Golden Growers Cooperative reported its financial results for the first quarter of 2026, revealing a decline in both revenue and net income compared to the same period in 2025. The Cooperative generated corn revenue of $17.9 million, down 11% from $20.1 million in the prior year. This decrease is attributed primarily to a reduction in the price per bushel of corn sold. The Cooperative's net income for the quarter was $1.4 million, a decrease from $1.6 million in the previous year, resulting in earnings per membership unit of $0.09, compared to $0.10 in the first quarter of 2025.
In terms of operational metrics, the Cooperative sold approximately 4.6 million bushels of corn during the quarter, slightly lower than the 4.7 million bushels sold in the same period last year. Members delivered around 1.7 million bushels using Method A and 2.9 million bushels using Method B, consistent with the previous year's figures for Method B but showing a decrease in Method A deliveries. The Cooperative's corn expenses also decreased by 11% to $17.9 million, reflecting the lower price per bushel purchased.
The Cooperative's investment in ProGold LLC contributed $1.6 million in income for the quarter, down from $1.8 million in the prior year, primarily due to a one-time gain on a capital asset sale recorded in 2025. General and administrative expenses decreased to $232,000 from $258,000, attributed to lower legal and consulting costs. Other income, primarily from interest, fell to $40,000 from $82,000, reflecting a reduction in the Cooperative's investment portfolio.
As of March 31, 2026, the Cooperative's total assets were reported at $18.1 million, down from $20.3 million at the end of 2025. Current assets decreased significantly, with cash and cash equivalents dropping to $640,000 from $1.2 million. Members' equity also declined to $18.0 million from $20.1 million, influenced by distributions to members totaling $3.6 million, consistent with the previous year.
Looking ahead, the Cooperative's management has indicated that the financial outlook remains uncertain due to various factors, including fluctuations in corn prices, market conditions, and the ongoing strategic decision to liquidate the Cooperative following the planned sale of its interest in ProGold LLC to Cargill. The Cooperative's members approved a Plan of Liquidation and Dissolution in 2025, which is expected to impact future operations and financial results. The Cooperative will continue to monitor market conditions and adjust its strategies accordingly.
About Golden Growers Cooperative
Golden Growers Cooperative is a member-owned agricultural cooperative that facilitates corn delivery for processing into value-added products like corn sweeteners. It operates through contractual relationships with Cargill and ProGold, generating income from corn sales and lease revenues. The cooperative's core value lies in adding value for its members, primarily corn growers, by providing processing access, profit sharing, and leveraging strategic partnerships within the regional grain industry.
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