WAHOO, Neb.- Each year, the Nebraska Soybean Day and Machinery Expo in Wahoo offers farmers a chance to network and learn.
This year, a big topic on the minds of farmers at the expo was economics. Prices and production costs are a concern right now for soybean farmers as they face continued low commodity prices. They heard from an economist at the expo on how to improve profits, but many farmers say there is little margin for gains right now. "South America is coming into production right now. Their growing conditions will determine the supply of soybeans in the world," Ithaca soybean farmer and Soybean Check-off Board member Richard Bartek said.
Bartek says in order to help low market prices, finding new export markets, and new uses for soybeans must be a continued goal. "When the prices are low, we need to get rid of the beans and keep that price stable or increasing." Bartek said.
Biodiesel is becoming very important to the soybean industry. It's now being used in heating systems in places like New York City. The hope is to open another big market in California, and Nebraska could benefit greatly from that as Nebraska is one of the most western-producing soybean states.
The Nebraska Soybean Day and Machinery Expo is sponsored by Nebraska Extension in the university's Institute of Agriculture and Natural Resources, the Nebraska Soybean Checkoff, Saunders County Soybean Growers Organization and private industry.