Ceres Global sees income drop in first quarter

"Despite the limited opportunities for directional trading due to the benign weather in the US Northern Plains and Canadian Prairies, we achieved solid financial results and near record in volumes handled this quarter," said Carlos Paz, president and chief executive officer of Ceres. "Our team of industry experts, backed by our effective trading and risk management practices, successfully navigated market conditions to drive a strong start to the year."

Bushels handled increased to 31.1 million for the quarter, compared to 29.5 million a year ago.

The company’s Supply Chain Services and Seed Retail segments saw record quarterly volumes. With its expanded partnership with Miller Milling, Ceres said it continues to make strides in its regenerative agriculture program. It is working to improve agronomic and environmental outcomes for wheat growers in North Dakota by implementing advanced nutrient practices.

Looking ahead, Ceres is shifting its focus to South America as harvests conclude in the US Northern Plains and Canadian Prairies.

“Additionally, given the potential impact of geopolitical events on market volatility, we will also be keeping a close eye on the incoming Trump administration's potential policies impacting the agriculture and energy sectors, the escalating tensions in the Middle East, and the ongoing conflict between Russia and Ukraine," Paz said.

"By continuing to execute our core strategy of effectively trading and marketing our core products, optimizing our partner network, and leveraging creative partnerships to increase grain origination, we aim to build on a strong start to the year and maximize the potential of our assets to drive value for our shareholders."

Ceres, with its 11 locations, has an aggregate grain and oilseed storage capacity of 29 million bushels. The company also has membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 16 million bushels.