The North Dakota State Mill in Grand Forks, North Dakota, on March 1, 2024. (Jeff Beach/North Dakota Monitor)
By: Jeff Beach
GRAND FORKS, N.D. (North Dakota Monitor) – The North Dakota Mill on Tuesday reported record profits of $20.7 million for fiscal year 2024, an increase of 20.6% over profits of $17.2 million reported for fiscal year 2023.
Vance Taylor, president and CEO of the state-owned mill, gave a report on its financial performance during a meeting of the North Dakota Industrial Commission, which oversees the Grand Forks facility.
The mill has transferred 52.5% of the profits — nearly $10 million — to the state’s general fund and more than $1 million to the Agricultural Product Utilization Fund. The remaining profits are used for mill operations.
Taylor told the commission that shipments of the mill’s Dakota Maid flour brand increased 95% from the previous year. He said demand is driven mostly by renewed interest in home baking that started during the COVID-19 pandemic and serving the restaurant industry.
He said that is a trend across the milling industry but the North Dakota Mill may be benefiting more than most. “I think we’re getting more than our share,” Taylor said.
The North Dakota Mill, officially the North Dakota Mill and Elevator Association, was established in 1922. An expansion was completed in 2022 and it is the largest flour mill in the country.
Taylor said the increased milling capacity is a big reason behind the record profits. There was a 10% increase in volume shipped over the previous year.
North Dakota and Kansas are traditionally the nation’s top wheat producers.
Taylor said this year’s wheat crop in North Dakota looks good with harvest about half complete, but that farmers could use a break from rain.
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