The grain facility will feature two receiving pits and one rail receiving pit, each pit capable of dumping 20,000 bushels of grain per hour. It is expected to begin operating by the fall of 2014.
“This joint venture is another example of ADM investing to serve growing global demand for agriculture,” said Joe Taets, president of ADM Agricultural Services. “We look forward to working with CVA and producers in the area to make the most of their farming operations. The new elevator — along with our global transportation fleet and network of customers — will provide additional marketing opportunities for regional producers, which can help add value to their crops.”
ADM said the facility’s location at the intersection of two major highways (U.S. Highway 81 and U.S. Highway 20) will provide convenient access in an area that has seen corn and soybean production increase since 2000.
“Enhancing the ability of member-owners to link to greater global marketing and transportation opportunities is what makes this joint venture so exciting,” stated Doug Derscheid, president and chief executive officer of CVA. “At CVA, we leverage our expertise and high-speed facilities to meet local grain producers’ harvest and post-harvest storage and marketing needs. Through this joint venture, ADM will connect those local producers to a vast national and global network.”
CVA has 365 employees that operate 25 grain facilities that hold more than 45 million bushels of grain.