Riceland Foods reports $1.3 billion in revenues

Riceland Foods reported more than $1.3 billion in revenues during its recent annual membership meeting in Stuttgart. The meeting highlighted the Riceland Foods Foundation, the cooperative’s government affairs work, and the Riceland Carbon Ready Program as three key areas of impact that support the cooperative’s mission of helping farmers feed the world sustainably.

“Achieving the successful future state of our cooperative will take more than the board or district council members. It will take all members willing to play a role as old as the cooperative model itself, willing to come together collectively to achieve more than we can individually,” said Riceland Chief Executive Officer Kevin McGilton.

Riceland’s chairman of the board of directors Rich Hillman shared his vision for the future is rooted in understanding the history of the cooperative.

“I think that to make sound decisions in the future, we must be ever mindful of the past,” said Hillman. “But we can’t navigate forward using the rearview mirror. Our staff and our board of directors are very focused on the success of the cooperative for its members. We know it means so much to so many of you.”

Chief Financial Officer Craig Parr gave the financial results for the fiscal year 2024. He reported a total revenue of $1.3 billion, with a distribution to members of $918 million. Parr also shared specific figures for the long grain and soybean seasonal pools, which paid out $6.69 and $12.74 per bushel, respectively.

Adam Shea, vice president of government affairs and sustainability, recognized Arva Intelligence as the recipient of the 2024 Riceland Friend of the Farmer Award. Shea shared how the Arva team has been a true partner in the creation, implementation, and success of the Riceland Carbon Ready Program.

“Through our partnership with Arva Intelligence, the Riceland Carbon Ready program issued over $4 million in farmer payouts in 2023. We successfully tracked key sustainability metrics like greenhouse gas emission reductions and water savings, providing climate-smart solutions for our valued customers,” said Shea.

“Arva’s commitment to learning the technology landscape and creating solutions to address the ever-evolving sustainability sphere of agriculture makes them more than worthy of Riceland’s Friend of the Farmer award. This success story inspires hope and a brighter future for sustainable agriculture,” he added.