The soybean industry has a major financial impact on our economy, according to a study

A new study shows the soybean industry has a major financial impact on the U.S. economy.

The Soy Checkoff teamed up with the National Oilseed Processors Association to commission the 33-page report. They found the soy industry contributes an average of $124 billion each year, which includes around $86 billion from soy production and just under $10 billion from soy processing.

The total wage impact averaged around $10 billion. The United Soybean Board says it is not just the money, soy helps create hundreds of thousands of jobs.

“As a farmer, sometimes we get in our daily routine and don’t think about the big picture, and this study that USB and the crush industry came together to do showed us some great results and some really eye-opening contributions that the soy sector adds to the national economy. $124 billion per year. That’s a big, big number. We have a lot of jobs that also fall in that economy, with 223,000 paid full-time jobs. So, those are some really big, big numbers and goes to emphasize the importance of the soybean sector,” said Ed Lammers.

Lammers says studies like this help show other farmers the importance of what they do each day, and he says soybeans are now used in more than 1,000 products.

Related Stories
The extension will now also include a study to better understand the impact of those speed increases on worker safety.
The deal is good through March 8th.

Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join Host and Market Day Report Anchor Christina Loren as she interviews members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Farm Traveler is for people who want to connect with their food and those who grow it. Thanks to direct-to-consumer businesses, agritourism, and social media, it’s now easier than ever to learn how our food is made and support local farmers. Here on the Farm Traveler, we want to connect you with businesses offering direct-to-consumer products you can try at home, agritourism sites you can visit with your family, and exciting new technologies that are changing how your food is being grown.
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
Host Ben Bailey hops in the tractor cab, giving farmers 10 minutes to answer as many questions and grab as much cash as they can for their local FFA chapter.