Golden Growers Board Approves February Distribution

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On Friday, February 3, 2017, the Golden Growers Board of Directors allocated income for the 2016 tax year and approved a distribution of $.143/bushel delivered in 2016.

Traditionally, the Board has issued distributions near $0.20/bushel.  This year, however, the Board issued a distribution equal to 30% of allocated income, the amount required to be distributed according to our bylaws.

In January, the ProGold Board of Governors voted to suspend automatic distributions to its partners until such time as a final decision has been made for the use of the plant starting on January 1, 2018.  A new lease has not yet been finalized and the ProGold Board of Governors believed it would be prudent to conserve cash if it became necessary to implement alternative plans.

Because of this ProGold decision, the Golden Growers Board decided to limit the February distribution to the minimum required by our bylaws.  As this situation evolves, we will continue to keep you informed.

GGC Board Approves $0.21/Unit Distribution

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On September 15th, the Golden Growers Board of Directors voted to retire the remaining $693,767 of 2015 allocated income and issue a partnership distribution of $2,559,233 for a total of $3,253,001 or $0.21/Membership Unit. This distribution will be issued to members of record on October 1, 2016. Checks were placed in the mail on October 6, 2016

Return Your Member Survey Today

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On July 22nd, Golden Growers Cooperative mailed a very important CONFIDENTIAL SURVEY to our members.

The survey is designed to be simple and yet provide the kind of information that will be useful as the Board considers the future of the cooperative.  WE NEED OUR MEMBERS HELP!  By completing this five minute survey members will:

  • Update membership information;
  • Provide thoughts on investing;
  • Relay corn delivery information; and
  • Share interest in alternative and niche markets.

If a member misplaced their survey, they may download a replacement by clicking on the link below, complete it, and either scan and email the survey to lorib@goldengrowers.com or mail the survey to:

Golden Growers Cooperative, 1002 Main Avenue W, Suite 5, West Fargo, ND 58078

Download Here> CONFIDENTIAL MEMBER SURVEY

We intend to share general survey results with members early this fall.

Important Member Survey Coming in July!

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Please watch your mail for an important member survey and make a commitment to promptly complete and return it. This msurvey is an integral part of the Board’s strategic planning process designed to protect and improve your investment in Golden Growers Cooperative.

This CONFIDENTIAL SURVEY was designed to be fairly simple, yet provide the kind of information that will be useful as we think about the future. We will be asking you to:

  • Update member information;
  • Provide your thoughts on investing;
  • Relay corn delivery information, and; and
  • Share your interest in alternative and niche markets.

For the past three years, your Board has been deeply involved in a strategic planning process focused on protecting and improving your investment in Golden Growers Cooperative and the ProGold corn milling plant.

As part of that planning process, Golden Growers engaged in a marketing research project funded with contributions from the ND Corn Utilization Council, the ND Agricultural Products Utilization Commission, and USDA’s Rural Development Agency. Research has focused on trends of the corn sweetener market, emerging products that could use corn starch or sweeteners as a feedstock, and market niches that could benefit our members and the region.

Your timely response to the survey is the most important thing you can do to guide your Cooperative.

This is the first time, Golden Growers members have been surveyed in twenty two years.

When survey responses are received, we will begin tabulating and evaluating them. We plan to share those results with you.

GGC Approves Distribution of $0.20/bushel

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On June 16th, the Golden Growers Board of Directors approved a distribution of $3,098,056 to members of
record as of June 1, 2016. This distribution, to be issued in the last week of June, will consist entirely of retirement
of 2015 allocated income. Combined with the February distribution, 90% of 2015 allocated income will be retired.

The remaining equity balance is $693,847 or $0.045/bushel delivered in 2015.
With this payment, Golden Growers will have issued payments to members totaling $86,407,052. This represents
160% of members’ original equity investment in the ProGold plant.

Wineinger “Plant utilization a key factor” in corn refining margins

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U.S. Sugars Corporation President Matt Wineinger provided an excellent overview of dynamics affecting the sweetener industry during his presentation at the Golden Growers annual meeting.

In terms of domestic sweetener use, total sweetener consumption remains on the rise, but ‘per capita’ consumption of caloric sweeteners is declining.  Meanwhile, non-caloric sweeteners use is on the rise.   Not all non-caloric sweeteners are benefiting, however.  Diet sodas have seen significant consumption declines driven by concerns over Aspartame.  Recent non-caloric growth has come from stevia and sucralose.

Consumers have adjusted their declining consumption of carbonated soft drinks  primarily by increasing tap water use.

GMO ingredients have become a battleground within the food industry, according to Wineinger  Congress has not yet approved any national labeling legislation. Meanwhile, companies like Campbell, General Mills, and Mars are moving forward with their own labeling method.  Wineinger considered this an encouraging move.  “I believe consumers will simply accept disclosures of genetic food labeling as part of the fabric of food labels, leading to greater acceptance.” stated Wineinger.

When it comes to HFCS pricing, there are several factors to consider.  Domestic sugar prices, freight distribution, ethanol prices, Mexican sugar shipments (to the U.S.), and Mexican sugar supply all have an impact.  While corn prices also figure in, corn milling plant utilization is a key factor when it comes to maintaining margins for corn refiners.  Wineinger highlighted Cargill’s closure of their Memphis plant as a key decision to significantly raise capacity utilization and positively impact profit margins.

GGC Board Members Re-Elected

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Golden Growers members re-elected the following board member re-elected at their annual meeting on March 24, 2016

  • Nick Pyle of Casselton, ND (NW District)
  • Matt Hasbargen of Breckenridge, MN (NE District)
  • Brett Johnson of Mooreton, ND (SW District)
  • Byron Koehl of Hancock, MN (SE District)
  • David Benedict of Sabin, MN (EC District)

Congratulations to each of these fine board members!

 

Governor Dalrymple to Attend Golden Growers Annual Meeting

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Governor Dalrymple will attend the Golden Growers Cooperative Annual Meeting, Thursday, March 24th at the West Fargo, ND Cambria Conference Center starting at 9:00 am.

Golden Growers has been informed that North Dakota Governor Dalrymple has accepted the invitation to speak at Thursday’s annual meeting.

Governor Dalrymple was on the Organizational Board of Directors for the Cooperative during its formative years from 1994-1995 when the ProGold corn milling plant was conceived.  Dalrymple played a significant role on the Organizational Board due to his relationships with local and state officials.  This was most important during the site selection process which eventually named Wahpeton, ND the favored location for the $260 million plant.

In addition to Governor Dalrymple’s address, United Sugars Corporation President Matt Wineinger will share his thoughts on the current state of the food sweetener business.  Wineinger has a unique perspective due to his prior responsibilities as the President of Bulk Ingredients for Tate and Lyle, PLC and his current role for United Sugars Corporation in the marketing of both beet and cane sugar.

The Golden Growers Cooperative annual meeting begins at 9:00 am with short courses on farm transition planning, sustainability, and corn marketing.  The business meeting begins at 10:00 am.  Governor Dalrymple is anticipated to speak shortly after 10:00 am.  Matt Wineinger’s presentation will occur at approximately 10:45 am.

Annual Meeting Set for March 24, 2016

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The Golden Growers Annual Meeting is set for Thursday, March 24th at the Cambria Conference Center, 825 East Beaton Drive, West Fargo, ND. Please note that this is not the same location as in prior years. The Cambria is located on the north side of Interstate 94 where it intersects with Veterans Boulevard.

The agenda includes:

8:00 a.m.  Continental Breakfast

9:00 a.m.  Morning Short Courses:

  • “Legacy Planning for Your Farming Operation – What’s your Transition Plan?” Dan Peterson, e4 Brokerage, LLC
  • “Measuring Sustainability–Why it Matters to Producers” Marty Muenzmaier, Cargill Sustainability Director, and
  • “Corn Market Outlook – Expectations for the 2016 Crop Year” Pat Pithey, Cargill Corn Merchandizing

10:00 a.m.  Annual Meeting: Election of Directors:

  • Review of the Financial Statements; Elections; Reports by Chairman Mark Harless and Executive Vice President Scott Stofferahn

11:00 a.m.  Guest Speaker: Matt Wineinger, United Sugars Corporation President

11:45 a.m.  Lunch followed by Your Questions

Five Directors to Be Elected at Annual Meeting

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At our Annual Meeting, Members have the opportunity to re-elect or elect Directors to serve on the Golden Growers Board.  Current directors eligible for re-election are:  Nick Pyle of Casselton, ND in the Northwest District; Matt Hasbargen of Breckenridge, MN in the Northeast District; Brett Johnson of Mooreton, ND in the Southwest District; Byron Koehl of Hancock, MN in the Southeast District; and David Benedict in the East Central District.

Any member in good standing is eligible to be nominated for the Board in the district where their membership is registered.  If you are interested in serving on the Board and want to be listed on the ballot for your District, you must file a petition with signatures of at least 10 members from your District no later than five days in advance of the annual meeting.  Candidates may be nominated from the floor, but their names will not appear on the ballot.  If you want more information about district elections, visit the Golden Growers Elections Webpage or contact:

Scott Stofferahn: 701-281-0468 or scotts@goldengrowers.com