Cashing in on the soybean's economic magic

These days, you'll find soybeans in practically everything-from meat substitutes to bio-fuels. In fact, within the next 16 years, more than half of Canada's crop is expected to be sold in soybean markets that don't even exist today. The challenge today for Canada, whose farmers have been growing soybean for decades, is to capture those new markets, and the profits and new jobs that come with them.

Enter Soy 20/20, a pilot project of Agriculture and Agri-Food Canada, the Ontario Ministry of Agriculture and Food, the Ontario Soybean Growers, and the University of Guelph. Soy 20/20 seeks to become a model of innovation by bringing together farmers, researchers, industry, and government to capitalize on new opportunities for soybean production.

Certainly, the soybean deserves all the attention it is getting. Protein-rich and cholesterol-free, it is credited with a number of health benefits, such as reducing the risk of heart disease. Dozens of small Canadian firms are already producing a wide range of soy foods, from tofu and soy milk to soy pasta. "But the majority of the market is supplied by large companies, and their products are largely produced outside of Canada," says Greg Penner, project director of Soy 20/20.

Soy 20/20 is looking at projects that can compete with foreign manufacturers of soy products. By doing so, Canada can create and access potential new markets. For Canada's soybean farmers, that will mean stable prices and the opportunity to grow value-added varieties for specific products, like bio-diesel. Made from vegetable oils or animal fats, bio-diesel produces fewer emissions than regular diesel, reducing urban smog and greenhouse gases. Soy 20/20 is now working with companies planning to start manufacturing operations.

Canadian farmers have already emerged as world-class growers of the ancient bean, which has been used in China for more than 5,000 years.