Kansas Soybean Commissioners convened in early December at the International Grains Program Institute in Manhattan to deliberate funding proposals and establish the budget for the 2023 fiscal year, which will run from July 1, 2022, to June 30, 2023.
Funding is decided by the 9-member KSC board following an initial review of proposals. The soybean checkoff, in which farmers contribute one-half of one percent of the sale price of their soybeans, generates the funding available for investment each year. The objective of the soybean checkoff is to improve profitability for soybean farmers, which can be accomplished through improving efficiency of soybean production and finding new ways to use the crop after harvest, among other things.
Many of the 57 funding proposals presented to the Commissioners December 2-3 sought to achieve just that. Proposal topics comprised agronomic and new-use research, educational campaigns aimed at sharing about soy and industry organizations looking to position U.S. Soy competitively in the global marketplace. From those, 52 projects were selected. Additionally, Commissioners approved the Kansas Soybean Association contract to implement state projects.
“It’s our responsibility to invest our money wisely,” Chairman Bob Haselwood, Berryton, said at the meeting. “We must be selective in funding projects that directly benefit Kansas soybean farmers while not holding on to too large of a sum in our reserves.”
The collective work of the national soybean checkoff has grown the return on investment to $12.34 back to the farm for every dollar invested. A new selection of projects each year creates potential to continue growing the return on investment.
Further details about individual projects included in the budget will be released ahead of the fiscal year. Information about how the soybean checkoff is working on behalf of farmers is always available at kansassoybeans.org or by contacting Administrator Kaleb Little by phone at 877-KS-SOYBEAN/877-577-6923.
