Farm Industry News

Premium for high-oil soybeans

Ag Processing Inc. (AGP) recently announced it will pay premiums for soybeans meeting graduated levels of oil content. The premiums will start October 1 and are expected to range 2 cents to 7 cents/bu. The world's largest farmer-owned cooperative soybean processor, AGP is the first to offer this type of soybean premium. The company will use near-infrared (NIR) technology to analyze oil content. The company tested NIR technology successfully last summer at one of its nine processing plants in the Midwest.

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