Energy Update
Sep 25, 2020
We want to thank each one of you, our customers, for your trust in the CFS Energy team to provide you with valued energy products and services. The CFS Energy division had another great fiscal year in 2020, with over 16 million gallons of propane delivered and 16 million gallons of refined fuel delivered.
Planning and implementation for the peak fall demand are being completed as we prepare for the fall harvest season. We are in the process of filling our bulk plants in preparation for peak fuel demand. We are anticipating that diesel supply with be tight this fall. Production of fuel products in many of the area refineries is down. This is a direct result of the lower levels of demand over the last several months due to the COVID-19 virus. Propane inventories nationally look to be in good shape well above the five-year averages. But again, production is down due to reduced oil production and the slowdown of the refineries.
With an eye on supply levels, we have again this year increased CFS’s storage capacities by leasing additional storage for refined fuel and contracted additional railcar storage for propane.
Another major step the CFS Energy team has implemented is a change in our main software system that supports our team. We are now using a system call AgVantage. AgVantage like its name implies has many great futures that will help us serve you as our customers more effectively.
One of the main ways that it will support this is by allowing better communication. There is now a customer portal that allows you to view your CFS business data 24/7 via the internet. You will be able to make better decisions based upon the reports and be able to obtain important information – including settlements, contracts, open orders. View patronage and equity information, including a 1099. You will also be able to order products and make payments to your account via the website.
I would encourage you to sign up for this service. To receive access to this new option contact Julie Abel at 507-776-1223 or jabel@cfscoop.com.
Wishing you a safe and successful harvest in 2020!
Fred Urch
Read More News
Corn:
Planting and weather conditions are the name of the game currently. With planting progress looking very favorable and the weather forecast showing above normal temps and below normal precipitation for much of the corn belt all signs point to very good planting conditions. With that, we gave up yesterday’s gains on old crop and put in some new lows on December corn.
May is Beef Month!
I am proud to be a part of the cattle industry. Heart, dedication, and hard work are the words that come to mind when I think of the cattle industry. I am proud of our cattle producers as they put a lot of time and effort into raising, caring for, and providing a healthy, nutritious protein source to sustain our society.