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The $500 million facility is a venture between BP Products North America and South Dakota Soybean Processors.

The U.S. shipped 2.8 million tons of corn in the week ended Aug. 14, double the amount a year ago and topping the most optimistic forecast from analysts compiled by Bloomberg.

Soybean futures fell as concerns over sluggish demand for U.S. supplies prompted traders to take profits after a three-day winning streak.

Chicago corn futures fell to the lowest level in nearly a year after the Department of Agriculture raised its already record-large outlook for the American harvest.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

The move, a win for American farmers, comes after a flood of supplies from China reached U.S. shores at cheaper prices than soybean oil produced locally.

Soybean farmers in seven states are asking Congress to extend current biodiesel and renewable diesel tax credits due to a lack of clarity on a set of new rules ready to take effect in January.

Agriculture giants including Cargill Inc. and Bunge Global SA are slowing their buying of soybeans because of uncertainty over U.S. biofuels policy.

North Dakota’s renewable diesel industry took a giant leap forward as the state opened its first fully dedicated soybean-crushing plant that will make biofuel oil.

Illinois Gov. J.B. Pritzker celebrated groundbreaking at a $250 million soybean processing plant expansion that would contribute to increased production of biodiesel.