Operating the terminal under a lease gives CHS control over throughput and logistics without adding the facility to its balance sheet.
While Energy delivered strong gains, CHS said its grains segment remained under pressure.
Earnings in the Agriculture segment fell by US$97 million to US$245.7 million, reflecting pressure from “unfavorable global market dynamics.”
The acquisition is part of a larger strategy to invest in assets in key geographies to provide increased market access and maximum efficiency for the cooperative’s owners.
Following the closure, CHS will fall from second to third place in North American grain storage rankings, with a reduced capacity of 384.6 million bushels