Farm Progress America, October 25, 2023

Mike Pearson examines the soybean industry and what's happening in the USA.

October 25, 2023

Mike Pearson tells us how soybean growers will have many more buyers in the years to come. It's in part thanks to more processing centers being built across the country.

The American soybean industry can handle soybeans in three ways:

Storage: Dry soybeans, then keep them on the farm or in grain elevator for months even years at a time.

Ship: Soybeans can be shipped across the globe. The USA is only second in the world ot Brazil to shipping whole soybeans. In 2022, China bought $17 billion bushels and Mexico was second in purchasing.

Crush: Soybeans can be crushed into soybean meals and soy oil. It used to be hard to find buyers for the soy oil but that's changed thanks to soy diesel which has pushed prices higher.

A new processing plant was announced last week for Sandusky, Ohio, which will be able to take 50 million bushels a year. However, the construction of the facility will take a couple of years.

A newly built processing plant in North Dakota started taking soybeans in September. It took 18 months to construct the plant. IT is taking 150,000 bushels of soybeans everyday.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.

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