CHS is the largest agricultural cooperative in the U.S., owned by farmers, ranchers, and member cooperatives. CHS sits at the center of the agricultural supply chain, both supplying farmers with inputs they need to grow crops and buying the crops those farmers produce. CHS operates two core segments: Ag (~78% of revenue) and Energy (~21% of revenue). In Ag, CHS buys grain and oilseeds from farmers and local cooperatives, then markets and sells domestically and internationally. CHS also processes soybeans into meal, flour, and edible oils, and produces ethanol. On the inputs side, CHS sells fertilizer, crop protection products, seeds, animal feed, and fuel through roughly 400 retail locations, and sells crop nutrients wholesale to member cooperatives. In Energy, CHS refines crude oil into gasoline, diesel, and other products at two refineries with combined capacity of ~180,000 barrels/day, selling primarily wholesale under the Cenex brand through nearly 1,200 sites. CHS earns margin-based returns on commodity businesses — grain basis spreads, refining crack spreads, and oilseed crush spreads — and hedges commodity price exposure extensively. As a cooperative, CHS returns most earnings to member patrons as patronage refunds based on business volume, creating a loyalty incentive for members to route grain sales and input purchases through CHS. CHS also holds an ~8.4% stake in CF Industries Nitrogen, providing access to fertilizer supply, plus stakes in Ventura Foods and Ardent Mills, and operates CHS Capital, which provides agricultural lending to member cooperatives and farmers.