CBH has been ranked second in IBISWorld's 2016 Top 500 index of privately-owned companies.
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Companies are ranked by revenue with the review including public unlisted companies, partnerships, associations and private companies.
IBISWorld put CBH's revenue at $3.83 billion.
Visy was ranked as the number one privately-owned company with reported revenue of $5.7b.
Devondale Murray Goulburn was ranked seventh with an annual revenue of $2.8b and Hancock Prospecting ranked at 17 with revenue of $1.71b.
CBH chief financial officer Ed Kalajzic said the results put CBH as the top co-operative in the country and it was "very pleased" with the result.
"CBH is a strong and healthy business delivering on a successful strategy," Mr Kalajzic said.
"It is nice to see this is being recognised through this report."
The co-operative and mutual sector represents seven per cent of the Australian economy, with 30pc in the top 10 of private companies.
Business Council of Co-operatives and Mutuals chief executive officer Melina Morrison said it was a very pleasing result for the co-operative and mutual sector.
"The focus on shareholder-owned companies over the past decades has turned our sector into a ninja economy - these companies are hiding in plain sight. CBH Group, for example, handles 40pc of our grain market," Ms Morrison said.
"It demonstrates that you can have strong revenues at the same time as delivering the benefits of co-ownership or membership.
"This revenue belongs to the many thousands of individuals who these companies belong to and that profit is channelled back into improving the services or functions for their owner-members."
