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.
In 2007, Jerry Bryson sold 50 acres of land in Herman, Minnesota to CHS.
Today, this land is home to a new, state of the art elevator complex, which began receiving grain October 13, 2020. In the photo gallery below, Bryson is pictured delivering the first load of grain into the new elevator. This is Bryson’s last harvest, as he plans to retire from farming after this fall.
The new elevator complex has an RFID card reader system for swift delivery and includes three 25,000 bushel/hour receiving pits. At 132 feet tall, 8 main silos along with additional smaller bins offer 1.45 million bushels of upright storage space.
Area farmers have already begun delivering to the new elevator. Take a quick watch of this video taken during construction, which gives an idea of the traffic pattern new grain deliveries will be taking to enter the elevator.
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.
The safest way to mount and dismount vehicles, equipment, and ladders is to maintain three points of constant contact. That means one hand and two feet, or two hands and one foot – always. Anything less and you’re risking a fall.
Tips for Using the THREE-POINT System
• Always face towards the equipment.
• Get a firm grip on the rails or handles.
• Look for obstacles on the ground before exiting.
• Mount and dismount when the equipment is stopped.
• Break the three-point contact only when you reach the ground, cab, or platform.
• Slow down and take extra care in wet, snowy, or icy weather.
• Avoid wearing loose or torn clothing that can catch on the equipment.
• Wear shoes with good support.
Common Mistakes to Avoid:
• Never jump – you may land off balance or on an uneven surface and fall
• Don’t climb down with something in your free hand – put it on the vehicle floor and reach up for it when you get to the ground.
• Don’t use tires or wheel hubs as a step surface.
• Don’t use the door frame or door edge as a handhold.
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.
At a glance, Automated Fuel Delivery (AFD) offers value through:
1.) Peace of Mind
With advanced tank monitoring, you (and our delivery team) know your updated fuel levels daily. No more waiting for a fill on an empty tank during the busy season, as your tank is automatically added to the delivery list as fuel is used.
2.) Time Savings
No more calls to your fuel supplier to place an order, and no more late night worry during the busy season on the status of your fuel tank. AFD makes fuel inventory easy to manage.
3.) Average Pricing
It always seems like you get a fuel delivery the day the markets are at monthly highs, right? With AFD, your pricing is set as an average throughout the month, evening out your fuel bill.
Think the market is going to go up? You can also buy out your tank, giving you flexible options on making smart input purchases.
Our team is happy to answer questions about this program or get you enrolled. Contact us today!