In his annual meeting presentation, Executive VP Stofferahn prepared a quiz about aspects of Golden Growers Cooperative. Below are some of those questions along with the answers.
When was the first Golden Growers member meeting?
April 1994
How much capital was raised from members in the 1994?
$54 million
What was the cost per share in 1994?
$3.45/share which included $0.10/share seed money followed by another $3.35 capital contribution.
When did GGC convert from a ND Cooperative to a MN 308B Cooperative?
September 1, 2009.
What was the tax basis of GGC Units at the time of conversion?
The value of the cooperative was appraised at the time of conversion with a taxable value of $2.85/unit. The conversion was a taxable event which resulted in a tax loss for some and a tax gain for others depending on what the member paid for shares.
What are the characteristics of a MN 308B Cooperative?
Under the 308B statute, the cooperative is accounted for and taxed as a partnership, but is governed as a cooperative (one member, one vote).
Who were the original owners of ProGold LLC?
Golden Growers with 49% interest; American Crystal Sugar 46% interest; MinnDak Cooperative 5% interest
When did Cargill first lease the ProGold plant from ProGold LLC?
November 1, 1997. The lease was a 10 year and two month lease agreement.
When did GGC and Cargill become 50/50 partners in ProGold LLC?
February 1st, 2022
Do all GGC members have a delivery requirement?
Yes. Either through the Method A pool (delivery of corn to the ProGold plant) or the Method B pool (Golden Growers secures and delivers corn for the member for an agency fee).
Can I change my method of delivery during the year?
No. A member may not change delivery methods once the delivery year begins. Each fall, members have an opportunity to change delivery for the coming year.
How many membership units are outstanding?
15,490,480 Units
What is Cargill going to pay for GGC’s interest in ProGold LLC within 30 days of December 31, 2026?
$81 million
Can I sell my units to my unrelated neighbor?
No. Arms-length transfers (sales) must occur through our qualified matching service, FNC Ag Stock, LLC.
What was the LEAST paid for GGC shares/units?
According to Golden Growers records, the least paid was $0.75/share in March 2001.
What was the MOST paid for GGC shares/units?
The most paid for shares was $6.25/unit in August 2013.
How many office Locations has GGC occupied?
4 – Downtown Fargo (101 10th St N), South Fargo (4838 Rocking Horse Circle) Downtown Fargo (112 Roberts Street), West Fargo (1002 Main Ave W)
How many individuals have served as GGC Board Chair?
7 – Pat Benedict, Carl Larson, Harvey Pyle, Jason Medhaug, Mark Harless, Brett Johnson, and Nick Pyle
How many individuals have served as GGC Executive Vice President?
2 – Mark Dillon and Scott Stofferahn
Nicolas ‘Nick’ Pyle elected Chairman of Golden Growers Cooperative
/in NewsImmediately after the 2025 annual meeting, the GGC board elected Nick Pyle as Chairman. Mr. Pyle most recently served as Vice-Chairman. Nick served as a director from 2010 through 2022. He previously served as Secretary from March 2013 to March 2015, and Chaired the Audit Committee from March 2015 to March 2022. After departing the board in 2022, Pyle returned was elected again in 2023.
He has been farming since 2002 near Casselton, North Dakota. Mr. Pyle serves as a director of McIntyre-Pyle, Inc. Mr. Pyle is President and serves as a director of Unity Seed Company, a member of Global Soy Genetics LLC and Director of McIntyre Farms Partnership. Mr. Pyle holds a Bachelor of Science in Business degree in finance from the University of Minnesota Carlson School of Management.
Nick’s broad experience on the Golden Growers board combined with his education and management experience makes him an outstanding leader to guide the Cooperative through it’s final years.
Other Officers Elected:
First Vice-Chair – David Kragnes Second Vice-Chair – Brady Koehl
Secretary – Blane Benedict Treasurer – Larry Vipond
GGC Board Approves Distribution of $0.23/Unit
/in NewsOn June 13th, the Golden Growers Board of Directors approved a $0.23/Unit distribution of $3,562,810 to members of record as of June 1, 2025.
This distribution will retire a portion of remaining 2022 and 2023 allocated income. With this distribution, the remaining equity credit balance is $3,599,091 or $0.23/bushel. This balance is useful in determining per Unit basis levels and does not constitute an outstanding obligation for GGC.
GGC has issued payments to members totaling $150,165,868 or 278% of members’ original investment in GGC.
Member Quiz
/in NewsIn his annual meeting presentation, Executive VP Stofferahn prepared a quiz about aspects of Golden Growers Cooperative. Below are some of those questions along with the answers.
When was the first Golden Growers member meeting?
April 1994
How much capital was raised from members in the 1994?
$54 million
What was the cost per share in 1994?
$3.45/share which included $0.10/share seed money followed by another $3.35 capital contribution.
When did GGC convert from a ND Cooperative to a MN 308B Cooperative?
September 1, 2009.
What was the tax basis of GGC Units at the time of conversion?
The value of the cooperative was appraised at the time of conversion with a taxable value of $2.85/unit. The conversion was a taxable event which resulted in a tax loss for some and a tax gain for others depending on what the member paid for shares.
What are the characteristics of a MN 308B Cooperative?
Under the 308B statute, the cooperative is accounted for and taxed as a partnership, but is governed as a cooperative (one member, one vote).
Who were the original owners of ProGold LLC?
Golden Growers with 49% interest; American Crystal Sugar 46% interest; MinnDak Cooperative 5% interest
When did Cargill first lease the ProGold plant from ProGold LLC?
November 1, 1997. The lease was a 10 year and two month lease agreement.
When did GGC and Cargill become 50/50 partners in ProGold LLC?
February 1st, 2022
Do all GGC members have a delivery requirement?
Yes. Either through the Method A pool (delivery of corn to the ProGold plant) or the Method B pool (Golden Growers secures and delivers corn for the member for an agency fee).
Can I change my method of delivery during the year?
No. A member may not change delivery methods once the delivery year begins. Each fall, members have an opportunity to change delivery for the coming year.
How many membership units are outstanding?
15,490,480 Units
What is Cargill going to pay for GGC’s interest in ProGold LLC within 30 days of December 31, 2026?
$81 million
Can I sell my units to my unrelated neighbor?
No. Arms-length transfers (sales) must occur through our qualified matching service, FNC Ag Stock, LLC.
What was the LEAST paid for GGC shares/units?
According to Golden Growers records, the least paid was $0.75/share in March 2001.
What was the MOST paid for GGC shares/units?
The most paid for shares was $6.25/unit in August 2013.
How many office Locations has GGC occupied?
4 – Downtown Fargo (101 10th St N), South Fargo (4838 Rocking Horse Circle) Downtown Fargo (112 Roberts Street), West Fargo (1002 Main Ave W)
How many individuals have served as GGC Board Chair?
7 – Pat Benedict, Carl Larson, Harvey Pyle, Jason Medhaug, Mark Harless, Brett Johnson, and Nick Pyle
How many individuals have served as GGC Executive Vice President?
2 – Mark Dillon and Scott Stofferahn
Resolution approved, Directors Elected, Brett Johnson and Matt Hasbargen are recognized.
/in NewsThe resolution outlining a plan of liquidation and dissolution for Golden Growers Cooperative was approved by members who submitted ballots for the annual meeting. The final vote was an overwhelming 349 members voting yes and only 2 members voting no.
Also, David Kragnes was re-elected as a Director for the North District, Chris Johnson was elected as a Director for the Central District, and Glenn Johnson was elected as an At-large Director.
In advance of his presentation of financial statements, Brady Koehl thanked Brett Johnson and Matt Hasbargen for their service to the cooperative. “As the youngest member of the Board, I can say that I was fortunate to have been mentored by these two gentlemen. They are both very thoughtful and decent people who have been excellent representatives for our cooperative.” Stofferahn also offered his appreciation. “Brett and Matt’s service on the board mirror my own twelve years as Executive Vice President. It’s been a pleasure to work with these smart and dedicated board members.”
Countdown, Our Final Two Years – Chairman Johnson
/in NewsChairman Brett Johnson’s report to members at the annual meeting centered on expectations for the cooperative’s final two years. Johnson explained how the Board concluded that Cargill would purchase Golden Growers interest in ProGold at the end of the current lease period in 2026.
“The decision to negotiate a long-term agreement depended on landing a co-located partner at the Wahpeton facility. And this partner would have to consume at least 30% of the facility’s grind capacity,” explained Johnson. Over the course of the past year and a half, it became clear that the potential to find that partner within the current lease period had vanished. “Golden Growers and Cargill had a discussion over the possibility of extending the lease.” According to Johnson, an extension needed to preserve the value of members’ financial interest plus a modest increase. “Ultimately, we were not able to come to an agreement.”
With this realization, Golden Growers and Cargill issued a joint statement that Cargill would purchase Golden Growers interest in ProGold at the end of the current lease. “After consulting with our legal counsel, we were informed that it would take a full two years to dissolve the Cooperative. Therefore, if we wanted to shut down Golden Growers shortly after Cargill’s purchase, we would need to start soon.” Referring to the apparent approval of the resolution submitted to members, Johnson stated, “Our Cooperative will begin the process to wrap up business.”
Johnson outlined what members can anticipate in the next two years. According to Johnson, Golden Growers will continue with normal operations to include: receipt of lease income from ProGold; member annual delivery obligations through the Method A and B pools; SEC reporting requirements; and member distributions three times each year for 2025 and 2026.
In early 2027, the board will establish a reserve while the bulk of the $81 million will be paid to members within a reasonable time period upon receipt of the payment from Cargill. “A final payment will be issued after all obligations are satisfied. We will then notify the Minnesota Secretary of State that Golden Growers has been dissolved.”
Johnson reassured members that their membership remains valuable citing the expected $81 million payment from Cargill and financial assets. “Our February payment began the orderly distribution of cash reserves no longer needed for a potential long-term joint venture.” Johnson also emphasized that the future of the ProGold facility is secure. “Experience informs us that companies investing significant amounts of capital in a facility show a commitment well into the future.” He explained that Cargill had invested millions to improve the plant in recent years. “While Wahpeton is not the largest facility they operate, it remains one of their best.”
In conclusion, Johnson reflected on Golden Growers thirty-year history with the ProGold plant. “In addition to providing income to our members, the plant has provided a critical market for our corn, raised the basis in the region and gave confidence for other processors to build and expand in the region. I think we all have some mixed emotions about the next two years. But I am reminded that the average age of our members was 46 in 1995. We are all 30 years older. Perhaps it is time to return the investment you trusted us with so long ago.” Johnson stated that before we close out 2026, Golden Growers will have distributed 300 percent of the original investment to members.
Johnson thanked members for supporting him as he departs after serving twelve years. “Now I look forward with confidence in our board as Golden Growers heads toward a golden sunset.”
Andy Joehl, “Cargill remains committed to Wahpeton”
/in NewsVice President of Trading and Merchandising for Sweeteners, Starches, and Texturizers North America Andy Joehl shared his thoughts about the history and relationship between Cargill and Golden Growers. He emphasized the importance of the ProGold facility to Cargill and to the community. He explained how over thirty years, corn yields have nearly doubled in the region and planted acres have quadrupled in the region.
Joehl credited those who had the vision and took the risk to build the ProGold plant back in 1995. “Cargill is fortunate to have been your partner.” According to Joehl, Cargill has employed roughly 120 people continuously since 1997. “We’ve been able to improve plant capacity by increasing the daily grind from 85,000 bushels per day to 93,000 bushels. On an annual basis, we purchase over 30 million bushels of corn from area producers. And while our partnership changes, our commitment to the facility and industry remains. Our relationship with area farmers continues as does our commitment to the community of Wahpeton.”
Joel then took time to outline the market environment for 2025. He explained how the corn market had been seeing positive signals with a sense of higher exports, a reduction in final 2024 carry out in the final WASDE report, and weather risks. Recently, however, prices have dropped off significantly due to a combination of port entry fees for Chinese built vessels, then Canada, Mexico, and China tariffs followed by Chinese and Canadian retaliatory tariffs. “We’ll have to see how this all plays out in the coming months.”
PLEASE ATTEND: GGC Annual Meeting, Thursday March 20th, DoubleTree Conference Center, West Fargo
/in NewsGolden Growers Cooperative will hold its Annual Members Meeting on Thursday, March 20th at the Doubletree Conference Center, 825 E Beaton Drive, West Fargo, ND
Director Election
Our current director up for re-election for 3-year terms is: David Kragnes, Felton, MN (North District). Brett Johnson, Mooreton, ND (Central District) and Matt Hasbargen, Breckenridge, MN (At-Large Director) have both reached their term limit and are ineligible to be re-elected. Therefore, three-year terms are open for the Central District and an At-Large Director position on the Board.
Glenn Johnson, Mayville, ND submitted a petition as for the At-Large Director position being vacated by Matt Hasbargen and Chris Johnson, Wahpeton, ND submitted a petition for the Central District position being vacated by Brett Johnson.
2025 Annual Meeting Notice, Ballot & Report – What to Expect
This year, we will mail our ‘Annual Meeting and Election Booklet’ that will contain the Annual Meeting Notice, Minutes from the 2024 Annual Meeting; a Message from our Chairman, Brett Johnson, Director Candidate Biographies, and the Election Ballot. The booklet will include 2024 Financial Highlights and identify where the detailed Annual Report can be found on the Golden Growers website as soon as the audit report becomes available. This change will assure that members will receive their election ballot in time to return it before the annual meeting.
Recently, Golden Growers announced that Cargill will purchase our interest in ProGold, LLC at the end of 2026 when the ProGold lease with Cargill expires. Because of a two-year timeline to fully dissolve and to avoid excess operating costs, the 2025 ballot will also include a vote on a resolution to ratify the sale and to notify the MN Secretary of State (where GGC is registered) of our intent to dissolve. If the resolution is approved, the clock will start on that two-year timeline.
Chairman Brett Johnson’s message to Golden Growers members will explain the circumstances that led to announced sale of our interest in the ProGold corn milling facility to Cargill at the end of 2026 and what this sale will mean to Golden Growers members. Johnson will explain why the Board proposed the dissolution resolution. “We know that our members have many questions, but we want them to know what to expect in the next two years.”
Many of those questions are answered in the notice of Annual Meeting mailed on March 4th. In addition, a list of Questions and Answers about Cargill’s purchase of GGC’s interest in ProGold can be found under the Member Information tab here.
Election Ballots
Members must separate their ballot from the booklet, place the ballot in the blank envelope and then into the ballot return envelope addressed to Eide Bailly, LLP. To assure your vote is counted, write your member number and sign on the back of the ballot return envelope.
2025 GGC Annual Meeting Agenda
/in NewsGolden Growers announces Cargill’s Intention for ProGold Buyout in Late 2026
/in NewsGolden Growers announces Cargill’s Intention for ProGold Buyout in Late 2026
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December 20, 2024 – West Fargo, ND
Golden Growers Cooperative and Cargill Inc. announced today that Cargill will buy out Golden Growers Cooperative’s interest in ProGold LLC at the end of the current lease which concludes on December 31, 2026.
ProGold LLC owns a corn wet milling plant in Wahpeton, ND that Cargill has been leasing since 1997. In 2022, Cargill purchased 50% interest in ProGold from American Crystal Sugar and became 50/50 owners with Golden Growers Cooperative. At the same time, Cargill and Golden Growers established certain conditions that would need to be met with an intention of forming a long-term joint venture. Due to the economic environment in the past three years, it has become clear that those conditions are unable to be achieved. Cargill has informed Golden Growers that they will work with the Cooperative on proceeding with the buyout of Golden Growers interest in ProGold LLC at the end of the lease period.
“Over the past 28 years, Cargill has been a trusted partner for Golden Growers and our farmer members. While we would have preferred to maintain a long-term interest in the plant, we understand that circumstances beyond our control have limited our ability to accomplish that goal,” stated Golden Growers Chairman Brett Johnson. “Our cooperative and its members can be proud of what they accomplished by building the first major corn processing facility in the region. Cargill’s continued capital investment in the facility shows their intent to maintain a continued presence in the region well into the future.”
On behalf of Cargill, Andy Joehl, VP Trading and Risk Management:
“Golden Growers has been a tremendous partner over the years. The facility in Wahpeton has been and will continue to be a leader in safety, a plant our customers value, and a strong demand center for corn in the area. While our partnership with Golden Growers Cooperative will come to an end, there will be no change in our operations at the facility and our partnership with farmers in the area will continue on. We look forward to the future, supporting North Dakota, South Dakota and Minnesota agriculture, and are deeply thankful for the years of success with Golden Growers.”
Note: The Agreement is for Cargill to purchase Golden Growers interest in ProGold LLC for $81 million at the end of the lease period. Your ballot for the annual meeting is anticipated to include a vote to approve a plan to dissolve the cooperative in the spring of 2027. GGC will provide additional information in the coming weeks as the annual meeting approaches. Of interest, outstanding GGC membership units total 15,490,480.
GGC Board Approves $0.16/Unit Distribution
/in NewsOn September 12th, the Golden Growers Board of Directors approved a distribution of $2,478,476 or $0.16/Unit to members of record as of October 1, 2024. This October distribution retires a portion of allocated income from 2022. In combination with the February and June distributions, a total of $7,745,240 has been issued to members in 2024.
With this payment, Golden Growers has issued payments to members totaling $143,040,247 or 265% of original investment in the ProGold plant.