Feasibility of Soybean Oil Refining in Iowa, 1966

(1966) Feasibility of Soybean Oil Refining in Iowa, 1966. Iowa State University

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Abstract

With an annual production in 1965 of over 123 million bushels, Iowa is second only to Illinois in the production of soybeans. Likewise with a production in 1964 of over 838 million pounds of soybean oil it again ranks second only to Illinois ( 3 ). The "crude oil" produced in Iowa plants is all * shipped out of the state where over 90% is used in food products such as margarine, shortening, and salad oil. The amount of soybean oil that comes back into the state is estimated to be at least 7 5 million pounds annually. This assumes the same per capita consumption as the national rate. Therefore, why cannot at least part of these food products be produced in Iowa from Iowa soybean oil for Iowa consumers? This report is the result of a study ( 1) attempting to answer this question. Operations involved in the production of food products are briefly described. A suitable location for an oil refining and processing plant is discussed. The equipment required for plants of various capacities is presented with estimated investment costs, operating costs, and potential profits.