Two US agri goods handling firms – Ceres Global Ag and Consolidated Grain and Barge Co (CGB) – have inked an agreement to set up a joint venture to manage an oilseeds and grains terminal.

The joint venture company, called Savage Riverport LLC, was previously owned and operated by Ceres subsidiary Riverland Ag, Ceres said in a 1 May statement.

Through the Savage terminal, Ceres and CGB said they would buy, store and ship oilseeds and grains arriving through railroad and truck connections, including soyabeans, corn, wheat, oats and rye.

According to Ceres, the facility – located in Savage, Minnesota, on the Minnesota River – had a storage capacity of 9.3M bushels with high speed truck and rail receiving capacity, alongside rail and barge shipping capabilities.

“Partnering with CGB at the Savage location is a strategic move for Ceres. By maximising total volume from all the products each of our companies provide our customers with, we will significantly lower cost per unit handled,” said Ceres president and CEO Robert Day.

Ceres, headquartered in Minneapolis, Minnesota, procures and provides North American agri commodities and value added products, industrial products, fertilisers, energy products and supply chain logistics services.

Mandeville, Louisiana-based CGB operates 97 grain facilities and has dedicated operations in logistics and transportation, fertilisers, crop insurance, agri finance, soyabean processing and producer risk management.