ST. PAUL, MINNESOTA, US — Higher commodity prices due to continued strong global demand and increased market volatility bolstered CHS Inc.’s earnings in the third quarter ended May 31.

For the quarter, the company posted net income of $576.6 million and revenues of $13.1 billion, which compared with $273.6 million and $10.9 billion, respectively, in the same period a year ago.

For the first nine months of the year, CHS posted net income of $1.2 billion and revenues of $34.4 billion, which compared with $305 million and $28 billion, respectively, in the same period of 2021.

“Global grains and oilseed market demand remained strong throughout the third quarter,” said Jay Debertin, president and chief executive officer of CHS Inc. “Decreased global supply due to geopolitical factors, supply chain disruptions and market volatility also contributed to increased earnings. I am proud of our team’s continued dedication to delivering superior value for our farmer-owners and customers in this unprecedented global market.

“The ongoing war in Ukraine has resulted in significant uncertainty and contributed to ongoing volatility across global energy markets. We are leveraging our US refineries to reliably meet the energy needs of CHS customers. We continue to invest on behalf of our owners in infrastructure, supply chain capabilities and innovative technology that is driving operational improvements and efficiency gains throughout our expansive network. And while logistical challenges and inflationary pressures linger, CHS remains well positioned to continue to maximize value for our member cooperative and farmer-owners.”

In the Ag segment, pretax earnings of $273.7 million for the third quarter of fiscal year 2022 represent a $133.6 million increase versus the same period a year ago.

Margins increased significantly in the oilseed processing business, driven by strong meal and oil demand, CHS Inc. said.

Robust global demand and increased market volatility resulted in higher commodity prices and improved earnings across most of its Ag segment businesses.

In nitrogen production, pretax earnings of $178.2 million for the third quarter of fiscal year 2022 represented a $131.6 million increase versus the same period a year ago.

The company’s investment in CF Nitrogen continues to perform exceptionally well, due to current market conditions and strong global demand for urea and urea ammonium nitrate.