Choice Voice: Earn higher premiums for high-demand soybeans
(Editor’s note: Scott A. Raubenstine is the Vice President of Agricultural Services, Perdue Agribusiness)
If you have partnered with Perdue AgriBusiness before, you’ve heard this already: we couldn’t do what we do without you. Some of the most recognized brands in the world make many well-known products with oil made from YOUR high oleic soybeans—right here on the Delmarva!
As many growers on the shore have heard, the demand for high oleic soybean oil has never been higher. You make it possible for us to support the users of this heart healthy oil. These companies rely on acres of high oleic soybeans to be planted year after year for use in their products. As the oil market continues to grow, so does the demand for high oleic soybean acres.
This oil demand has lifted premiums to growers on the shore. Premiums for 2023 are $1.00 – $1.15/bushel for harvest delivery. Depending on your yield and growing conditions, that could be $50-$90/acre in extra revenue.
We’ve come a long way since the early days of high oleic soybeans, and the demand is not slowing down any time soon. In fact, in the last 10 years, over 100M bushels of high oleic soybeans have been purchased from Delmarva growers. That shakes out to over $13.5M in premiums paid! That’s an impressive partnership, and all of the processors we work with want to continue to grow the high oleic soybean market.
Many local growers have seen benefits from the switch to high oleic soybeans. Roger Schmick from Preston, MD said, “I plant high oleic soybeans because I like the processor I’m dealing with and of course, the higher premiums paid for my soybeans.”
We understand that 2022 wasn’t the easiest year, but we are ready to contract more high oleic soybeans in 2023. The industry is counting on your partnership.
We look forward to an exciting and profitable year of high oleic contracting. Here’s to 2023 — contract your acres today.
Contact your local Pioneer Seed sales representative or contact me at Scott.Raubenstine@perdue.com or 410-543-3236 for additional information.