The Kanza Cooperative Association posted solid third quarter earnings with gross sales topping $155 million translating to more than $6.6 million in local savings and $9.8 million in net savings. Agronomy, Energy and Feed were major contributors to the organization’s positive performance.
“To date, this has been one of our best years and we are positioned to finish out 2018 in a strong manner,” said Brad Riley, Chief Financial Officer.
During third quarter, the grain department took in nearly 8.25 million bushels of grain pushing the total grain inventory to over 18.3 million bushels. Grain related earnings topped $5.1 million.
“Because of the tremendous amount of grain flowing into our facilities, we typically are not showing much revenue as our elevators fill,” said Riley. “Moving forward we’ll be well positioned to show grain revenue in the form of market carry and sales margin through the remainder of the year and on through the coming year.”
Agronomy earnings grew to more than $1.83 million as producers prepared to plant wheat and the final run on cotton got underway.
The Energy Department saw commercial diesel volume increase nicely as several customers made the push to complete projects before colder and wetter winter weather arrives. Liquid propane volume increased with heightened commercial demand and the start of the fall fill. Energy related savings topped $700,000 through the end of the quarter.