By PAUL HAMMEL
Nebraska Examiner
LINCOLN — Nebraska soybean farmers are wagering that increased profits will come via an expansion of an export terminal at the Port of Grays Harbor in Aberdeen, Washington.
The Nebraska Soybean Board, similar soybean associations in Iowa, Kansas, North Dakota and South Dakota and the Soy Transportation Coalition have committed $900,000 to help offset some of the design and engineering costs for the terminal.
The upgrade — expected to be operational in 2025 — will double the capacity to export soybean meal from the facility to 6 million metric tons.
The terminal is operated by AG Processing Inc., an Omaha-based cooperative that owns and operates 10 soybean processing facilities.
The terminal’s expansion is expected to boost profitability of soybeans and tap into the demand for soybean oil for the expanding renewable energy market, according to a news release.
The Nebraska Soybean Board is funded by a checkoff on the sale of soybeans that amounts to one-half of 1% (.005) of the price of each bushel.