U.S. farmer, rancher and fishery cooperatives posted record income and revenue in 2014 despite a drop in the number of co-ops, USDA reported Wednesday.
In its annual listing of the nation's top co-ops and cooperative data, USDA said cooperatives earned $6.5 billion in net income and generated $246.7 billion in total revenue in 2014.
Net income increased 16.5% while revenue rose 0.4% from 2013. Co-ops set records for income and revenue in 2014 for the fourth year in a row.
The data is part of a forthcoming report, set for release later this month. October is National Cooperative Month.
"The nation's co-ops are essential to the U.S. economy and to rural America," USDA Secretary Tom Vilsack said. "The income they generate is reinvested or returned to members who spend it in their local communities. USDA is proud to continue its support of the cooperative movement."
According to the report, ag co-op employment increased 0.4% to 191,000 people in 2014. The number of full-time co-op employees dipped slightly, 0.4%, while the number of part-time employees increased by 2%.
The total number of ag cooperatives declined from 2,186 in 2013 to 2,106 last year, a drop of nearly 4%.
Despite the decline, co-op memberships grew by 1%, to just under 2 million. Many farmers and ranchers are members of more than one cooperative.
In addition to providing supplies and marketing services to farmers and ranchers, the nation's co-ops provide telecommunications, energy, financial and other important services.
Top 100 Ag Co-ops
In a preview of USDA's annual rankings of the nation's Top 100 Ag Co-ops, Vilsack said 15 of the Top 100 agricultural co-ops are headquartered in Iowa, the most of any state.
Minnesota is home to the second most Top 100 agricultural co-ops, with 12 headquartered there. Nebraska is next with nine, followed by Illinois with six and California and Wisconsin, both with five. Indiana, Missouri and Ohio each have four Top 100 co-ops, while Kansas is home to three.
For co-op revenue, Minnesota ranks first, with $67.6 billion. Missouri is second at $21.4 billion, and Illinois is third at $14.1 billion.
According to the rankings, CHS Inc., Inver Grove Heights, Minn., is the nation's largest cooperative. It posted $43 billion in revenue in 2014.
Rounding out the top three ag co-ops are Kansas City-based Dairy Farmers of America, with $18 billion in total revenue, and Land O'Lakes, St. Paul, Minn., with $15 billion in revenue.