COVINGTON, LOUISIANA, US — CGB Enterprises, Inc. (CGB) and Minnesota Soybean Processors (MnSP) announced they are forming a joint venture for the construction of a soybean processing plant near Casselton, North Dakota, US.
North Dakota Soybean Processors, LLC, jointly owned by Covington, Louisiana, US-based CGB and Brewer, Minnesota, US-based 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,” said 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, said the new plant will complement its soybean processing facility in Brewster.
“The combination of these assets well positions us to meet demand, domestically and globally, for meal and oil, while providing a consistent, competitive market for locally grown soybeans for local farmers,” he said.
Groundbreaking on the plant is slated for this spring, the companies said, 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.
“This is an exciting day for North Dakota agriculture with the announcement of intent to build a state-of-the-art soybean processing plant near Casselton,” said Doug Goehring, North Dakota agriculture commissioner. “It is a unique opportunity to add value right here, provide a local market for North Dakota soybeans and boost economic growth in our state.”
CGB has a soybean processing plant in Mount Vernon, Indiana, US, that was built in 1997 and recently underwent a significant expansion to increase its soybean processing capacity. The company has additional grain elevator assets strategically located throughout the United States with access to rail, truck and barge transportation, as well as other complementary businesses within the agriculture and transportation industries.
MnSP’s soybean processing facility in Brewster started crushing soybeans in 2003 and added a biodiesel refining facility in 2005.
CGB, through its wholly owned subsidiary, Consolidated Grain and Barge Co., operates a network of grain facilities across the Midwest. In addition to grain facilities, CGB Enterprises, Inc. has dedicated operations in logistics and transportation (CTLC), agri-finance (AGRIfinancial Services), soybean processing, producer risk management, and other related businesses.
MnSP is a 2,300-member cooperative.