Happy Friday! This morning Monsanto held a press conference to discuss soybean production in the United States. I had the chance to videotape the announcement this morning. They introduced their new product line VISTIVE™. VISTIVE is a brand name for Monsanto’s line of soybean oils that help reduce and/or eliminate trans fatty acids (trans fats). The first product, VISTIVE low-linolenic soybeans, was launched in 2005. This year, nearly 500,000 acres will be planted in multiple areas throughout the Midwest. Processors are currently paying farmers a premium of $0.25 to $0.45 a bushel for VISTIVE soybeans.

U.S. farmers will be given preferred access to produce several soybean products that will result in new market prospects for soybean oil. This includes soy crops that can deliver vegetable oils enriched with omega-3 fatty acids. Omega-3 fatty acids have been found to lower cholesterol and reduce blood pressure.

Monsanto’s second part of their announcement involved risk management for their customers. They are offering an incentive of $15 per bag in the event of soybean crop failure for those farmers who purchase Roundup Ready soybean seed, plant it in a double crop system and use Roundup herbicides. This will be tested this year in Arkansas, Missouri, and North Carolina. This is due the amount of double crop soybean acreage and the geographical range of these states.

Finally, Monsanto plans on strategic planning for the future of soybean production. They will support and provide resources for a comprehensive study looking at what the future holds for the soybean industry in the year 2020. It is called Soy 2020 and is coordinated by the United Soybean Board. This study will look at current trends, economic, political and competitive factors that will shape the next 15 years. It will also look at the ways the industry can meet the demands of customers overseas as well as other market segments such as animal agriculture, biodiesel and food manufacturing.

For more information on Monsanto, click on Monsanto.