TORONTO, Sept. 26, 2016 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the "Company") (TSX: CRP) today announced that it expects to handle between 100 and 110 million bushels of total grains during the FY2017 fiscal year, approximately double the 55.8 million bushels of total grains that company handled in FY2016.
The expected growth is largely due to the successful buildout of its grain handling and shipping facility at Company's Northgate Commodities Logistics Hub located in Saskatchewan and the increased utilization of other elevators in the Ceres network. The expected 100% increase is also due to the record crops produced during the recently completed harvest season.
Ceres recently changed its reporting period to the 12 months running from July 1 to June 30 effective with FY2017. In FY2016, Ceres had a 15-month period.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Headquartered in Minneapolis, Ceres Global Ag Corp. is focused on two primary businesses: a Grain Storage, Handling and Merchandising unit; and a Commodity Logistics unit.
Ceres operates in two business units, one of which is a grain storage, handling, and merchandising unit anchored by a collection of nine (9) grain storage and handling assets in Minnesota, New York, Saskatchewan and Ontario having aggregate storage capacity of approximately 43 million bushels as at June 30, 2016, including 5.4 million bushels of idle capacity.
Ceres' Commodity Logistics unit is focused on the development of a Commodity Logistics Centre in Northgate, SK. The Northgate Commodities Logistics Centre is a state-of-the-art grain, agriculture services and oilfield supplies transloading site.
Ceres also has a 25% interest in Stewart Southern Railway Inc., a short-line railway with a range of 130 kilometres that operates in South-eastern Saskatchewan.
SOURCE Ceres Global Ag Corp.
For further information: Joe Racanelli, NATIONAL Equicom, (416) 586-1943, [email protected]