The annual report of the Rice Growers...

The annual report of the Rice Growers Assn. of California shows that its net proceeds dropped more than 50% and its working capital plunged to $12,000 last fiscal year from $5.5 million. Fiscal 1987 covered the sale of rice harvested in 1986 and was the first accounting year to reflect the cooperative’s reduced membership. Hundreds of member growers quit the co-op after it announced much lower returns than expected two years ago. Established in 1920 and based in West Sacramento, RGA is owned by about 1,600 Central Valley farmers.