SPY422.11-2.37 -0.56%
DIA340.76-2.65 -0.77%
IXIC14,039.68-33.17 -0.24%

Archer-Daniels-Midland to Build Soybean Crushing Facility in North Dakota

05/10/2021 08:17

12:16 PM EDT, 05/10/2021 (MT Newswires) -- Archer-Daniels-Midland Company (ADM) said Monday it plans to build a $350 million soybean crushing plant and refinery in north Dakota to meet growing demand from food, feed, industrial and biofuel customers, including renewable diesel producers.

The complex will have the capacity to process 150,000 bushels of soybeans per day, the company said. It expects to complete the facility prior to the 2023 harvest.

ADM also said it plans to invest about $25 million to expand refining and storage capacity at its crush and refining facility in Quincy, Ill. The expanded capacity is expected to be online by Q1 2022.

The stock was up more than 2% in midday trading.

Price: 68.51, Change: +1.49, Percent Change: +2.22