Dec 23, 2021

Joint Venture to Build Soybean Processing Plant in North Dakota

CGB Enterprises and Minnesota Soybean Processors will construct state-of-the-art facility near Casselton

CGB Enterprises, Inc. (CGB) and Minnesota Soybean Processors (MnSP) have formed a joint venture for the construction of a state-of-the-art soybean processing plant near Casselton, ND.

North Dakota Soybean Processors, LLC, jointly owned by CGB and MnSP, will own and operate the new facility, which is expected to crush 42.5 million bushels of soybeans in the first year, providing a more competitive and viable market within North Dakota for production that previously left the state.

“This is an exciting project that has been in the works since 2019,” says Steve O’Nan, senior vice president, CGB Soybean Processing.

“This state-of-the-art soybean processing plant is a commitment to North Dakota agriculture. Its strategic location will produce soybean meal for the livestock industry and food grade soybean oil to service the rising demand of food users and also the renewable fuel industry.”

Jeramie Weller, general manager, Minnesota Soybean Processors, says the facility will complement its current operations in Brewster, MN.

"The combination of these assets positions us well to meet demand, domestically and globally, for meal and oil, while providing a consistent, competitive market for locally grown soybeans for local farmers,” Weller says.

Groundbreaking on the soybean processing plant is slated for this spring, with plans to have the facility fully operational in 2024, subject to various federal, state, and local permitting, infrastructure, and incentive approvals. The project is expected to create 50 to 60 new jobs once fully operational.

Cass County Commission Chair Chad Peterson says the county is committed to partnering to improve roads and critical infrastructure to provide the foundation for this significant private investment.

"A plant of this size will become a huge revenue producer and employer and will provide a significant ROI for county taxpayers," says Peterson.

CGB has an existing soybean processing plant in Mt. Vernon, IN, that was built in 1997 and recently underwent a significant expansion to increase its soybean processing capabilities in Southwest Indiana.

The company has additional grain elevator assets strategically located throughout the U.S. with access to rail, truck and barge transportation, as well as other complementary businesses within the agriculture and transportation industries.

MnSP has an existing Soybean Processing facility located in Brewster, MN, that started crushing soybeans in 2003 and added a biodiesel refining facility in 2005.

MnSP’s goal, along with the assistance of its members, is to provide a high quality feed product for America’s producers as well as providing a high quality renewable fuel source.

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Marketwatch: Feb, 03

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