Market Insight: The World Needs More Soybeans
“We want to help growers produce their best yield.”
26 July 2024, Ohio: A new study shows feedstocks produced within the U.S. are on track to support domestic production of an additional 1.4 billion gallons of renewable diesel and biodiesel, also known as biomass-based diesel (BBD), by 2030. Commissioned by the National Oilseed Processors Association (NOPA) and conducted by S&P Global Commodity Insights, the report verified that the U.S. oilseed industry is ready and able to meet higher Renewable Volume Obligations (RVOs) for 2026 and beyond as the industry has invested $6 billion to expand U.S. crushing capacity by nearly 30% relative to 2023 installed capacity.
Soybeans remain the key feedstock for U.S. biodiesel production, representing more than 60 percent of all inputs. Renewable diesel demand continues to use more soyoil than expected. Soyoil exports have picked up recently, too, says NOPA. This domestic need added to global demand for soybeans paints a bullish picture for U.S. soybean producers.
“The world needs more soybeans,” says Mitch Eviston, Founder and CEO of Meristem Crop Performance. “At Meristem, we are helping high-yield soybean growers make the most of every seed they plant to help meet that demand. In the season just past, we saw our REVLINE® HOPPER THROTTLE™ bringing anywhere from four to 12 more bushels per acre to soybean growers.”
Eviston says now delivering PREPHYTE™ ST with Metalaxyl ST through Meristem’s patented BIO-CAPSULE® Technology will take it up another notch by offering broad spectrum disease control of both fungal and bacterial pathogens through multiple modes of action that avoid resistance.
“We ARE the high-yield soybean company,” Meristem Founder and CEO Mitch Eviston emphasizes. “We want to help soybean growers produce their own personal best yield along with the opportunity to keep their variable crop input costs more affordable. We want to help farmers take advantage of that demand for more beans.”
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