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 invest checkoff funds towards innovative research and soybean production, enhancing consumer and industry education, and creating demand for soybean products.
- Maximize production and utilization of Nebraska soybeans through research.
- Invest in the education and acceptance of soybean products.
- Continue to establish relationships and partnerships with end users to grow domestic and international soybean demand.
On a broader level, the soy checkoff helps facilitate market growth and create new markets for soybeans through marketing, research and commercialization programs. According to a 2019 return-on-investment (ROI) study, which is required by the U.S. Department of Agriculture, U.S. soybean farmers received $12.34 in added value for every dollar they invested in the soy checkoff. The federal law that created the soy checkoff requires that a return on investment study be conducted every five years.