The U.S. Army Corps of Engineers and the Office of Management and Budget have given the go ahead to deepening of the Lower Mississippi River from 45 feet to 50 feet. Soy Transportation Coalition Executive Director Mike Steenhoek says that’s been a priority for his organization. He says the project will not only help agriculture and commodity shippers but also the overall economy.

He says by deepening the river, shippers will be able to get more soybeans out to export markets.

Steenhoek says the project will be done in three phases at a total cost of $245 million with 75 percent of that cost shared between the state of Louisiana and the federal government. He adds that the soybean industry has also contributed a significant amount of money for the project.

Steenhoek says his group’s research estimates farmers in 31 states will annually get an additional $461 million for their soybeans due to the 50 feet dredging of the lower Mississippi River.