Grain prices drop following USDA report

Dien Judge — Fri, 10 Oct 2008 15:53:28 +0000

Corn and soybean prices dropped sharply Friday following the release of the U.S. Department of Agriculture’s October crop production estimates.

Nationwide corn production for the year is estimated to reach 12.2 billion bushels, up 1 percent from last month’s report. Corn yields are expected to average 154 bushels per acre.

If the crop estimates hold true after this year’s harvest, it would result in the second-largest corn crop in history. This huge crop is expected despite the devastating flooding throughout Iowa and the Upper Midwest earlier this year.

Corn prices, which had skyrocketed to record highs during the flooding in May and June, have now dropped to just above $4 per bushel, causing worry among farmers who had banked on high grain prices to offset their historically high operating costs.

Soybean production is also forecast to be higher than earlier projections. Nationwide soybean production is expected to reach 2.98 billion bushels, up 2 percent from a month ago and up 11 percent from last year.

Devansoy’s Schettler Bullish on the Bean

Douglas Burns — Fri, 24 Aug 2007 00:59:32 +0000

Iowa Independent's Douglas Burns conducted the following question-and-answer session with Devansoy president Elmer Schettler. Carroll-based Devansoy is becoming a more popular name in the soyfoods industry. Established by Carroll County native Schettler in 1990, Devansoy has continued to grow as a vital and respected supplier and partner to many of the leading brands in the soyfoods industry and beyond.

Iowa Independent: Why should readers who don’t have soybeans planted themselves care about soybeans?

Schettler: Soybeans in general play a major role in the U.S. food chain. Many are used for healthy and nutritious livestock feed. Much of the oil used in foods for consumers is from soybeans. Further, many food products in general have components of soybeans in them (oil, lecithin, flour, etc.)

Every day your readers eat soy foods, probably without knowing it. If you have eaten a ham from the supermarket there is a very high likelihood it has soy in it.

Soyfoods in general are considered very healthy. They are low in saturated fat and high in protein. Soybeans are the only non-animal protein containing all essential amino acids. Further, soybeans have been shown to have positive health effects with regards to preventing heart disease and certain types of cancers including prostate and colon cancer.

Iowa Independent: There is so much discussion in agriculture about the intersection of farming and energy. What about the possibilities with new, more healthy foods?

Schettler: Whether one discusses foods that are primarily comprised of soy or multiple grains, there are endless possibilities to develop new, healthy and great tasting foods with soy as a minor or major ingredient. Agriculture for the use of energy has both positives and negatives. The immediate trend is for ethanol and biodeisel to replace fossil oil for some of our needs. This will not be an economical source of energy long term.

The more land that is dedicated to grain sources of energy the more food prices will be impacted.

Iowa Independent: Obesity is now an epidemic. There were reports this week that obesity is actually contagious, that people who are around others with it are more likely to turn that way themselves. How can soy help contribute to the war on diabetes?

Schettler: Soy foods are low in total fat and saturated fat. Soy tends to also provide a filling satiation when consumed. This can possibly assist with less total consumption in meals/snacks, when soy is an integral ingredient.

Specifically with regards to diabetes, studies have shown that soy can help to regulate the flow of insulin. I personally know diabetic persons who have benefited by putting soy foods in their diet.

Iowa Independent: What are some exciting developments with your business specifically?

Schettler: We have become more diversified with regards to the ultimate types of foods our products are included in. For example, along with growth in liquid soymilk, our products are included in frozen desserts, soy smoothies, soy flour pancakes, etc. Our ability to work with customers and help develop new and innovative applications has proven to be an engine of growth. In addition, we have developed new textured soymilk powder ingredients which offer our customers more choices when including our ingredients in their consumer products.

Iowa Independent: Soy milk and other soy-based products are highly popular in cities like Boulder, Col., and Seattle. Are you seeing a national acceptance and demand? What does the future hold?

Schettler: Soymilk consumption is growing domestically and internationally. Consumers are purchasing soymilk for many reasons (general health, specific condition prevention, taste, non-dairy option). With the ongoing health discoveries related to soy and ultimately soymilk, along with the ever improving taste, it is expected to see at least 10% annual growth in consumption for the foreseeable future. A testimony to the success of soymilk, is that many supermarkets now carry soymilk under their private labels.

When supermarkets identify high turnover and profitable products, it is common for them add a version of their own brand to the retail shelf. Look in your local supermarket and observe the number of products with soy on the label that were not there one year ago.

Iowa Independent: As more soybeans are involved in biofuels production what does this mean for your use of the product and the price for consumers?

Schettler: The price of soybeans will rise. The price of organic soybeans, which provide a large portion of the ingredients for soy foods, will likely be affected as well. However, with land dedicated to organic crops, it is difficult to determine how much the growth in biofuels will have on organic crops. We don’t necessarily expect farmers who have committed their land to organic agriculture to grow crops for biofuels. Still, we do anticipate, and are seeing, an upward impact on the overall price of all commodities.

Iowa Independent: If someone has never knowingly tried soy food, where would you suggest they start?

Schettler: Buy a carton of regular soymilk and use it instead of dairy milk in your pancakes and omelets. You will notice they are lighter and fluffier.

Use soymilk on your breakfast cereal, a tortilla with soy flour filled wit soy sausage and eggs, a soy burger for lunch with Edamame and soy nuts on your salad and finish the day with a bowl of soy ice cream.

If your favorite supermarket does not stock these items ask customer service to order them.

Iowa Independent » Soybeans

Grain prices drop following USDA report

Devansoy’s Schettler Bullish on the Bean