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From the Manager's Desk

Jun 01, 2021

June Dairy Month

June Update

A couple of weeks ago we finished mailing out our annual cash patronage and equity redemption checks. As I have in past years, I had the pleasure of rewarding a few of our longtime producer members with their equity redemption checks. These are always special to hand out in person because they represent the eligible equity typically accumulated in one of the former cooperatives that became part of Premier over the years. In some cases, they are quite surprised to receive the old eligible equity, and some are even more surprised by the amounts. 

When we changed our equity manage
ment program in 2002, it was our goal to drive down the age at which our members received the old equity they had to pay the tax on. At the time, we had many millions of dollars of this old equity belonging to members as old as ninety plus. Today, we’ve driven the age down to 63 years old or younger, depending upon when the member joined Premier. A few years ago, we hit a milestone when we retired all the old eligible equity of the members who were part of Premier when the new program started. With your continued support, over the next couple years we hope to redeem all the eligible equity issued under the old programs from each of the cooperatives that partnered with Premier more recently. As we close in on accomplishing this goal, we have also increased the percentage of patronage returned in cash from less than 30% to about 70%, as well as implemented a new equity redemption program that could mean as much as 10% of your eligible equity redeemed on an annual basis. Thank you for your support which makes this possible and for being part of our cooperative family.

Throughout the month of June, we’ll wrap up sending out most of our propane contracts and safety mailings for the coming heating season. With all the uncertainty in the global economy and energy markets, and with contract prices appearing to be up a little from last year, be sure to choose from one of the many contracting options we offer to lock in your supply and prices for the upcoming year. As Tim writes about each year, the peace of mind you’ll have knowing you won’t have unexpected price spikes next winter is well worth the few minutes it will take to complete and return a contract. If you do not purchase propane from us, or do not receive a contract by the end of June, please give our nearest energy office a call and our staff will take care of you. If you receive a packet in the mail, please be sure to open the safety information and share it with your entire family. Thank you for supporting our energy team and for helping your cooperative rank as a top 25 propane company in the United States.   

The last two springs have been just about perfect for getting crops planted. While we were a little dry to start 2021, which did help to get the crop in the ground, recent rains over much of our service area has the crop off to a great start. For our agronomy teams, the focus now shifts to post-emerge applications with crop protection and crop nutrient products, field scouting, tissue testing, soil sampling and more to help maximize the yields on your farms. Utilizing soil and tissue test results in addition to in-season satellite imagery that can measure the biomass content of the field to determine the crop’s vigor, our staff can help you stay ahead of possible nutrient deficiencies or insect pressure in your field. For an added layer of support, starting the first week of June, we’ll also be seeing this year’s new crop of college interns hitting the field and adding boots on the ground. We look forward each year to the additional support these students bring to our staff. 

Have a wonderful Father’s Day and June Dairy Month. For my house, in June my youngest daughter will mark the last of our three high school graduations. If you have a graduate in the house this year, congratulations. Of course, if you have a graduate that also means you likely have a stack of party invites from their classmates and other family members to help you fill the early summer weekends. Whatever your plans are to celebrate Father’s Day or graduations, 

I hope you have a great month that includes consuming as much dairy, meat, eggs and local vegetables as you can to support our hardworking farmers.   


Matt Severson

CEO


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