HEMINGFORD — Farmer’s Cooperative Elevator Co. is celebrating its 100th year and what better way to celebrate than to have dividend checks for its patrons.
At the annual stockholders meeting April 16, in Hemingford, Farmers Cooperative President and CEO said the cooperative netted $473,697, with 40 percent in cash to the patrons and 60 percent deferred.
Corn played a big part in helping push the cooperative into the green.
“The record corn harvest helped us out a lot,” Moseman said. “We were able to make good margins on most of the grain we shipped out and increasing our agronomy sales helped. Overall, managing our margins, our expenses led to a successful year.”
The board discussed projects completed including the Swett Elevator in South Dakota and new projects scheduled for this year including a bin 40 project, which will be the big one.
“It’s a 919,000-bushel jump form concrete tank, that we’re in the process of building right now,” he said. “We’re hoping to have operational by wheat harvest.”
The weather has put some delays on the project, and it could be a bit later than scheduled. The bin is necessary for the corn, as area bushels continue to increase.
“With this winter and spring, there is potential for good yields on dryland and irrigated corn,” Moseman said.
The one low point of the meeting was the loss of the liquid fertilizer 10-34-0 (ammonium polyphosphate) when tanks failed at the cooperative on Wednesday, April 10.
The cooperative still doesn’t know what caused the tanks to fail and they have been working on clean up and with regulatory agencies. With spring planting coming, the focus has shifted to making sure customers have the fertilizer.
“Our main focus now is to ship out product (fertilizer) to our customers,” he said.
The cooperative will be using rail cars, as temporary storage, coordinating trucks, and making fertilizer blends promptly, so customers won’t notice the loss of the tanks.
Moseman credited the staff at the cooperative and board of directors, for helping Farmer’s Cooperative to reach its first 100-year milestone and grow towards the next.
Farmer’s Cooperative also re-elected Brian Benda and Matthew Peters to the board of directors for a second term.