N.D. Mill and Elevator makes $2.2 million in 1st quarterNorth Dakota's state Mill and Elevator made $2.2 million in profits during July, August and September, and its manager says he's confident the mill's recent huge losses won't be returning.
By: Associated Press,
BISMARCK — North Dakota's state Mill and Elevator made $2.2 million in profits during July, August and September, and its manager says he's confident the mill's recent huge losses won't be returning.
Vance Taylor told the state Industrial Commission that the profit is a first-quarter record for the Grand Forks mill.
It's the third straight quarter that the mill has finished in the black, after it lost $21 million during the previous nine months. The mill lost $12.1 million during the first quarter of 2008. The red ink was blamed mostly on losses in the grain futures market.
Taylor says the mill is shaking off a sales slump caused by the national recession. Flour sales during July, August and September rose to 2.68 million hundredweight for bakery and durum flour. That represents an 18.6 percent increase from the same three-month period a year ago.
Taylor says North Dakota's fall wheat harvest was excellent. He says the wheat generally has lower protein content, but it still makes good-quality flour.
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