North Dakota Farmers Union has invested $500,000 in the proposed North Dakota Soybean Processors plant planned for Spiritwood, N.D. The project will use 125,000 bushels of soybeans per day once completed.
The plant is estimated to cost $287 million. Minnesota Soybean Processors — a farmer-owned cooperative that is the major shareholder and will be the manager of the plant — is putting in $60 million.
“Having a commodity processing facility like this in North Dakota is essential to helping farmers and ranchers,” said NDFU President Mark Watne. “We’ll have another avenue to market soybeans in the state, and value is being added to that crop. Anytime we add value to a commodity, we enhance farm income.”
Scott Austin, general manager of MNSP, said, “It is great to have an organization like NDFU, which represents producers from all over the state, be a part of this …We are grateful and look forward to our partnership with them for years to come.”
NDSP is expected to be an integrated soybean crush facility and refinery producing soybean meal, refined, bleached and deodorized oil, and biodiesel.
Watne said he hopes the project paves the way for more processing facilities in North Dakota, especially those that are farmer-owned.
For more information about the project, go to ndsoy.com.
Source: NDFU, NDSP