The United Soybean Board will conduct an economic analysis of the livestock industry – the soybean industry’s top customer. The study will highlight the economic value and importance of the livestock industry to the U.S. soybean farmer.
The Nationwide Economic Impact of Animal Agriculture shows the contribution the livestock industry gives to a state through tax revenues, employment, earnings and output. The study breaks down the value of the livestock industry to U.S. soybean farmers and to each state.
“This analysis shows the economic impact the animal agriculture industry has on rural communities,” says Laura Foell a soybean farmer from Schaller, Iowa. “It’s an important tool to help get the facts out about the economic benefits this industry offers to local communities and states in addition to U.S. soybean farmers.”
For example, the animal agriculture industry employs more than 3.3 million people nationally. In Texas alone, over 200,000 people work in this industry.
The report is a unique tool because it is the first time this type of information on all 50 states has been made available in the same publication. The information gives a breakdown on each livestock category and state along with the estimated soy consumption of each species by state. Information such as this demonstrates the interdependency between the soybean and livestock industries. Market trends that have an effect on the livestock industry are also discussed.
“Livestock and poultry are the number one consumers of soybean meal,” adds Foell. “Without these industries, a large amount of soybeans would be underutilized, making the soybean less valuable to the producer. ”For more information on the animal agriculture industry, visit www.animalag.org.
Source: United Soybean Board