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TMA Dissolution Updates

After a smooth transition last weekend, I am happy to report that the unmerger of TMA LLC has taken a  big step closer to completion. All CPC grain has been transferred into CPC’s system including company owned and Producer stored grain. All grain accounts have also been transferred. I would like to extend a huge thank you to Agtrax, our software company, to Gilmore Solutions, our IT company, TMA personnel, and to David and Lee here in the office for working many hours last weekend to make it all happen relatively smoothly. This was a huge undertaking that we have spent many hours planning the last couple of months.

Now we move on with marketing on our own. We mailed out new W-9’s and ACH forms a couple of weeks ago. To those of you who have filled them out and returned them, thank you. To those of you who still need to complete the form and return it, please do so as soon as possible. The ACH is voluntary to those who want their grain checks automatically deposited in their bank. The W-9’s we definitely need completed and sent back.

This week has been super busy. We have written our first grain checks, sold some milo and wheat for shipment starting next week, and have been busy getting a lot of little details in order. We have started our grain text messages, although it is still a work in progress. We have been working on getting our contract setup working properly. We have had a few minor problems with our StoneX hedging platform, but we have most of those corrected. We are still waiting for the grain history to be brought into our Agtrax system which should happen in the next couple of days. We met virtually with our app designers this week and hope to have that In place by the end of the month.

As I said, it has been busy and it will remain busy as we work to get all details in working order and find our rhythm. I want to thank you for your patience now and going forward. It has been exciting and stressful at the same time but I am confident it will be for the better. – Joe (Posted January 3, 2022)

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December 31st is fast approaching. We are completing the final details to the redemption agreement with all disputed issues to be resolved by December 24th. Financing should be in place by the first of the week. New W-9’s and ACH forms were mailed out today. The W-9’s must be completed and mailed back. The ACH forms are voluntary.  If you are paying your bill by ACH today, please fill out the ACH agreement so we have an updated form for both your grain and charge account.

Some updates to our APP. We will be rebranding the TMA app to Central Prairie Co-op. Our understanding is that you will have to download the app from your app store. Your login information is supposed to transfer to the rebranded app. That’s the good news. The bad news is that app won’t be available on January 3rd. Our goal is to have it available in the next month or so.

Market updates are going to be available as well. Your phone information will transfer so you can still receive updates twice a day on the days that the markets are open. Again, this may not be available on day one, but you should have them shortly after the first of the year.

We will also have your past-history information from TMA loaded onto our server so that we can get you any history detail without contacting anyone from Producers Ag (formally TMA).

That’s all for today.

Thanks for your patience. (Posted 12/22/21)

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We are on track for an ending date of December 31st. This still could change if all parties have not had sufficient time to have all financing, licenses, brokerage accounts, computer programs, etc in place. We believe that CPC will be ready provided the arbitration panel gets all information to us in a timely manner to satisfy CoBank’s requirements to finance our grain department. If this date is determined to be the ending date, we will be marketing our own grain beginning January 3rdand TMA will begin conducting business as Producer Ag, LLC (PA).

We have had numerous questions regarding existing contracts that have been written on TMA contracts. As we have stated all along, they will be honored. Each producer should deliver the grain to the listed delivery point on the contract and under the producer’s specified grain account. When the producer with the contract has enough bushels to fill the contract, we will transfer those bushels to PA, and they will write the checks. At that point, we will basically buy those bushels back from PA and they will become ours to market. This is a simplistic description because there are basis gains/losses and other factors to consider that will be handled internally between the local coop and PA.

Long-term deferred payment contracts will be honored, and payments will be mailed to you in a timely manner. Any grain that the producer sold in December and requested a check after December 31st, meaning no contract written, will have a check here at the main office on January 3rd. We will then see that those are distributed. All ACH will be sent electronically.

This is all the information that we can share at this time as we are still working out the final details with the arbitration panel and PA. We will get more information to you via the website when we can. (Posted 12/8/21)

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Letter to Members – September 27, 2021 (Posted 9/30/21)

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On Friday, August 27, we received a favorable decision from the arbitration panel. Their unanimous decision was to dissolve Team Marketing Alliance. During the dissolution process, we will work diligently so that you, our member/customers, see as little operational change as possible. You can be assured that your grain will be safe in our elevators and that all contracts will be honored. At this time, this is the extent of the information we have to share.  Once we have additional information, we will pass that along.  As always, Central Prairie Co-op appreciates your business and will continue to make decisions with our members best long-term interests being the driving factor in everything we do. (Posted 9/1/21)