Grain and transportation company CGB Enterprises (CGB) has announced a joint venture with soyabean processing co-operative Minnesota Soybean Processors (MnSP) to build a soyabean processing plant in North Dakota.
The facility in Casselton will be operated by North Dakota Soybean Processors, jointly owned by CGB and MnSP, according to CGB’s 22 December announcement.
Expected to crush 42.5M bushels of soyabeans in its first year of operation, CGB said the plant would provide a more viable market within North Dakota for production that previously left the state.
“Its strategic location will produce soyabean meal for the livestock industry and food grade soyabean oil to service the rising demand of food users and also the renewable fuel industry,” CGB Soybean Processing senior vice president Steve O’Nan said.
Due to become operational in 2024 subject to regulatory approvals, CGB said work on the plant was expected to start in the spring.
“The combination of assets well positions us to meet demand, domestically and globally, for meal and oil, while providing a consistent, competitive market for locally grown soyabeans for local farmers,” MnSP general manager Jeramie Weller said.
CGB has an existing soyabean processing plant in in Mount Vernon, which was recently expanded to increase its soyabean processing capabilities in south west Indiana.
The company also has grain elevator facilities located throughout the USA and related businesses in the agriculture and transportation sectors.
MnSP owns and operates a soyabean crushing and biodiesel refining facility in Brewster, Minnesota.
Headquartered in Covington, Los Angeles, CGB Enterprises operates a network of grain facilities across the Midwest, through its wholly owned subsidiary Consolidated Grain and Barge Co.
CGB Enterprises is also active in the logistics and transportation sector, agri-finance, soyabean processing, producer risk management and other related businesses.