Minnesota CropCast - Soybean processing for oil: A discussion with Gordon Denny

Abstract

It is easy to deliver soybeans to a local elevator, receive a check, and not put another thought into where those soybeans go. But, the demand for those soybeans is what creates the price. Understanding who buys our soybeans and what they are used for helps us all better understand what direction prices may go in the future.Gordon Denny has been a farm kid from southern Indiana, a Marine, and a long-term employee with Bunge. Today he is a knowledge center for the radical changes occurring in the global demand for soybeans and other oilseeds. With increased demand for vegetable oils for renewable diesel, a rapid increase in soybean processing is occurring in the U.S. A near-term increase in soybean processing of around 25% will have radical implications for the supply of oil, soybean meal, and whole soybeans for both domestic and international utilization. In this episode of Minnesota CropCast, Gordon helps us to better understand how the soybean world got to this place, and where it might go from here. We ask Gordon where he thinks all of this extra meal will go. Please join us on this episode of CropCast to find out. Along the way, you are sure to learn a whole lot about the evolving supply and demand for soybeans and soybean products at the global scale.