ST. PAUL, MINN. — Net income at CHS Inc. in the third quarter ended May 31 rose to $358,484,000, up 147% from $145,449,000 in the third quarter of fiscal 2010.

Revenues for the period also advanced, rising 59% to $10,471,672,000 from $6,575,978,000 in the same period a year ago.

The company’s Ag Business segment, which consists of CHS’s agronomy, grain marketing and retail operations, posted operating earnings of $104,837,000, up 30% from $80,500,000 in the third quarter of fiscal 2010. Sales in the segment totaled $7,507,069,000, up 68% from $4,465,737,000 a year ago.

“Grain revenues in our Ag Business segment totaled $5.5 billion and $2.8 billion during the three months ended May 31, 2011 and 2010, respectively,” CHS said in a July 8 filing with the Securities and Exchange Commission. “Of the grain revenues increase of $2.7 billion (94%), $2.1 billion is due to increased average grain selling prices, and $509.6 million is due to an 18% net increase in volume during the three months ended May 31, 2011, compared to the same period in the prior fiscal year. The average sales price of all grain and oilseed commodities sold reflected an increase of $3.84 per bushel (64%) over the same three-month period in fiscal 2010. Soybeans, wheat and corn all had increased volumes compared to the three months ended May 31, 2010.”

CHS said oilseed processing revenues increased 30% during the third quarter to $333.7 million. The increase included $79.1 million from an increase in the average selling price of oilseed products, partially offset by a net decrease of $2.5 million related to decreased volumes.

Energy earnings rose 202% to $230,251,000 from $76,182,000, while sales increased 40% to $3,038,831,000 from $2,170,778,000.

For the nine months ended May 31, CHS posted net income of $754,807,000, up 117% from $348,067,000 in the same period a year ago. Sales increased 41% to $26,312,895,000 from $18,649,712,000.