Soybean processing increases as demand for biofuels rises
Cargill is expanding soybean processing capacity at two large Midwest crush plants to meet the growing demand for biofuel.
Cargill's $475 million (€397 million) investment in seven states comes as US processors are already crushing soybeans at a record pace.
Soybean prices have risen to the highest in more than six years as the record crush, and record exports, are projected to shrink US stocks of the oilseed.
Cargill anticipates rising demand for food as countries emerge from the coronavirus pandemic and for feedstocks to produce biofuels, including renewable diesel, grows.
Warren Feather, managing director of Cargill's North American supply chain, told Reuters: "We are seeing a continued growth trend for soy products, not just today but also these investments are part of how we are planning for the future demand.”
Cargill will boost processing capacity at a Cedar Rapids, Iowa, plant by 10%, with work due to be completed by this autumn.
Upgrades at Cargill's Sydney, Ohio, facility, originally announced in 2019, will include a doubling of crush capacity and faster loading and unloading of products.
Other improvements include automation that will speed up handling of soy products at Cargill crush plants in Guntersville, Alabama; Gainesville, Georgia; Wichita, Kansas; Kansas City, Missouri; and Fayetteville, North Carolina.
The projects will be completed over the next five years.
Cargill's $475 million (€397 million) investment in seven states comes as US processors are already crushing soybeans at a record pace.
Soybean prices have risen to the highest in more than six years as the record crush, and record exports, are projected to shrink US stocks of the oilseed.
Cargill anticipates rising demand for food as countries emerge from the coronavirus pandemic and for feedstocks to produce biofuels, including renewable diesel, grows.
Warren Feather, managing director of Cargill's North American supply chain, told Reuters: "We are seeing a continued growth trend for soy products, not just today but also these investments are part of how we are planning for the future demand.”
Cargill will boost processing capacity at a Cedar Rapids, Iowa, plant by 10%, with work due to be completed by this autumn.
Upgrades at Cargill's Sydney, Ohio, facility, originally announced in 2019, will include a doubling of crush capacity and faster loading and unloading of products.
Other improvements include automation that will speed up handling of soy products at Cargill crush plants in Guntersville, Alabama; Gainesville, Georgia; Wichita, Kansas; Kansas City, Missouri; and Fayetteville, North Carolina.
The projects will be completed over the next five years.
Loading ...
