The Quarterly

CHS Inc (CHSCP) SEC Annual Report (10-K) for 2009

CHSCP 2010 10-K
CHSCP 2010 10-K
Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended August 31, 2009

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          .

Commission file number: 0-50150

CHS Inc.

(Exact name of registrant as specified in its charter)

Minnesota

41-0251095
(State or other jurisdiction of (I.R.S. Employer

incorporation or organization)

Identification Number)

5500 Cenex Drive

Inver Grove Heights, Minnesota 55077
(Address of principal executive office,
including zip code)

(651) 355-6000
(Registrant's Telephone number,
including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

8% Cumulative Redeemable Preferred Stock

The NASDAQ Global Select Market

(Title of Class)

(Name of Each Exchange on Which Registered)

Indicate by check mark whether the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act).

YES  o      NO  ☑

Indicate by check mark whether the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

YES  o      NO  ☑

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES  ☑      NO  o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

YES  o      NO  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K:   o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  o Accelerated filer  o Non-accelerated filer  ☑ Smaller reporting company  o

(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES  o      NO  ☑

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant's most recently completed second fiscal quarter:

The Registrant's voting and non-voting common equity has no market value (the Registrant is a member cooperative).

Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: The Registrant has no common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

INDEX

Page
No.

PART I.

Item 1.

Business 1
The Company 1
Energy 2
Ag Business 5
Processing 11
Corporate and Other 14
Price Risk and Hedging 15
Employees 16
Membership in CHS and Authorized Capital 16

Item 1A.

Risk Factors 19

Item 1B.

Unresolved Staff Comments 24

Item 2.

Properties 24

Item 3.

Legal Proceedings 27

Item 4.

Submission of Matters to a Vote of Security Holders 27
PART II.

Item 5.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Item 6.

Selected Financial Data 27

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation 30

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk 54

Item 8.

Financial Statements and Supplementary Data 56

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Item 9A(T).

Controls and Procedures 56

Item 9B.

Other Information 57
PART III.

Item 10.

Directors, Executive Officers and Corporate Governance 57
Board of Directors