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Mill reports record profits in FY 2018

Jul 29, 2018

The state Mill and Elevator had record profits in fiscal 2018.

The mill made $14.2 million. That’s a 46 percent increase over the profit in fiscal 2017, which was $9.7 million.

The mill transferred just over $10 million in profits to the state’s general fund. In addition, it transferred just under $710,000 to the Agricultural Products Utilization Fund.

At a stete Industrial Commission meeting, Gov. Doug Burgum congratulated Mill President and CEO Vance Taylor for the successful year.

2016 is expected to be a challenging year for farm producers.

Neal Fisher of the North Dakota Wheat Commission says this comes after a period of time of strong prices. Fisher says 2015 was a tough year for farmers, and 2016 shows few signs of improvement.

"Costs are coming down just a little bit, in fuel and maybe in fertilizer," Fisher said. "The catch is for our producers to find those crops that will actually make some money, or as on person said, 'lose you less.' That could be the case in a year like this."