trade Organization-contravening non-tariff barriers?

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Patrick O’Leary toured Southeast Asia on a trade mission in January 2020, just before COVID-19 traveling restrictions went into effect.

Breaking a Sweat

The Council has long invested in China market development projects via partnerships with commodity groups. And it’s paid off: In 2020, following a breakthrough trade agreement, China resumed near-record purchases of U.S. soy, totaling more than 25 million tons.

Council leaders and staff worked in unison with national ag leaders during an in-person meeting in Washington, D.C., to draft and submit a letter to the U.S. Trade Representative (USTR) for its annual hearing on China trade barriers. Under the direction of its board, the Council was involved in penning formal written comments against China’s continuing requirement for <1% Foreign Material (FM) in U.S. soybean shipments. This served to put China’s government on notice with an aim toward limiting China’s likelihood to enforce the WTO-contravening trade restriction.

Since northern-states-origin soybeans contain the lowest FM amounts of any region in the U.S., Northern Soy Marketing (NSM), supported by the soybean checkoff, helped created a series of online videos that serve to highlight tri-state soybean growers’ efforts to continuously improve their weed control, lowering FM content in Minnesota soybean exports. Those online videos – plus data from other projects proving that Pacific Northwest (PNW) soybean exports contain the lowest FM of all U.S. soybean exports – are being publicized via targeted marketing efforts to China soybean buyers. Roughly 25% of all U.S. soybean exports are shipped via the PNW. Despite being hamstrung during a pandemic, the Council still managed to take the lead among farm groups by putting considerable “sweat equity” into: • Submitting written comments to the USTR against Vietnam’s WTO-contravening zero tolerance for Canada Thistle seeds in U.S. soybean shipments • Writing comments to USTR against China’s WTO-contravening requirement for <1% FM in U.S. soybean shipments, and its zero tolerance for mix-in of GMOs to food-destined soybeans • Authoring a letter to USTR against the United Kingdom’s WTO-contravening zero tolerance for biotech genetic events in U.S. soybean shipments • Joining forces with its brethren in North Dakota and South Dakota to submit written comments to USTR against Thailand’s impending zero MRL for chlorpyrifos and paraquat on soybeans

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ONTHE THEROAD ROAD ON This soy-based treatment, driven by checkoff dollars, creates high speed water runoff and does not allow moisture into the surface, extending the life of roads and saving cities an average of 30 percent on road budget costs.

What is RePlay Agricultural Oil and Preservation Agent?

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Council Director Ron Obermoller is chairman of the Agricultural Utilization Research Institute (AURI).

The RePlay Roadshow

Minnesota continues to endure miles of transportation and infrastructure roadblocks.

Biobased road treatment technologies present a unique opportunity to reduce overall maintenance costs of bituminous roadways (asphalt) by extending surface life and delaying costly repairs. This ongoing partnership with AURI entered its fifth year during 2020, with the Council funding a study by SRF Consulting Group on RePlay Pavement Preservation and Life-Cycle Cost Analysis. Using the City of Hutchinson as a case study, the results of the economic analysis demonstrated the use of RePlay Agricultural Oil and Preservation Agent® leads to a reduction in the life cycle cost of maintaining asphalt concrete surfaces. The study found that roads treated with RePlay showed a four times lower rate of degradation compared to roads in the normal maintenance program. When the treated roads were compared to a standard rate for Minnesota, the treatment was shown to extend service life by up to six years and provide savings even in the most stringent economic model scenarios.

To date, more than 400 applications of RePlay have been applied across Minnesota on city streets, parking lots, trails and county roads, totaling approximately 150,000 lane miles. These studies provide Minnesota transportation officials with an added level of confidence in predicting the financial results of this soy-based pavement treatment method.

GAINING TRACTION • 400 bushels of soybeans are needed to produce 100 gallons of RePlay Agricultural Oil and Preservation Agent®.

• 200 bushels of soybeans are needed to seal one, two-lane mile of road with soy-based road treatment.

• RePlay is 88-percent biobased.

• RePlay is reapplied every 4-6 years.

• Soy-based road treatments have a negative road carbon footprint and are used in more than 30 countries.

• RePlay can have as little as 30 minutes of downtime after application.

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RIDING THE RAILS Commodity groups from across the Upper Midwest hit the road to attend this new conference, organized by the Council, that addressed solutions to improving the complex system of transportation and infrastructure issues affecting agriculture.

What is the Northern Commodity Transportation Conference?

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MSR&PC CEO Tom Slunecka was an NCTC panelist.

Covering All the Routes Co-sponsored by the Council, the Northern Commodity Transportation Conference debuted in March 2020, and was one of the state’s final in-person seminars before COVID-19 gathering restrictions went into effect. This unique, two-day conference, held in Minneapolis, gathered the tri-state commodity transportation industry to share and learn about trade barriers, struggles, similarities and opportunities along the transportation route as commodities leave combines in Minnesota, South Dakota and North Dakota and head for international waters.

• Northern Soy Marketing, a Council-funded organization that represents growers from Minnesota, North Dakota and South Dakota and focuses on essential amino acids (EAA), was a top NCTC sponsor.

• More than 60 organizations and elected officials were represented at the two-day conference. Key attendees included John Baize, Minnesota Department of Agriculture Commissioner Thom Petersen, Specialty Soya and Grains Alliance Executive Director Eric Wenberg and then-American Soybean Association President Bill Gordon, among many agriculture luminaires.

• The Council published a follow-up booklet, “The NCTC Run-Down,” highlighting the key takeaways and highlights from the conference.

• The NCTC is tentatively scheduled to resume in late 2021 or 2022, once in-person gatherings can be held safely.

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SOY SOCIAL In 2020, the Council earned a National Agri-marketing Association award for this hashtag promoting a social media campaign featuring Minnesota farmers while they endured the highs and lows of planting season.

What is #FollowAMNFarmer?

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Lake Wilson farmer Gene Stoel chairs the Council’s communications task force.

Media Matters

The #FollowAMNFarmer campaign followed a pair of Minnesota farm families through planting season, touching on a host of topics ranging from production practices to farmer mental health. Conceived and executed entirely in-house, the campaign garnered nearly 10,000 views across the Council’s various social media platforms. The Council’s 2019 comicbook themed Annual Report also received a NAMA regional award for the third straight year.

MSR&PC continued its promotional efforts despite working remotely with limited resources. In summer 2020, the Council was recognized for its appearance on the nationally syndicated “Advancement” series.

Farmer-leaders and CEO Tom Slunecka were profiled, along with checkoff projects. The feature notched Council a prestigious Telly Award under the Public Interest/Awareness category. The primetime segment highlighted the Council’s three core objectives: opening and developing new markets, increasing the uses for soybeans and funding research to improve farmers’ bottom lines.

A• yThe Council activated a social media campaign, Every Picture Tells a Story, to launch a readerphoto submission contest. The winning photos appeared in a feature spread in Soybean Business magazine.

• Working remotely for a large chunk of the year, the Council ratcheted up its digital communications, relying on its weekly e-newsletter to deliver timely, relevant information to Minnesota farmers.

• Minnesota is the only state in the country to support more than 40 grassroots soybean organizations.

When COVID-19 shut down most in-person events, the organized counties adapted by making donations to local food banks and first responders, while still promoting their homegrown commodities.

The Nicollet/Sibley County Corn and Soybean Board led the charge, donating more than $1,000 in food products containing soybeans to local food shelves.

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THE BOTTOM LINE Established in 1991 following years of hard work from farmer-leaders, this federally mandated program invests one half of one percent of the market price of soybeans into research, promotion and increasing market access.

What is the soybean checkoff?

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Rochelle Krusemark farms in Martin County, and serves on the United Soybean Board alongside Gene Stoel, Jim Willers, Bill Zurn and Lawrence Sukalski.

Checkoff Champions

The soybean checkoff is federally mandated by the Soybean Promotion, Research, and Consumer Information Act. Every time a Minnesota soybean farmer sells soybeans, one half of 1% of the market price is checked off. Half of the checkoff is utilized by Minnesota, while the other half is utilized by the United Soybean Board. MSR&PC remains committed to increasing farmer profitability through the wise investment of checkoff dollars.

TOP VALUE • According to the USDA’s latest findings, Minnesota’s nearly 28,000 soybean farmers produced more than 279 million bushels in 2019.

• Soybeans are Minnesota’s top export commodity, accounting for 30% of the state’s total agricultural exports.

• Minnesota is the nation’s top producer of food-grade soybeans.

• Livestock is the No. 1 customer of soybeans, with 98% of soybean meal used for feed.

• Minnesota produces two times as many bushels of soybeans as it consumes.

• 94% of farmers surveyed reported receiving their soybean checkoff news from Council publications.

• According to a 2020 checkoff study, the soybean industry’s total economic impact on the U.S. economy averaged $115.8 billion.

• The soybean sector supported an average of 357,000 people, comprising 280,000 paid, full-time equivalent jobs as well as an additional 78,000 family members.

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

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RURAL REVIVAL REVIVAL RURAL This one-of-a-kind crush facility received a $5 million endorsement from the state of Minnesota, allowing farmers to maximize the value of their crops, increase jobs and take advantage of value-added ag products.

What is the Ag Innovation Campus?

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Council Director Tom Frisch is treasurer of the Ag Innovation Campus.

Adding Value

Following decades of checkoff investments and development, the Ag Innovation Campus in Crookston combines the best of agriculture by creating new opportunities for farmers and industry alike.

A year after receiving funding from the Minnesota Legislature, the AIC advanced through the complex permitting process in 2020, culminating with a groundbreaking ceremony in the fall. This specialty facility will be unlike any other facility in the nation, and will serve as a hub for the next generation of value-added processing, putting money back into rural communities. The AIC will provide an opportunity for new and novel agricultural products to be tested, developed and readied for market. The facility is also an educational endeavor, creating a training site for future biodiesel, soybean and other crop processing workforces.

The AIC is working toward a late 2021 production date.

AIC BY THE NUMBERS • 368 million: Estimated pounds of soybean meal consumed by livestock in the region surrounding Crookston.

• 50 million+: Bushels of soybeans harvested in the 11 counties in Northern Minnesota in 2019.

• 62,400: Tons per year of soybean meal the AIC could crush, serving about 30% of the regional market.

• 324: Estimated number of AIC production days annually.

• 60: The number of potential jobs a fully operating AIC could support.

• 3: The number of crushing lines the AIC can support. Each line can be operated all on either organic, non-GM or GM soybeans as well as separately for each type of soybean.

Each line can also be cleaned to avoid cross contamination with other soybean lines.

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MISSION STATEMENT “The Minnesota Soybean Research & Promotion Council is the elected board of soybean producers from Minnesota who direct investments of the state’s checkoff dollars in programs designed to increase profitability to Minnesota soybean farmers.”

Annual Report of Program Area Expenditures Fiscal year September 1, 2019 - August 31, 2020 Certified through an independent audit by the accounting firm of Schlenner Wenner & Co. 151 St. Andrews Court | Suite 710, Mankato, MN 56001 1-888-896-9678 | www.mnsoybean.org