As global demand for soybeans increase, so does the need for soy processing facilities.
Reuters points out that U.S. agricultural cooperatives are building new soybean crushing plants at the fastest rate in two decades. That comes as U.S. farmers again are predicted to plant a record number of soybean acres next year.
U.S. processors are expected to open plants with capacity to process at least 120 million bushels of soybeans in 2019, up around five percent from existing capacity of an estimated 1.9 billion bushels.
The industry attributes the boom to the growth worldwide in the number of consumers with income to spend on pork and chicken, which has led to a rapid rise in demand for animal feed products.
U.S. soy plantings totaled a record 90.2 million acres this year and the USDA in a preliminary forecast set plantings next year at 91.0 million acres.
From the National Association of Farm Broadcasting News Service.