Minneapolis, MN (November 12, 2020) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operating results for the quarter ended September 30, 2020. All amounts are in U.S. currency unless otherwise noted.
“While volumes and sales revenue increased from the same quarter one year ago, profitability was lower due to a reduction in trade margins,” said Robert Day, President and Chief Executive Officer of Ceres. “Stronger‐than‐expected Chinese demand for U.S. soybeans and corn has driven U.S. rail freight higher, which negatively impacted our ability to export core products through U.S. ports. Meanwhile, our results for the quarter were supported by the diversification, expansion and strengthening of our business over the past several years. Specifically, first quarter results benefitted from the acquisitions of Nature’s Organic Grist, Delmar Commodities and the Nicklen Siding elevator in Northern Saskatchewan that was completed part way through the quarter.”