United Soybean Board Sets Budget at $65 Million

03.08.2010 09:57 "Agro Perspectiva" (Kyiv) — The United Soybean Board approved its 2010 annual budget during its annual meeting in Broomfield, Colorado. The FY 2010 average price increased from $9.25 per bushel to $9.45 per bushel. In addition, projected U.S. soy usage increased from 3.15 billion bushels to 3.22 billion bushels, which increased collections for U.S. soybean market-building activities from $69.2 million to $74.5 million for FY 2010. USB farmer-leaders determined the final budget for FY 2011, which begins this fall. The final FY 2011 budget was set at $65 million, derived from an estimated usage of 3.128 billion bushels and an average price of $8.75 per bushel. When setting USB budgets, USB receives usage and price estimates from market analysts and typically projects checkoff revenue conservatively in case of such things as weather disasters or other market factors that could impact the size and utilization of the U.S. soybean crop. USB farmer-directors completed its process of reviewing and determining its future domestic programs primary contractor by selecting SmithBucklin, an association management firm with offices in the same building as USB. SmithBucklin currently manages USB domestic programs that include Domestic Marketing, New Soy Uses Development and Production Research. USB ’s program areas and Initiative Leadership Teams gave presentations on their FY 2011 strategic approach, which followed with a discussion session and input from the Board on strategic priorities within each committee. The meeting also provides updates on several ongoing checkoff activities.

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