Category: Ag News

Wed, 02 Nov 2022 12:29:53 CDT

Looks like Fed cattle prices are finally on the top side of $150/cwt. with last week’s six-state average $151/cwt. paid for steers. It has been a long upward grind to this point, but the past two …

Wed, 02 Nov 2022 11:27:10 CDT

CHS Inc., the nation’s leading agribusiness cooperative, today reported net income of $1.7 billion for the fiscal year ended Aug. 31, 2022, compared to $554.0 million for fiscal year 2021.

Key financial drivers for fiscal year 2022 results include:

· Consolidated revenues of $47.8 billion for fiscal year 2022 compared to $38.4 billion for fiscal year 2021, a year-over-year increase of 24%.
· Refining margins in our Energy segment were higher and drove improved earnings due to the tightening global supply and demand landscape.
· The CHS global grain and processing and wholesale agronomy businesses within our Ag segment benefited from strong global demand and increased margins.
· Our equity method investments performed well, with increased CF Nitrogen earnings resulting from strong global demand for urea and urea ammonium nitrate (UAN), coupled with decreased global supply.

“We appreciate the support of our member cooperatives and farmer-owners, which enabled us to deliver a substantial increase in earnings for the fiscal year, while also helping feed people around the world,” said Jay Debertin, president and CEO of CHS Inc. “Additionally, our employees demonstrated their dedication to helping our owners and customers succeed in a turbulent year for agriculture. As a result of these collective efforts, CHS intends to return $1 billion in cash patronage and equity redemptions to our member cooperatives and farmer-owners in fiscal year 2023, reflecting the company’s financial strength and demonstrating the value of cooperative ownership.

“We are proud of our role in the cooperative system. We will continue to make investments that strengthen rural America and help our farmer-owners and customers meet the growing demand for agricultural products. Our investments in infrastructure, supply chain capabilities, people and innovation are driving operational and efficiency gains throughout our expansive network,” Debertin added. “Although economic uncertainty, logistical challenges and inflationary pressures remain, CHS is well-positioned to maximize value for our member cooperatives and farmer-owners.”

Fiscal Year 2022 Business Segment Results
Fiscal year 2022 segment results are:

Energy
Pretax earnings of $616.6 million represent a $627.1 million increase versus the prior year and reflect:

· Higher refining margins and increased discounts on heavy Canadian crude oil processed by our refineries contributed to a significant increase in our refined fuels business income; these increases were partially offset by higher renewable energy credit costs and higher natural gas costs, as well as lower margins in our propane business.

Ag
Pretax earnings of $657.6 million represent a $359.5 million increase versus the prior year and reflect:

· Increased margins across all our Ag segment product categories, due to strong global market demand and global supply disruptions
· Continued favorable markets for oilseed processing, which were bolstered by robust meal and oil demand
· Increased revenues from feed and farm supplies, despite less favorable weather during spring planting and application season

Nitrogen Production
Pretax earnings of $478.0 million represent a $357.0 million increase versus the prior year and reflect:

· Increased earnings from our strategic investment in CF Nitrogen, primarily due to market conditions and strong demand for urea and UAN, factors that were partially offset by higher natural gas costs

Corporate and Other
Pretax earnings of $57.9 million represent a $48.9 million decrease versus the prior year and reflect:

· Lower earnings primarily from our Ventura Foods joint venture, which experienced less favorable market conditions for edible oils

Wed, 02 Nov 2022 10:58:15 CDT

Today, the National Cattlemen’s Beef Association commended the U.S. Department of Agriculture (USDA) following Secretary Tom Vilsack’s announcement of over $223 million in grants and loans t…

Wed, 02 Nov 2022 10:58:11 CDT

More Than $223 Million in Grants and Loans Will Increase Competition and Economic Opportunities for Meat and Poultry Processors and Producers around the Country, and Help Lower Costs for Working Familie…

Wed, 02 Nov 2022 09:30:25 CDT

Nearly 2.3 million Oklahomans are registered to vote ahead of the November 8 General Election, with a net increase of more than 77,000 registered voters since January 15 and a net increase of more than …

Wed, 02 Nov 2022 09:14:42 CDT

Yesterday, Growth Energy, the Renewable Fuels Association, the American Coalition for Ethanol, and National Farmers Union filed a motion to intervene in the D.C. Circuit Court of Appeals in support of t…

Wed, 02 Nov 2022 09:12:44 CDT

Early voting for the General Election begins today in all 77 counties across the state. Early voting locations will be open Wednesday, November 2 through Friday, November 4 from 8 a.m. to 6 p.m. and on …

Wed, 02 Nov 2022 09:08:32 CDT

Lindsay Graber Runft brings energy and industry experience to the brand.

Genetics and management are at the forefront of targeting the Certified Angus Beef ® brand but communicating beef value pr…

Wed, 02 Nov 2022 09:05:54 CDT

Compared to the last report: Hay continues to stay steady while volume lowers. Due to the drought, we are beginning to see more hay coming into Oklahoma and being traded compared to trading our own Okla…