What is the soy checkoff?
Like farmers of other commodities, such as beef, dairy and eggs, soybean farmers collectively invest a portion of their product revenue to fund research and promotion efforts. This collective investment is called a checkoff.
The funding is available through an assessment program, approved by Congress in 1990, in which soybean farmers contribute one-half of 1 percent of the price of each bushel at the point of sale. Checkoff funds work to develop markets, educate consumers, discover new uses and research new ways to produce soybeans more efficiently.
The Nebraska Soybean Board (NSB) directs the soy checkoff’s efforts within the state, while the United Soybean (USB) directs the soy checkoff’s national efforts. Both organizations are led by a board of farmer-volunteers.
NSB Strategic Plan
The mission of the Nebraska Soybean Board is to effectively invest and leverage soybean checkoff resources to maximize profit opportunities for Nebraska soybean farmers.
- Promote the success of the Nebraska soybean industry through responsible stewardship while acknowledging global market needs.
- Maximize production and utilization of Nebraska soybeans annually.
- Invest in the development and acceptance of soy technologies.
On a broader level, the soy checkoff helps facilitate market growth and create new markets for soybeans through marketing, research and commercialization programs. A 2014 study conducted by Texas A&M University determined that the checkoff provides a $5.20 return on every checkoff dollar invested. The federal law that created the soy checkoff requires that a return on investment study be conducted every five years.