Big Announcement for Ag Producers at the Soybean Expo
Minnesota Soybean Processors Announced They Will Be Constructing A New Soybean Plant Facility
FARGO, N.D. — Ag officials call soybeans the miracle crop because of the many products that can be made from it.
Step aside wheat and corn, soybeans are the agricultural commodity to beat in the global market.
Especially…in the Red River Valley.
People who were attending the the Soybean Expo at the Holiday Inn heard from Governor Doug Burgum and leaders of the Minnesota Soybean Processors as they announced their plan for a new soybean processing plant.
Planners say once it’s completed, it’s going to be a dream come true for Ag producers.
“Now the producers have a choice if they want to sell it in a global market or sell it in a local market,” said Governor Burgum. “When we raise prices, we raise farm income, and when we raise farm income, that’s good for every community in the state.”
The $240 million facility will be built in Spiritwood, North Dakota.
The crush refinery at the new plant will handle 125,000 bushels of soybeans per day.
This means there will be 42 million bushels a year of processed soybeans in North Dakota.
The plant will eventually add up to 55 to 60 full time jobs to the area.
That’s not all it will be used for.
“We view this as the future of energy production just to get every last ounce of value that we can out of the energy that were using on that site,” said Vice President of Great River Energy, Jon Brekke.
“The plant will spend within the state for other goods and services about $30 to $40 million per year,” said Scott Austen, who is the General Manager of Minnesota Soybean Processors. “So the plant will have a large economic impact.”
While planting season just got a little more exciting for North Dakota, Governor Burgum says this is truly a two state effort.
“Jobs in capital move across state borders,” he added. “We have to build an environment in our state where we attract people, we attract talent, we attract capital, we attract investment and we attract ideas.”
The food industry already uses about three-quarters of all U.S. soy oil in consumer food products and we can now expect a lot more of baked goods, cooking oils and salad dressings in the Red River Valley to name a few.
Processors plan to move forward with their new construction plan by the end of this summer and hope to have the facility running by fall of 2018.