Following months of study and preparations after initial discussions began one year ago, the Boards of Directors of both Central Valley Ag Cooperatives (CVA) and United Farmers Cooperative (UFC) have unanimously approved and entered into a Letter of Intent to finalize an Agreement and Plan of Merger.
I had the opportunity to visit with over 400 of you over the past month or so. I really appreciate your taking the time to get together and visit about how your cooperative is doing and what the future looks like.
Indications are that 2013 will result in the highest on-farm income in history. In fact, the past five years have been the best stretch of profitability most of us have ever seen. For most of us, it has been pretty easy. Not to say that we haven’t had to work hard, and make good decisions.
United Farmers Cooperative held its Annual Meeting at the York Auditorium on November 18th and reported another year of exceptional financial performance. Board Chairman Doug Moon thanked the members for their business as he reported record sales of $708.7 million and total profits over $14 million for the fiscal year completed July 31, 2013.
As you read this, we will be wrapping up what by most accounts is a successful harvest. Yields across the UFC trade territory exceeded expectations and many had some of the best yields ever. It is amazing with all the technology used to produce a crop today that Mother Nature is still the most important component.
There is no better way to honor this Core Value than through involvement in teaching our youth. This past month we were privileged to host the Nebraska State FFA Officer team in our cooperative headquarters in York. The purpose of their visit was to thank United Farmers Cooperative for our financial support to the “I Believe in the Future of Ag” campaign and hold a Q&A session with members of our UFC leadership team. These young leaders were an impressive bunch, as they asked thoughtful questions and engaged our managers in lively discussion.