Soybean checkoff

The Soybean checkoff is a congressionally-mandated assessment on soybeans, whose proceeds are used to fund soybean research and promotion efforts. The checkoff is managed by the United Soybean Board under the supervision of the United States Department of Agriculture Agricultural Marketing Service. In 2014, the checkoff was $109.1 million.[1]

The checkoff rate is 0.5% of the market price of soybeans sold each season. The efforts of the checkoff are directed by the United Soybean Board, composed of 73 volunteer farmer-leaders nominated by their state-level checkoff organizations, called Qualified State Soybean Boards (QSSBs). The nominees are appointed by the U.S. Secretary of Agriculture to the Board.

History

Congress authorized the soybean checkoff in the Soybean Promotion, Research, and Consumer Information Act of 1991. The USDA instantiated the soybean checkoff September 1, 1991.[2]

References

  1. ↑ "United Soybean Board". Department of Agriculture. Retrieved 12 October 2017.
  2. ↑ "PART 1220—SOYBEAN PROMOTION,RESEARCH, AND CONSUMER INFORMATION" (PDF). Government Printing Office. Retrieved 12 October 2017.
  • About the United Soybean Board
  • United Soybean Board, United Soybean Board, 2010
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