[HASTINGS, NE August 14, 2023] — The Cooperative Producers, Inc. (CPI) Board of Directors has approved the allocation of $6,000,000 in patronage refunds to member-owners as a result of its fiscal 2023 financial performance. The patronage refunds are paid out as 50% cash and 50% qualified deferred equity.
The $6,000,000 in patronage refunds will be paid out to member-owners at:
Grain 7.22¢/bushel
Chemical & Seed 1.00%
Fertilizer 1.10%
Gasoline & Diesel 0.75%
Propane 1.00%
During the past fiscal year 2023, CPI returned a total of $4,260,000 in cash back to its member-owners from patronage and deferred equity retirements. These payments to our member owners are only possible with local profits derived from the business we do with our customers. Fiscal 2023’s local savings of $9.5 million and total savings of $36.2 million continue to put CPI on a path of success and have allowed CPI to maintain and construct facilities to serve our customers.
“Higher interest rates and the ever-increasing cost of insurance are challenging all parts of agriculture. Volatile commodity prices, especially fertilizer, drive the decisions our customers make for the coming season. CPI hopes this patronage will help offset their cost of production. CPI continues to support our farmers and their communities with patronage refunds, facility improvements, reliable service, and local donations,” said Gary Brandt, CEO at Cooperative Producers, Inc. “The CPI Board of Directors’ leadership and the loyalty of our member-owners allows CPI to invest in facilities and rural Nebraska.”
Patronage payments are calculated based upon the amount of business done by our members during the fiscal year, which began July 1, 2022 and ended June 30, 2023.
