Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operating results for the quarter ended March 31, 2021. All amounts are in U.S. currency unless otherwise noted.
Third Quarter Highlights
“We had a solid third quarter with higher than usual volumes for what is typically a weaker seasonal period,” said Robert Day, President and Chief Executive Officer of Ceres. “Our team managed market volatility well and we were particularly pleased with the results from core products such as oats, wheat, and canola, despite limited logistical outlets due to seasonal closures in the Great Lakes and the upper Mississippi River. During the quarter, we also completed the formation of Farmers Grain, LLC – a joint venture whereby we are adding strategic origination of our core products while also expanding our geographic footprint in the upper Midwest region of the U.S.”
Mr. Day continued, “With low ending inventories from the 2020/2021 crop year, Ceres expects to handle slightly lower volumes than normal in our fourth quarter ending June 30. However, overall price strength and volatility are providing opportunities to generate attractive gross margins.”
“Meanwhile, we are making a significant amount of progress advancing several key growth initiatives. The expansion of our soybean crush plant in Jordan, Manitoba, remains on schedule for completion this summer, which we expect will have a meaningful impact on results starting with the coming crop year. In addition, our project pipeline is full as we look to continue adding origination to our existing network. We will have more to say about our growth initiatives in the coming quarters.”
About Ceres Global Ag Corp.
Ceres and its subsidiaries (“Ceres”) add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 31 million bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer’s Cooperative Grain and Seed Association), a 50% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25% interest in Stewart Southern Railway Inc. (a short-line railway located in southeast Saskatchewan with a range of 130 kilometers), and a 17% interest in Canterra Seed Holdings Ltd. (a Canada-based seed development company).
For more information about Ceres, please visit www.ceresglobalagcorp.com