Farmers should review their need for multi-peril crop insurance, which can protect against financial damage, say industry experts.
The Illinois association said that "every growing season unpredictable conditions including rainfall and pests combine to influence soybean yield", but this year farmers should be prepared for the rust's potential impact in their fields and in their account books.
"Experts are advising producers to try to take care of their own risk as best they can. Farmers who have felt in the past that they were unlikely to have an insurable loss may need to rethink that this year," said the president of the association Earl Williams.
Soybean rust arrived in the United States after soybeans were already harvested in November 2004 and therefore US farmers have no precedent with which to work.
"Asian Soybean rust has not had any effect yet," Bob Callanan from the American Soybean Association told FoodNavigatorUSA.com, "but some farmers may be dissuaded from planting crops, particularly in the south of the country."
However, he agreed that for the moment it was too early for farmers to have made a firm decision about what they will plant this year.
Soy oil prices in the US are currently forecast at 21 to 24 cents per pound, down 0.5 cent on both ends of the range, as soybean supplies hit 460 million bushels and soybean oil production rose to 165 million pounds, based on a higher projected extraction rate.