Location announcements:
JASPER: A new truck traffic pattern with kiosk system is now in place, click here to see details.
The CHS Foundation is making a $4.3 million commitment to National FFA over the next three years, the largest gift in the foundation’s 75-year history. The grant will help fund FFA programs in 17 states, provide scholarships for attending conferences and contests, introduce students from all backgrounds to ag careers through the workforce development program, and support the National Association of Ag Educators in attracting ag teachers and building strong teaching programs.
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Dan Kubesh (in uniform), CHS truck driver and Army Reserves truck driver, fueler and platoon sergeant, has recognized CHS for its outstanding support of the military. He is pictured here with (from left) Jim Finley, Minnesota ESGR employer outreach director; Jim Kelzenberg, Minnesota ESGR Region 6 chair; David Vander Vliet, CHS Magnolia, Minn., location manager; and Rom Simonet, Minnesota state chair.
CHS recently received the Above and Beyond award from the Minnesota Employer Support of the Guard and Reserve (ESGR) for its outstanding support of active military members.
Only 30 businesses in Minnesota were selected to receive the Above and Beyond award from hundreds that were nominated. Nick Ricci, project management specialist, CHS, and Dan Kubesh, who drives truck out of the CHS location in Luverne, Minn., nominated CHS for this recognition. They are both active military members — Ricci with the National Guard and Kubesh with the Army Reserves. It is an honor for CHS to receive this distinction twice from two different employees and departments.
(more…)Net income of $1.9 billion exceeds previous high
Strong operational performance, favorable market conditions deliver increased earnings
Company intends to return $730 million cash to owners in fiscal year 2024
In fiscal year 2023, CHS energy businesses delivered strong earnings, reflecting continued favorable market conditions for refined fuels.
CHS Inc., the nation’s leading agribusiness cooperative, today reported net income of $1.9 billion for the fiscal year ended Aug. 31, 2023, compared to $1.7 billion for fiscal year 2022.
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October is National Co-op Month – a time dedicated to recognizing the value that cooperatives bring to farmers, ranchers and their rural communities. Andrew Schafer, a Washington farmer and member of the CHS SunBasin Growers producer board, describes how being involved with his cooperative has helped his operation.
CHS broke ground at the future site of its grain facility in Worthing, South Dakota. Pictured (l. to r.) are: Kent Mulder, vice president of operations, CHS; Jim Jibben, Lincoln County commissioner; Tom Versaevel, producer board chair, CHS; Mike Skuodas, general manager and senior director of operations, CHS; Jonathan Hagena, producer board secretary, CHS, and son Alex; and Michael Van Otterloo, senior operations manager, CHS.
Dirt work has begun at the future site of the CHS grain shuttle facility in Worthing, South Dakota.
Once completed, this 1.1-million-bushel grain facility will tie into existing rail loop and the current 4.2 million bushels of bunker storage already on site. This facility will bring area farmers even more market access to the Pacific Northwest, the Texas Gulf and Mexico.
In late August, CHS officially broke ground on the project at the Worthing Ag Center.
“Expanding and upgrading this facility is key to the flow of grain from the Upper Midwest to strategic export terminals in the Pacific Northwest, Mexico, and the Texas Gulf,” said Mike Skuodas during the groundbreaking event. Skuodas is senior director of operations for the CHS business unit served by Worthing. “This new grain facility will complement the current grain and agronomy assets in the area and will expand customer-focused solutions for our area producers.”
Many CHS producer board members from the area attended the groundbreaking, and Jonathan Hagena, producer board secretary, spoke about the impact this project will have for current and future ag producers like his young son, Alex.
“Investments like this strengthen our farms for future generations,” Hagena said at the event. “My youngest son Alex is eight years old. If Alex chooses to farm, he will be the sixth generation in our family. The current economic condition of our operation and the decisions we make now directly impact the opportunities he will have to continue the business in the future. Because this facility will strengthen our farm today, it will improve his opportunities to farm tomorrow, just like it will for countless other operations in our area and generations of farmers to come.”
Also speaking at the event was Michael Van Otterloo, operations manager for CHS. He is excited that the new Worthing facility will simplify the act of loading a shuttle train.
“I love grain trains more than anyone else I know,” he said at the groundbreaking event. “My wife thinks I am crazy. Our current grain terminal at Canton is organized chaos when we load a shuttle train, taking 14 people 15 hours to load a bean train with 430,000 bushels. With this new Worthing facility, we will slowly push cars around the track with four to five people and do it in seven to eight hours.”
He said from September to December, crews will be setting the boot pit and track work which will build the underground structure for the new facility. Then from January through March, 475 auger cast pilings will be poured to hold up the structure. Installation work will continue from July to September with the hope that by early December 2024, CHS will ship its first train from the new facility.
CHS has announced it intends to return $730 million in cash patronage and equity redemptions to its owners in calendar year 2024. The decision demonstrates the cooperative’s ongoing commitment to sharing profits with its owners and strengthening rural communities.
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Improved soybean and canola crush margins due to strong meal and oil demand resulted in higher earnings in the CHS oilseed processing business for the third quarter of fiscal year 2023.
CHS Inc., the nation’s leading agribusiness cooperative, today released results for its third quarter ended May 31, 2023. The company reported quarterly net income of $547.5 million compared to a record third quarter net income of $576.6 million in fiscal year 2022. For the first nine months of fiscal year 2023, the company reported net income of $1.6 billion and revenues of $36.1 billion, compared to net income of $1.2 billion and revenues of $34.4 billion recorded during the same period of fiscal year 2022.
(more…)Second quarter net income of $292.3 million in fiscal year 2023 reflects strong energy market conditions
CHS Inc., the nation’s leading agribusiness cooperative, today released results for its second quarter ended Feb. 28, 2023. The company reported quarterly net income of $292.3 million compared to $219.0 million in the second quarter of fiscal year 2022. For the first six months of fiscal year 2023, the company reported net income of $1.1 billion and revenues of $24.1 billion compared to net income of $671.0 million and revenues of $21.2 billion recorded in the first half of fiscal year 2022.
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One life lost is too many. That idea is the driving force behind Nationwide’s Grain Bin Safety Week program and Think Grain Bin Safety campaign, and that’s why CHS is proud to partner with Nationwide in raising grain bin safety awareness. But for Nationwide, it’s way more than just a campaign.
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For further information, contact:
Jen Johnson
605.222.2243
jennifer.johnson2@chsinc.com
Sioux Falls, S.D., (Jan. 17, 2023) — CHS Inc. will begin construction this spring on a new grain shuttle facility in southeast South Dakota, a strategic location in its Pacific Northwest corridor.
“We continue to reinvest in projects that bring even more value to our owners while expanding customer-focused retail solutions for area farmers,” says Rick Dusek, executive vice president of CHS ag retail operations. “Our continued focus is on making investments on behalf of our farmer-owners that will strengthen rural America and help meet the growing demand for agricultural products and services.”
The new facility will include industry-leading technology and the latest safety features in the new 1.1-million-bushel grain facility. It will be built near the intersection of Interstate 29 and State Highway 44 in southeast South Dakota and tie into an existing rail loop currently used for CHS agronomy operations. The facility will feature fast and efficient receiving and loadout capabilities to bring area farmers even more market access in the Pacific Northwest grain corridor and other important markets.
“This investment in infrastructure and supply chain capabilities is part of a coordinated and focused effort to drive operational and efficiency gains throughout our expansive CHS network,” says Kent Mulder, CHS vice president of operations in South Dakota and the Southern Plains. “Our operational footprint and assets are the strength of our supply chain and this important project delivers on our strategy to have safe, efficient assets in the right places to best serve our farmer-owners’ increasing need for speed and space and connect them to global markets.”
The new facility will create a safer environment for employees, farmers and community members through cleaner operating conditions and updated equipment with enhanced safety features.
“The strength of rural America relies on agriculture, and CHS is well-positioned to grow and expand opportunities for our farmer-owners through these strategic investments,” Mulder says.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, agronomy, grains and foods, CHS is committed to creating connections to empower agriculture, helping its farmer-owners, customers and other stakeholders grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, seed, crop protection products, grain marketing services, production and agricultural services, animal nutrition products, foods and food ingredients, and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.This document and other CHS Inc. publicly available documents contain, and CHS officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on CHS current beliefs, expectations and assumptions regarding the future of its businesses, financial condition and results of operations, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in CHS filings made with the U.S. Securities and Exchange Commission, including in the “Risk Factors” discussion in Item 1A of CHS Annual Report on Form 10-K for the fiscal year ended August 31, 2022. These factors may include: changes in commodity prices; the impact of government policies, mandates, regulations and trade agreements; global and regional political, economic, legal and other risks of doing business globally; the ongoing war between Russia and Ukraine; the impact of inflation; the impact of epidemics, pandemics, outbreaks of disease and other adverse public health developments, including COVID-19; the impact of market acceptance of alternatives to refined petroleum products; consolidation among our suppliers and customers; nonperformance by contractual counterparties; changes in federal income tax laws or our tax status; the impact of compliance or noncompliance with applicable laws and regulations; the impact of any governmental investigations; the impact of environmental liabilities and litigation; actual or perceived quality, safety or health risks associated with our products; the impact of seasonality; the effectiveness of our risk management strategies; business interruptions, casualty losses and supply chain issues; the impact of workforce factors; our funding needs and financing sources; financial institutions’ and other capital sources’ policies concerning energy-related businesses; uncertainty regarding the transition away from LIBOR and the replacement of LIBOR with an alternative reference rate; technological improvements that decrease the demand for our agronomy and energy products; our ability to complete, integrate and benefit from acquisitions, strategic alliances, joint ventures, divestitures and other nonordinary course-of-business events; security breaches or other disruptions to our information technology systems or assets; the impact of our environmental, social and governance practices, including failures or delays in achieving our strategies or expectations related to climate change or other environmental matters; the impairment of long-lived assets; and other factors affecting our businesses generally. Any forward-looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise except as required by applicable law.
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