CHS Inc, the largest U.S. farm cooperative, last week said quarterly earnings jumped 75 percent from a year ago, boosted by strong commodity prices and a global network of facilities.
The Minnesota-based company reported net income of $360.9 million for its fiscal fourth quarter ending August 31, up from $206.5 million a year earlier.
Net income for the fiscal year ending August 31 reached $1.26 billion, up 31 percent from the previous year. It was the first time a U.S. agricultural cooperative surpassed $1 billion in annual earnings, according to CHS.
The cooperative joined bigger rivals Cargill and Bunge, two of the world’s largest agricultural trading houses, in attributing solid results to networks of employees and facilities.
Bunge last month said it doubled quarterly profits by mobilizing its global grain network to supply customers hit by the worst U.S. drought in more than 50 years. Cargill’s quarterly earnings more than quadrupled from a year earlier.