The American agricultural cooperative Land O'Lakes, active in dairy, feed and crop protection, among other things, performed very well in the first quarter of this year. According to the group, the US agricultural sector is in the best position in terms of market climate since 2014.
Land O'Lakes posted sales of $3 billion in the first three months of this year and net profit of $3,9 million. That is 136 times as much profit from the first quarter of 3. Turnover has increased by 2020%. "The market foundation is strong in every segment in which we operate," CEO Beth Ford said in a statement from the group.
She points out, among other things, the sharp rise in prices on the grain market, as a result of which American growers are investing more in preparing the plots for sowing in the spring. In addition, the dairy branch of Land O'Lakes can benefit from the weakening of the corona measures in the United States, which could increase consumption in restaurants and catering. Ford also signals growth in pet food, a segment in which Land O'Lakes is also active.
About 4.000 dairy farmers in the United States are affiliated to the Land O'Lakes cooperative. The company has approximately 10.000 employees and trades in more than 60 countries worldwide. In China, Land O'Lakes cooperates with Agrifirm† They have set up a joint venture there for the sale of animal feed to Chinese dairy farms.
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