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How to Start a Profitable Soybean Farming Business

Do you want soybean farming on your small farm or backyard? Find here in this article, a step-by-step guide on the basics of soybean farming.

Soybean is popularly called “golden bean” or “miracle bean”. Currently, the United States is the largest producer of soybeans, followed by Brazil and Argentina. In the United States, states like Illinois, Minnesota, and Iowa grow most soybeans. As a matter of fact, soybeans are the second most harvested crop in the States only after corn.

Here are the 10 Steps to Start a Soybean Farming Business

1. Choose the Niche

There are many varieties of soybean in terms of usage. Soybean is used in making milk, flour, and oil, and also for consumption. You need to decode which mind or kinds of soybean you are going to produce. Broadly soybeans are of four varieties. They are Group 00, Group 0, Group 1, and Group 2 as per the requirement of heat.

Read: 50 Profitable Agriculture Business Ideas

2. Create a Soybean Farming Business Plan

If you are looking to start soybean farming for profit, it is essential to have a business plan. It not only provides you with a future roadmap to success but also helps you secure funding if you need finance for your project.

If you decide to write off your own, there are free business plan generators on the internet for help.

3. Licenses & Permits

For commercial cultivation, you might require specific licenses and permits. Talk to local competent authorities and procure those licenses

Registration of business and business insurance are the other two aspects you need to take care of if planning to run a legally compliant soybean farming business.

4. Selecting the Seed

When cultivating soybeans for commercial production, it is extremely critical to choose the right seeds. Based on the type of soybean farming, you need to select the seed.

Go for a green variety of seeds if you are farming for eating purposes.

Yellow type is produced for soymilk or flour making. Black seeds are preferred for dried soybeans.

Read: How to Start Mushroom Farming Business

5. Selecting the Soil

The yield of soybeans becomes higher on soil having a pH value of more than 6.5. Soybean farming performs better on moist soils and not sandy types.

6. How Much Land is Needed to Start Soybean Farming

The requirement of land will largely depend on the scale of profit you want to make. However, to make a decent income from soybean farming, you must farm soybeans on a minimum of one acre of land.

7. Planting the Soybean Seeds

The ideal time to plant soybeans is a month after winter preferably in the month of May. The ideal temperature for healthy produce is around 50 F.  Sow the seeds about 1.5 inches deep into the soil. Maintain a gap of about 3 inches in between. Water the beans till it gets moist. Be careful not to overwater as it might induce cracks.

Do not farm soybeans in shady areas. This crop needs a good amount of sunlight to grow.

8. Beware of Rabbits

Rabbits love soybean shoots. They can destroy the crop if allowed to enter the farming land. Protect the farm area with a fence so that rabbits can be kept away.

9. Don’t Allow Weeds to Grow

Weeds choke the growth of Soy plants. When the plants are smaller in size, take measures to keep the farm area free of weeds. When the plants grow bigger, you don’t need to weed as the plants can take care of themselves from getting choked.

10. Harvesting of Soy Plants

Harvest the soybeans when the pods are green and fully grown. You need to harvest before the pods turn yellow in color. After harvesting the entire pod from the plant and boil it with hot water in a container for a period of around 5 minutes. Treat the boiled pods in cold water for another 5 minutes. After the pods are cooled, place them into a fresh towel.

Now is the time to extract the soybeans from the pods. Carefully press the pods from both ends and you will find beans start popping out. Now you can eat the beans or can store those for future use.

Frequently Asked Questions

How profitable is soybean farming?

Yes, without a doubt, soybean farming in the present day is a lucrative business. It is one of the most profitable cash crops in the world. Reports suggest farmers made an average profit of $64 per acre for soybeans.

How many soybeans can you plant per acre?

It actually depends on the environment where you are sowing soybeans. However, farming experts suggest farmers should have around 100,000 standing plants uniformly per acre in 7.5- and 15-inch rows.  And for 30-inch rows, it can be around  80,000-90,000.

How much does it cost to plant an acre of soybeans?

The cost of planting will differ by state and country-wise. However, on average costs per acre for soybean were in the range of $160 to $200 in the last year.