CHS, the nation’s leading agribusiness cooperative, Thursday reported net income of $69.7 million for the first quarter of fiscal year 2021 that ended November 30, 2020.
This compares to net income of $177.9 million in the first quarter of fiscal year 2020. The first quarter of fiscal year 2021 reflect revenues of $8.7 billion compared to revenues of $7.6 billion for the first quarter of fiscal year 2020.
While income was lower, improved relations between the United States and foreign trading partners drove increased volumes and margins for grain and oilseed.
And favorable weather conditions during fall harvest compared to the prior year increased volumes and margins across much of the CHS Ag segment.
CHS CEO Jay Debertin says, “Improved trade opportunities with China and improved trade activity in Europe and Africa helped drive first-quarter improvement in our global grain business.”
CHS a global agribusiness owned by farmers, ranchers and cooperatives across the United States.
(Story Courtesy of the NAFB News Service)