As we reach the end of another year, it feels like we were just here, finishing up harvest. The mild fall weather has allowed the leaves to hang on a little longer and it’s been cooperative for getting the crops out of the field. At the office, we are wrapping up the fiscal year and the audit is nearing completion, which will be presented to BCP’s Board of Directors on November 21st. To recap, BCP ended the prior year with 11,928,794 enrolled bushels. Starting the fiscal year, 120,111 bushels were added and 165,991 bushels left the pool. During the year 35,193 bushels left to join the delivery position, closing FY2025 with 11,847,721 bushels enrolled. BCP continued to purchase corn from CVEC through the corn procurement agreement, which includes a $0.13 per bushel handling fee for the procurement and delivery of corn, which is included in corn purchase expense.
In FY2025, BCP paid an average of $4.17 per bushel, while our sale of corn to CVAC averaged $4.04 per bushel. As expected, this results in a ($0.13) loss per bushel before including expenses for interest, taxes, administrative, professional and board fees, bringing the preliminary loss to approximately ($0.14)/bushel. After reviewing the audit, the margin call decision will be made at the November board meeting. The preliminary year-end income statement and balance sheet are included for your review. As shown, BCP currently has a loss of ($1,641,181) before the margin call is recorded on the books. An invoice will be mailed in late November stating the amount that is due by December 29, 2025. It should be noted that BCP’s intention is to operate as close to break-even as possible, while being fiscally responsible.
For the upcoming year, BCP will continue purchasing corn under the corn procurement agreement with CVEC. Expectations for FY2026 are a loss of approximately ($0.14) per bushel, plus or minus variability from corn pricing.
BCP’s annual meeting has been set for Thursday, January 22, 2026 at McKinney’s in Benson, MN. BCP has two board seats up for election this year. If you are interested in serving on the BCP board, please see the director nomination procedures included in this newsletter or contact the office with any questions. You can expect to receive the annual meeting packet in early January 2026 and we look forward to seeing you at the annual meeting.