When the Delaware Soybean Board met to review their funding proposals for 2021, biodiesel remained a top priority. Biodiesel, a renewable, cleaner-burning diesel replacement, produced from a diverse mix of feedstocks, including soybean oil. According to the United Soybean Board, over the last decade, biodiesel demand for soybean oil increased by 300% with soy oil accounting for about 9 billion pounds of biodiesel feedstock annually.
The impact of biodiesel demand to the price of soybeans was an increase in cash price by 13%, or roughly $1.10 per bushel. Which is why the Delaware Soybean Board approved $5,000 towards membership to the National Biodiesel Board again this year. The group works to create sustainable biodiesel and renewable diesel industry growth through education, communication, governmental affairs, technical and quality assurance programs.
“With the interest nationwide in low carbon fuel alternatives, promotion of biodiesel is more important than ever,” said Delaware Soybean Board Member and National Biodiesel Board representative Rick Dickerson of Laurel. “It has the potential to reduce greenhouse gases emissions up to 86%.”
In a study conducted by the Agricultural Retailers Association, it was found that proposals to ban internal combustion engine vehicles could decrease soybean consumption by 470 million bushels, resulting in prices falling up to 44%. While we will likely continue to see more electric vehicles on our roadways, it is doubtful that all parts of the transportation sector would be able to make transition in the timeline outlined by these proposals.
“With the potential to decrease greenhouse gas emissions by 86%, biodiesel is the sustainable alternative that is available now, for all parts of the transportation sector. Investment in biodiesel is an opportunity for not only for our environment, but also for our farmers,” concludes Dickerson.
Learn more about emission reductions, biodiesel’s contribution to a healthier environment, the relationship between food and fuel by visiting the National Biodiesel Board’s Sustainability platform: https://biodieselsustainability.org/.
Delaware farmers plant about 160,000 acres of soybeans annually, producing over seven million bushels of beans and generating approximately $60 million in value to the state. The Delaware Soybean Board consists of nine farmer-directors and the Secretary of Agriculture. Funded through a one-half of one percent assessment on the net market value of soybeans at their first point of sale, the checkoff works with partners in the value chain to identify and capture opportunities that increase farmer profit potential.
For information, contact:
Delaware Soybean Board