**Please Note – Bob Lane was out of the office today and will return on December 23.**

ADM, Marathon Petroleum Close on Soybeanbean Oil Feedstock Venture

ADM and Marathon Petroleum Corp. recently closed on their previously announced joint venture to produce soybean oil to meet the fast-growing demand for renewable diesel. The joint venture, which will be known as Green Bison Soy Processing LLC, will own and operate a soybean processing complex in Spiritwood, North Dakota. ADM will own 75 percent of the venture, while Marathon Petroleum will own 25 percent.

Demand for renewable diesel in the U.S. is expected to exponentially grow in the coming years. Scheduled for completion in 2023, the $350-million Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to Marathon Petroleum. Spiritwood will produce about 600 million pounds of refined soybean oil each year, enough feedstock…