Riceland Foods reported more than $1.2 billion in revenue to its members, staff and guests in attendance at the cooperative’s annual membership meeting on Nov. 17 at the Grand Prairie Center in Stuttgart.
Riceland’s Chairman of the Board Roger Pohlner introduced Jason Brancel, Riceland’s new president and chief executive officer, and shared the latest news.
“The single most important duty of Riceland’s Board of Directors is to make sure we have the best leadership possible in the position that heads up our cooperative,” Pohlner said. “The board put in a lot of hours and hard work to find that right person for the open CEO position, and I am very proud of their efforts and the person selected to lead our cooperative into the future.”
Brancel shared his vision for the cooperative during his CEO report. He said Riceland’s new mission, vision and values statements, key strategies for success and how cooperatives like Riceland must honor the past while evolving for the future.
“We at Riceland must embrace what is working – respectfully honoring our legacy, while embracing a period of informed, healthy evolution,” Brancel said. “This requires vision, understanding, clarity, and agility – and above all else a commitment to our member owners and helping them achieve collectively through their cooperative, what they struggle to achieve individually. It has always been a time to work together, and it is even more important now than ever before to work together.”
Vice President and Chief Financial Officer Sandra Morgan gave the financial results from fiscal year 2022 and reported revenue of $1.2 billion and distribution to members of $710 million.
Morgan reported the long grain seasonal pool paid $6.26 per bushel when adjusted for freight, storage, and interest, which was a $0.14 premium to U.S. Department of Agriculture’s season average price. For soybeans, the seasonal pool paid out $15.84 per bushel, which was a $2.54 premium.
The meeting closed with a sustainability talk centered around how the Riceland Carbon Ready program creates incentive opportunities for members who utilize sustainable farming practices. Riceland Director of Sustainability Adam Shea, Riceland Sustainability Manager Austin Brown and Riceland farmer member Adam Chappell discussed the history of the cooperative’s Ingrain Good Sustainability Initiative, new market opportunities like the USDA Climate Smart Commodity funding and partnership with consumer-packaged goods companies like Nestle Purina through the lens of a member’s perspective.
“Financial incentives for Riceland members for sustainable practices are finally a reality,” Shea said. “The Riceland Carbon Read program is the first step to ensure our members can take advantage of these historic investments to implement sustainable agriculture.”