Riceland Foods reported more than $1.15 billion in revenue at the cooperative’s annual membership meeting Thursday in Jonesboro.
“When I look into the future and evaluate the current market dynamics that are playing out in agriculture, I am confident our cooperative is in the best position to help our farmer-members limit their risk,” said Riceland CEO Kevin McGilton said. “With many factors out of our members’ control, Riceland gives them the best opportunity to get their crops out of the field quickly, the marketing options they need to limit price risk, and additional opportunities for farm revenue and goods or services for free or at discounted rates.”
Chief Financial Officer Craig Parr reported total revenue of $1.15 billion, with a distribution to members of $709 million. Parr also shared specific figures for the long grain rice and soybean seasonal pools, which paid $6.59 and $10.34 per bushel, respectively.
Riceland board chairman Rich Hillman spoke on how farmers are resilient during challenging times, and their commitment to the cooperative continues to serve them.
“Being a member of this co-op has value. It was times like we are enduring right now that really were the catalyst to form Riceland many years ago,” Hillman said. “Our forefathers knew that collectively we were stronger than we were individually. I’m so proud to be a small part of a collective of other farmers, staff members, and hardworking employees who make up what we know as our coop, Riceland Foods.”
