INVER GROVE HEIGHTS, Minn. (AP) -- Strong earnings in agronomy and oilseed processing businesses lead to an increase in annual earnings for Cenex Harvest States Cooperatives, the company reported Wednesday.
The cooperative, owned by farmers, ranchers and their local co-ops, reported net earnings of $87.4 million for its fiscal year ended Aug. 31, compared to $86 million for fiscal 1999.
The cooperative will return half of its net earnings, or $43.7 million, to its member-owners during fiscal 2001 as equity redemptions and cash patronage payments.
Net sales for the fiscal year where $8.4 billion, up 33 percent from the $6.3 billion reported for fiscal 1999.
Grain volume for fiscal 2000 was 1.2 billion bushels, up 6 percent from 1999 levels, reflecting an increased Asian demand driven by lower domestic grain prices.
Also in fiscal 2000, earnings in wheat milling improved 44 percent from the previous year.
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