Consolidated revenues of $28.4 billion for fiscal year 2020 compared to $31.9 billion for fiscal year 2019.

Strong supply chain performance in the propane business.

COVID-19 impacted the refined fuels business.

In 2019, poor weather conditions negatively impacted the ag segment's operations during the first half of fiscal year 2020, resulting in lower crop yields and poor grain quality.

Improved weather conditions during the 2020 spring planting season drove increased earnings across much of the ag segment in the second half of fiscal year 2020.

Pretax earnings of $225.3 million represent a $392.9 million decrease versus the prior year and reflect:

Decreased crude oil differentials on heavy Canadian crude oil processed by its refineries and decreased crack spreads, which were both negatively impacted by demand shock associated with COVID-19.

Positive resolution of an $80.8 million gain contingency associated with a tax credit during fiscal year 2019 that did not reoccur during fiscal year 2020.

Increased propane volumes and improved propane margins during fiscal year 2020 helped partially offset decreased overall earnings in the sector.

Pretax earnings of $53.7 million represent a $10.7 million increase versus the prior fiscal year and reflect:

Improved margins across certain ag segment businesses including feed and farm supplies, grain and oilseed and renewable fuels. These improvements resulted from optimism for improved trade relations between the United States and foreign trade partners in the second half of fiscal 2020 and favorable weather conditions for spring planting during fiscal year 2020.

Decreased agronomy and processing and food ingredients margins, due to an oversupply in the market and the COVID-19 pandemic, respectively.

Lower volumes driven by a combination of poor weather conditions in fiscal year 2019 that led to a smaller harvest, impacts from the COVID-19 pandemic on our processing and food ingredients business and global trade tensions between the United States and foreign trading partners, particularly in the first half of fiscal 2020.

Pretax earnings of $51.8 million represent a $21.0 million decrease versus the prior year and reflect:

Lower income associated with reduced sale prices of urea and urea ammonium nitrate, which are produced and sold by CF Nitrogen, of which CHS is a partial owner.

Pretax earnings of $56 million represent a $25.5 million decrease compared to the prior fiscal year and reflect:

Lower earnings in our Ventura Foods joint venture, which experienced significantly reduced demand in the food service industry during the COVID-19 pandemic.

Decreased financing business income due to lower interest rates during fiscal year 2020 compared to fiscal year 2019.