CHS, the farming cooperative, has fallen into the red in the second quarter, reporting a loss of $33.1 million compared to a profit of $92.8 million the year previous, as it was hit by a cut in demand for refined fuels, grains and fertilizer, reports a USA news outlet Food Ingredient First.
One of its representatives Akansha Arora was in India last year weighing possibilities of a tie-up with the agri-cooperative of the country such as Nafed or NCCF. The then Chairman of NCCF Virendra Singh also had a meeting with her. Ramekbal Singh, the Chairman of upcoming Nacof also met her.
CHS presidents and chief executive Casale said: “Like others in our energy and agricultural space, CHS is experiencing the earnings impact of depressed global prices and reduced demand for refined fuels, grain and fertilizer.
Minnesota-based CHS has been looking to bolster its core agriculture and energy business over the past few years. It has acquired two Illinois ethanol plants, a canola processor in Minnesota and an oil refinery in Kansas.
–Food Ingredient First