Operating a soybean processing factory is a new joint venture.
A joint venture between CGB Enterprises, Inc. (CGB) and Minnesota Soybean Processors (MnSP) has been announced with the aim of building a soybean processing factory close to Casselton, ND.
The new facility, which is expected to crush 42.5 million bus of soybeans in the first year, will be owned and operated by North Dakota Soybean Processors, LLC, which is jointly owned by CGB, based in Covington, La., and MnSP, based in Brewer, Minn. This will give production that was previously exported from North Dakota a more competitive and viable market within the state.
As senior vice president of CGB Soybean Processing, Steve O’Nan noted, “This is an exciting project that has been in the works since 2019.” This cutting-edge soybean processing facility demonstrates North Dakota’s dedication to agriculture. Because of its advantageous location, food-grade soybean oil and soybean meal will be produced for the cattle industry, the renewable fuel sector, and the growing demand for food.
The new plant will supplement Minnesota Soybean Processors’ existing soybean processing facility in Brewster, according to Jeramie Weller, general manager of the company.
“The combination of these assets well positions us to meet the domestic and international demand for meal and oil, while offering local farmers a stable, competitive market for soybeans grown locally,” the statement read.
According to the firms, the factory will commence ground this spring and be fully operational by 2024, pending infrastructural, incentive, and federal, state, and local permitting approvals. When the project is finished, 50–60 new jobs should be created.
The news of plans to construct a cutting-edge soybean processing facility close to Casselton is exciting for North Dakota’s agricultural sector, according to agriculture commissioner Doug Goehring. “This is a rare chance to create value right here, give North Dakota soybeans a local market, and support our state’s economic development.”
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Constructed in 1997, CGB’s soybean processing facility in Mount Vernon, Indiana, recently had a substantial expansion to enhance its processing capacity. In addition to other related businesses in the transportation and agriculture industries, the company has additional grain elevator facilities strategically positioned across the United States with access to rail, truck and barge transportation.
In Brewster, MnSP’s soybean processing plant began crushing soybeans in 2003, and in 2005, a biodiesel refining facility was built.
Consolidated Grain and Barge Co., a wholly owned subsidiary of CGB, runs a network of grain facilities throughout the Midwest. Dedicated activities in logistics and transportation (CTLC), agri-finance (AGRIfinancial Services), soybean processing, producer risk management, and other associated companies are part of CGB Enterprises, Inc.’s portfolio in addition to grain facilities.