MnSP cuts ribbon at new office

Now that Minnesota Soybean Processors (MnSP) has a place of business, the co-op is ready to get down to business by raising equity for a proposed soybean crush in Brewster.

"Basically, we've got 48 meetings set up through Jan. 9," MnSP vice president Ron Obermoller said Thursday after a ribbon-cutting ceremony at MnSP's new office at 320 S. Lake St., Worthington.

"We're going to hit the area hard, and they're welcome to attend more than one meeting," he said.

MnSP needs at least $18.7 million in farmer equity to build an 80,000-bushel-a-day processing plant, or $31 million for a 120,000-bushel facility. So far, area farmers have committed $1.5 million toward the project.

Farmers must commit to the project before Jan. 10, 2001. In order to make the signup process fair, the MnSP board of directors has decided not to cash any equity checks until Jan. 10.

MnSP is offering equity shares at $2 each, with a minimum investment of 2,500 shares, or $5,000. A voting share must also be purchased for $250.

The second round of equity meetings will cover a much larger area than the first. In addition to dozens of meetings in Minnesota and Iowa, MnSP will visit South Dakota cities such as Aberdeen, Dell Rapids and Mitchell, due to requests from farmers in those areas, Obermoller said.

The reason for the high interest in South Dakota is that MnSP's partner in the project is South Dakota Soybean Processors, which operates a soybean crush in Volga, S.D. Obermoller said the Volga and Brewster plants could potentially serve as unloading points for each other.

Thursday's ribbon-cutting ceremony brought out around 30 people, including politicos and representatives from the Worthington Area Chamber of Commerce and Agricultural Utilization Research Institute. The Minnesota Soybean Research & Promotion Council also brought its "Soycharged" pickup truck, which runs on diesel fuel blended with soybean oil.

"We're glad to have a place to call home," Obermoller said.