WASHINGTON (Reuters) — U.S. farmer, rancher and fishery co-operatives set a new sales record in 2013 of more than US $246 billion, four percent more than the 2012 high, the U.S. Department of Agriculture said on Tuesday.
It marked the third consecutive year of record sales by U.S. agricultural co-operatives and mirrored increased sales in the overall farm economy in 2013, a year when U.S. crop production and livestock sales both rose by six percent.
That streak is expected to be broken this year given much lower grain and oilseed prices, USDA said.
Read Also
U.S. grains: soybeans firm ahead of USDA data
Chicago soybeans ticked up slightly on Wednesday as traders adjusted positions ahead of the release of official U.S. data on global supply and demand on Friday, the first update in weeks, but prices were capped by a lack of large Chinese purchases.
Co-ops are also major players in the farm supply market, and sales of petroleum, feed, seed and crop protectants such as insecticide were all up in 2013, although fertilizer sales declined.
“Sales and net income records for ag co-operatives, combined with strong gains in employees for 2013, underscore the strength and productivity of the nation’s farmer- and rancher-owned co-operatives,” said U.S. Agriculture Secretary Tom Vilsack.
Ag co-ops posted record net income, before taxes, of $6.2 billion, besting the previous high of $6.1 billion, set in 2012. Co-op income is either reinvested in the co-op or returned to the member-owners.
While 33 ag c-ooperatives recorded more than $1 billion in sales in 2013, 33 percent (726 co-ops) had less than $5 million in sales.
