How much does growing IP soybeans really cost?
ST. LOUIS — Facing lower soybean cash prices this year, farmers are looking for opportunities to add to their bottom lines.
Growing identity-preserved (IP) soybeans is one option for additional profit opportunities, but the costs can seem overwhelming to farmers thinking about getting started.
U.S.-soy-industry-led board QUALISOY developed a calculator that can help farmers determine how much profit they can add by growing IP soybeans, including high oleic varieties.
The calculator, based on a Purdue University study, helps farmers navigate the typical steps required to produce and segregate IP soybeans and gives them an estimate of added profit potential.
Pencil it out
This calculator, available for use on http://soyinnovation.com/inputs-handling/, also gives a quick look into the limited costs associated with growing IP or high oleic soybeans.
“The soybean calculator is easy to access and has straightforward questions,” said Dan Corcoran, a soybean farmer from Piketon, Ohio.
“It takes you on a logical path to get a basis for non-IP products and what it takes to deliver a crop. Then it goes into the additional costs and revenue associated with growing IP soybeans.
“It gives soybean farmers a good overview of exactly what we need to invest when we choose to grow IP.”
Options
Right now, opportunities available for soybean farmers to grow IP include non-GMO, food-grade and high oleic soybeans. However, high oleic soybeans have easier handling procedures compared with other IP soybeans.
The calculator takes those factors into consideration when delivering its results.
