ASA-Supported Farm Bill Passes Following intense lobbying efforts by the ASA, state soybean associations and many other organizations in the agriculture, nutrition, conservation, and energy industries, the "Food, Conservation, and Energy Act of 2008" passed both Houses of Congress. The House vote on May 14 was 318-106. The Senate vote on May 15 was 81-15. President George W. Bush vetoed the bill, and Congress had to override the President’s veto to make the law effective. The new Farm Bill includes key ASA priorities, including increasing the soybean target price to $6.00 per bushel, authorizing a new Bioenergy Program and providing $300 million in funding for biodiesel producers through 2012, continuing to fund the Biodiesel Education Program at $1 million per year, and authorizing a new Quality Incentive Program to promote production of soybeans with high-stability oil that can replace trans fats in food products. The legislation also includes ASA-supported provisions to encourage reduction of working land currently in the Conservation Reserve Program by reducing the ceiling on the CRP to 32 million acres, and to implement an optional revenue based support program called ACRE. ASA thanks all state affiliates who were active in contacting their Congressional delegations to vote "aye" on this important legislation.

Chinese Buyers Agree to Purchase $4.5 Billion Worth of U.S. Soybeans A delegation of Chinese buyers from 14 import companies ended their tour of the United States with a final stop in St. Louis on Monday, June 16, to sign contracts worth a total of $5.3 billion, $4.5 billion of which is in soybean contracts. ADM, Cargill and Bunge were among eight U.S. soybean export companies that signed contracts. ASA, USB and the USSEC helped facilitate the contracts with the China Chamber of Commerce for Import/Export of Foodstuffs, Native Produce and Animal By-Products.

ASA, USB Partner with Researchers to Crack Genome Code As researchers learn more about the soybean genome, U.S. soybean farmers reap the benefits. That's why ASA and USB farmer-leaders commit time, energy and resources to advancing soybean research. ASA works to secure Federal funding for soybean yield, genomics and disease research. ASA has been successful in garnering Federal appropriations of $40 million annually for soybean research. To keep the momentum going, the soybean checkoff is funding a new genomics project that will open a new world of possibilities in improving soybean varieties. ASA and USB farmer-leaders met with U.S. Department of Agriculture-Agricultural Research Service officials and are encouraged about the possibility of additional help in funding this project. Having all three organizations contributing to the success of this project will be essential for further success. USDA-ARS scientists will analyze each of the nearly 20,000 lines in the USDA-ARS soybean germplasm collection and will be identifying approximately 50,000 Single Nucleotide Polymorphism genetic markers for each line. Examples of SNPs include markers for rust resistance or for improved oil composition. The entire USDA-ARS germplasm collection is expected to be analyzed in three years. By mapping more SNP genetic markers, plant breeders can work more efficiently to determine the location of genes controlling seed quality, disease and stress resistance.

ASA Working Group Makes Futures Market Performance Recommendations Amid concerns that futures markets are becoming less effective in allowing farmers to manage risk, ASA formed a Market Performance Working Group to examine the issues affecting markets and to make recommendations on what might be done to improve the situation. While farmers certainly have welcomed higher prices for their crops, soybean and other farmers have increasingly become concerned about the growing lack of convergence between futures and cash prices, whether fund participation in markets and related volatility has resulted in a larger than normal basis, and the fact that many elevators have stopped offering bids for grain beyond 60 days. ASA participated in an Agricultural Roundtable at the Commodity Futures Trading Commission in Washington, D.C., and provided written recommendations to CFTC following that Roundtable. ASA believes that futures markets exist for the dual purposes of price discovery and risk management. However, the traditional hedges that farmers have used to reduce price risk now seem to actually increase their risk exposure. ASA encouraged CFTC to take a number of steps that would improve futures market performance and allow traditional hedgers to have greater confidence in futures markets.

ASA Joins Coalition Effort to Stop GMA Attacks on Farmers and Biofuels ASA joined the National Corn Growers Association, National Association of Wheat Growers, and National Sorghum Producers in a letter addressed to Board members of the Grocery Manufacturers Association expressing deep disappointment with the negative "food before fuel" public relations campaign that GMA and member companies have authorized and funded. ASA stated that its farmer-members are surprised and offended that GMA board members would take this public stance given the long-term partnership of farmers and food companies to feed the world. "In our opinion, the GMA campaign to influence U.S. biofuels policy also falsely portrays to the public and Congress that farmers are greedy, irresponsible environmental stewards, and unmoved by world hunger and rising retail food prices," the letter states. The letter goes on to say "In your efforts to change U.S. biofuels policy, please stop also blaming American farmers and questioning our collective ability to rise to the opportunity and challenge, as we always have, to produce plenty of food, feed, fiber and fuel."

ASA Confers With Senate Leaders on High Food Prices At the invitation of the Senate Democratic Steering and Outreach Committee, ASA participated in a high-level discussion of the current increase in commodity and food prices. The discussion focused on the extent to which increased biofuels production is responsible for rising food prices. ASA and other agriculture-based organizations argued that the impact of biofuels demand on prices is minor compared to other factors, including growing world demand for livestock products, weather-related crop losses, and higher fuel prices. ASA called for broader adoption of biotechnology as one solution, and urged Senators attending the meeting to "twist some arms" in their contacts with Members of the European Parliament over the EU’s restrictive biotech policies. ASA has produced a brochure "Myths and Realities Behind Rising Food Prices" that will be distributed to all ASA members. Additional copies are available to distribute to policymakers and industry stakeholders.