Very, very, very slowly, yes. It takes a huge number of seeds just for the GUI to update. If it's consuming (squeezing) the seeds, you should eventually see some seed oil there.
The best way to get seed oil is from nuts from trees. If you a cross an Apple Oak with a Birch, one of the likely possibilities is a Beech Nut tree. Those nuts have way more seed oil than, well, seeds, which is really just short for "wheat seeds".
IMHO, "seeds" should be named "wheat seeds", but at the time seeds were created they were the first and only seeds, and the name "seeds" has legacy.