CEO discusses soybean industry with students as part of Lamont-Rhodes Lecture

CEO speaking to students and faculty in auditorium with projector screen behind him

ABERDEEN, S.D. – The seventh annual Lamont-Rhodes Lecture was held April 12 at Northern State University, featuring Ag Processing Inc. CEO Chris Schaffer.

As part of his visit to Northern, Schaffer spoke to NSU School of Business students and faculty members in Krikac Auditorium. Schaffer also shared his expertise with area business professionals that evening at the main Lamont-Rhodes Lecture, held in the NSU Kessler’s Champions Club.

With the students, Schaffer shared information about AGP, a farmer-owned cooperative based in Omaha that currently has 1,100 employees and 10 plants. That includes the AGP plant in Aberdeen, which crushes about 150,000 bushels of soybeans a day.

Schaffer also discussed soybean processing, markets and industry changes. Roughly 90 percent of the world’s soybeans are crushed to make oil and meal, he said, with much focus on four countries: the United States, Brazil, Argentina and China.

Currently, demand for oil is going up, and there are good markets for meal. In terms of industry changes, there is an expansion of renewable diesel, mainly in the western United States. Renewable diesel is chemically identical to regular diesel which makes a fungible replacement to diesel fuel in the supply change and demand is expected to grow from 1 billion gallons in 2021 to 4 billion gallons in 2024, he said.

The Lamont-Rhodes Lecture Series, sponsored by the NSU School of Business and Dacotah Bank, is hosted by the NSU Foundation. It is made possible thanks to contributions from descendants of longtime Aberdeen residents Ernest and Louise Rhodes, William and Frances (Peg) Lamont, and Robert and Ruth Lamont.

Man speaking to crowd of people sitting at tables

About Northern State University

Northern State University is a student-centered institution that provides an outstanding educational experience, preparing students through the liberal arts and professional education for their future endeavors. A regional university, Northern offers rigorous academics; diverse civic, social and cultural opportunities; and a commitment to building an inclusive environment for all points of view. Northern also offers a broad-based athletics program, sponsoring 15 NCAA Division II intercollegiate varsity sports that compete in the Northern Sun Intercollegiate Athletic Conference (NSIC). The university strives to enrich the community through partnerships such as its Educational Impact Campaign, which opened a new South Dakota School for the Blind and Visually Impaired; new athletic and recreation fields; and an on-campus regional sports complex. With the $55 million campaign, NSU has been the recipient of more than $150 million in privately funded building projects and scholarships within a decade. To learn more, visit NSU Admissions.