2005-2006 Annual Report

August 25, 2006

Dear New Jersey Soybean Producers:

I am writing to provide an annual update as to the activities of the New Jersey Soybean Board over the past year. Also enclosed please find your annual ballot for elections to the New Jersey Soybean Board of Directors. We encourage you to exercise your right to vote and invite you to consider becoming involved in the Board.

Also, a similar mailing was sent to fuel distributors through the generosity of the NJ Gasoline Retailers Association in New Jersey. Again, the message was "visit our booth at AREE to find out how biodiesel/bioheat can benefit your business." The postcard encouraged them to stop by to receive an embossed portfolio. Attendees were required to bring their postcard to get one, and all reports were that the booth was swarming with fuel distributors wanting to learn more.

Also, under the same grant and partnership, ads were placed in Delmarva Farmer, New Jersey Farmer and Lancaster Farming to promote the same important Biodiesel message

Also, through the second year of a USB BPI grant, a variety of educational materials were made available at the meeting. These materials, including a Soy Products Guide, Fuel Supplier Kits, US Soybean Diagnostic Guide, bumper stickers and more, are also available at no charge to Soybean producers around the State. Please contact us for copies of any of these materials. Also, NJSB Chairman Rick Stern continues to participate in a New Jersey Biofuels Working Group. The goals of the group include informing, educating, encouraging and supporting individuals, groups, and institutions including higher education on biofuels especially biodiesel. This group was established by the New Jersey Department of Environmental Protection DSRT/Bureau of Sustainable Communities and Innovative Technologies in collaboration with the New Jersey Board of Public Utilities.

In addition, we continue to respond to inquiries as to where to purchase certain types of soybeans, soybean products and related matters to ensure that those who are interested in soybeans have a resource to turn to.

We thank our partners at the United Soybean Board, Karen Pfautsch of Osborn and Barr, Serpil Guran of the NJ Department of Environmental Protection and Ellen Bourbon of the NJ Board of Public Utilities as well as grant writer Susanne Zilberfarb for their invaluable assistance and teamwork.

Thank you to our Board and to you, the Farmers, for your continued support of the Checkoff Program. We believe it is an important vehicle for getting the message of the health, environmental and other benefits of soybeans out to key audiences.

We welcome your comments and any of our Board members can be reached through NJ Soybean Board Headquarters at 609-585-6871.

Regards, Richard Stern, Jr.
Chairman

As for the Board's activities since October 1, 2005, I am proud that we have continued our efforts in promoting Biodiesel as well as the benefits of soybean usage. At the same time, we are building a modest reserve in case of unforeseen events facing the soybean industry in the future and we have provided some of the same services for which we are known: oversight of the NJ operation and the funding of research grants.

First and foremost, we remain in compliance with the federal rules stipulating the activities of an approved Soybean Board. This includes collection and remittance of Checkoff dollars as well as reporting and audit compliance.

During the past year, the Board approved research grant funding proposals as outlined below.

William Sciarappa and Dr. Jim Simon, Rutgers University - "Human Food Grade and Organic Animal Feed Soybean Systems" - $2,550

Wayne Hudson and Mark Mayer, NJ Department of Agriculture - "Biological Control of the Mexican Bean Beetle" - $1,500

Jim Hershey, World Initiative for Soy in Human Health - "Market Development Activities" - $1,000

These projects are ongoing. Producers are invited to request a status report on either of the research projects by contacting NJ Soybean Board Headquarters.

For the first time ever, the Board was awarded a QSSB Incentive Partnership from the United Soybean Board's Domestic Marketing Committee in the amount of $5,000 for a project entitled "NJ Farmer Biodiesel Direct Mail Promotion". The featured event was a Biodiesel informational meeting held on August 1. The meeting was well attended and well received. Hopefully you were able to join us. The New Jersey Office of Clean Energy and the NJ Department of Environmental Protection partnered with us and we were able to publicize the programs available through their offices at the meeting. The Board also benefited from the assistance of the United Soybean Board and Karen Pfautsch of Osborn and Barr and Susanne Zilberfarb working along with the National Biodiesel Board.

In addition to the meeting, under the QSSB Incentive Partnership Grant and the NBB and USB partnership, the NJ Soybean Board exhibited at AREE May 1-4 under the National Biodiesel Board banner. Also through the grant, we were able to send a mailing to farmers encouraging you to "Ask your fuel distributor to bring you biodiesel and tell them to visit us at AREE." (Hopefully you saw it!)