[HASTINGS, NE July 29, 2024] — The Cooperative Producers, Inc. (CPI) Board of Directors has approved the allocation of $7,700,000 in patronage refunds to member-owners as a result of its fiscal 2024 financial performance. The patronage refunds will be distributed as 50% cash and 50% qualified deferred equity.
The $7,700,000 in patronage refunds will be paid out to member-owners at:
Grain 7.55¢/bushel
Grain Direct Ship 2.00¢/bushel
Grain Services 5.00%
Fertilizer 1.00%
Chemical & Seed 1.00%
Gasoline & Diesel 1.00%
Propane 1.00%
Feed 1.00%
During the past fiscal year 2024, CPI returned a total of $4,994,701 in cash 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 2024’s local savings of $7.7 million and total savings of $41.2 million continue CPI’s success and have allowed CPI to maintain and construct facilities to serve our customers.
“The rising cost of repairs, supplies, services, and insurance are occurring while grain prices are falling. This combination of higher expense and lower income affects both the Coop and its owners. CPI hopes this patronage will help offset the cost of production for our member-owners. As CPI invests in Making Local Matter, we will continue supporting farmers, their communities, and agricultural education. The $25 million CPI spent on facility improvements and equipment is a testament to our long-term commitment to agriculture,” said Gary Brandt, CEO of 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, 2023, and ended June 30, 2024.
