March 2019 Newsletter
Mar 01, 2019
INVESTING IN OUR COMMUNITIESDeveloping culture has ensured longterm success in building Farmers Cooperative’s balance sheet. In 2002, when the mergers came together to form Farmers Cooperative, the goal was to provide our patrons with service, speed, space for grain, local earnings, new capital expenditures and explore new acquisitions or other opportunities that made sense. Since 2002, your company has had local savings over $185 million put back in our local communities. Your company has also invested more than $300 million in assets over the same time. Farmers Cooperative’s future is bright but will have challenges moving forward. Our goal will be to continue to do as we have and work hard to earn your business. Since the early 1900s when cooperatives were started, they have remained resilient and will always maintain the same principle - patrons working together to have local control and own their company. With this spring season starting behind with the weather, please consider safety when you start your daily tasks and all of us will need to have patience in getting everything done in a short amount of time. Thank you for your business and thank you to our employees for their efforts.
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Fiscal year 21/22 proved to be one for the record books for your company. Record volumes of grain were handled as a result of the largest harvest handle to date during the fall of 2021. Along with extreme volatility for all commodities, this provided many opportunities for your company. Record prices for both grain and inputs were also experienced in 2022 as the Russia/Ukraine war shifted demand around the world for grains and fertilizers. As the war progressed and sanctions were put on by both sides, Euro Gas jumped to nearly $100/MMBtu, forcing nitrogen manufacturing facilities in Europe to shut down, allowing U.S. nitrogen producers to export to Europe keeping domestic prices in the U.S. firm. Thankfully Europe has had a mild winter this year with only five days having recorded temperatures below freezing so far, bringing gas prices back down, thus causing fertilizer prices to soften as most European nitrogen manufacturers are again producing products.