Golden Growers Cooperative (GGC) was formed in 1994 to create a value-added processing opportunity for corn growers in the Dakotas and Minnesota, and currently has about 1,450 members. GGC owns 50% of ProGold LLC in partnership with Cargill Inc, and ProGold owns a corn wet-milling plant near Wahpeton, North Dakota. The ProGold plant makes high fructose corn sweeteners, corn gluten feed and corn gluten meal. The plant also separates corn germ which is sold for production of corn oil. Since, 1997, the ProGold plant has been leased to Cargill, Inc., which operates the plant and markets all of its products.
In September, 2009, the co-op was re-organized under Minnesota’s statute 308B, which allows GGC to function as a cooperative but be taxed as a limited liability partnership. At that time, GGC opened its membership to residents of the 50 states and non-corn producers. All members do, however, have an annual corn delivery obligation that can be met by actual corn deliveries or by appointing GGC as its agent to arrange for delivery of their commitment. Members are required to own a minimum of 4,000 Units, and each member’s corn commitment is one bushel per Unit of ownership.
In February of 2022, Golden Growers Cooperative and Cargill Inc became 50/50 owners of ProGold LLC. ProGold amended the lease agreement with Cargill to operate the plant through December 31, 2026. The ProGold member control agreement provides for the opportunity to negotiate a long-term joint venture agreement between GGC and Cargill if a company would co-locate at the plant and consume at least 30% of the annual grind of the corn milling facility. If no co-located company is found, and a long term joint venture agreement is not possible, Cargill will purchase the Cooperative’s 50% interest in ProGold within 30 days following expiration of the Facility Lease.
On December 20, 2024, the Cooperative and Cargill issued a joint press release announcing that, due to the economic environment of the past three years, a long term joint venture agreement would not be possible, and Cargill will purchase the Cooperative’s 50% interest in ProGold within 30 days following expiration of the Facility Lease pursuant to the terms of the Operating Agreement.