Soy growers ask higher U.S. support, biodiesel aid

WASHINGTON (Reuters) – Congress should increase soybean subsidies and provide a biodiesel incentive payment to encourage development of the renewable fuel, the American Soybean Association said on Friday.

The ASA asked for a support price of at least $5.01 a bushel and a target price of at least $6.85 a bushel. Both are higher than the current price. The Bush administration has proposed a support price of no more than $4.92 a bushel.


Congress is scheduled to overhaul U.S. farm policy this year. The administration has suggested support prices that generally would be lower than those now in use while putting more money into the annual payments guaranteed to growers.

“We would prefer to see any additional funds used to level the playing field by setting more equitable marketing loan rates and target prices, and through income-generating opportunities like biodiesel that are good for soybean growers and the nation at large,” said ASA president Rick Ostlie, of Northwood, North Dakota.

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