Officers of board also elected by board peers following annual meeting
CHS Inc. owners elected seven board members to three-year terms during the cooperative’s 2020 annual meeting held virtually Dec. 3 in Inver Grove Heights, Minnesota. CHS Inc. is the nation’s largest cooperative and a leading global agribusiness company owned by farmers, ranchers and cooperatives across the United States.
CHS reported net income of $422.4 million for the fiscal year that ended Aug. 31, 2020. This compares to fiscal year 2019 net income of $829.9 million.
Key financial drivers for fiscal year 2020 include:
Consolidated revenues of $28.4 billion for fiscal year 2020 compared to $31.9 billion for fiscal year 2019.
Strong supply chain performance in our propane business driven by efficiently sourced propane to customers to meet strong crop drying and home heating demand that contributed to improved results especially during the first half of fiscal year 2020.
Less advantageous market conditions in our refined fuels business, primarily driven by the COVID-19 pandemic, resulted in volume and price declines that significantly reduced earnings compared to the prior year.
Poor weather conditions negatively impacted our Ag segment’s operations during the first half of fiscal year 2020, resulting in lower crop yields and poor grain quality following a late harvest and lower crop nutrient sales during fall 2019.
Improved weather conditions during the 2020 spring planting season drove increased earnings across much of our Ag segment in the second half of fiscal year 2020.
Corn and soybean harvest is well underway, and it’s been a good fall. We’re glad to see that progress, although this week’s weather has forced a pause in many areas. We hope you are enjoying a safe, productive season and look forward to speaking with you at the virtual 2020 CHS Annual Meeting on Dec. 3.
Thank you for your business. Please let us know how we can help you complete this season and move into 2021.
Click here to hear more from CHS President and CEO Jay Debertin.
During October, CHS is joining cooperatives across the U.S. to celebrate Co-op Month. As part of the cooperative system, CHS is committed to supporting and strengthening owners and communities with diverse ideas, equity and inclusion.
The following information is provided by Nationwide, the #1 farm and ranch insurer in the U.S.1
During the busy harvest season, farms and grain-handling facilities are some of the most dangerous places to work. Slips and falls from ladders, entanglements from augers and PTOs, crushing injuries from grain truck and railroad traffic, grain bin entrapment and engulfment from grain bin entry, and fires and explosions from grain dust accumulation, are just some of the hazards.
By Chad Christiansen, Product Quality and Additives Manager in Agriculture and Farming, CHS from the Cenexperts blog
Farmers have enough on their plates without needing to deal with water in their diesel. Despite their best efforts, though, sometimes accidents happen. Luckily, there are ways to remove water from diesel and methods to prevent water contamination from happening again.
We may not be meeting in person right now, but we still want to bring you valuable information to navigate volatile and weak commodity markets. Please join us online to discuss the markets and learn more about CHS Pro Advantage for corn, soybeans and wheat on Tues., Aug. 4, 10 a.m. CST.