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Wheat prices held just below a two-year high while shares in European brewers and food producers fell on Friday as markets reacted to the sudden imposition of a ban on grain exports from drought-hit Russia.
Prime Minister Vladimir Putin moved on Thursday to halt grain and flour exports to head off inflation following Russia’s worst drought in 130 years, and the railroad monopoly said Friday it would stop loading grain for export from Saturday. Get the full story »
Fertilizer producer CF Industries Holdings Inc. posted a lower-than-expected profit on Thursday as integration costs for recently acquired rival Terra Industries drained profit, sending shares down more than 3 percent in after-hours.
The company spent more than $113 million during the period to integrate Terra, which it bought in March for more than $4.6 billion. Executives said the integration is on track and delivering the cost savings it had expected. Get the full story »
Wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices.
September wheat futures at the Chicago board of trade were up the exchange-imposed daily limit of 60 cents at $7.85 3/4 a bushel in late trading, an 8.3 percent rise and the highest level since Aug. 29, 2008. U.S. wheat futures have gained nearly 85 percent from a nine-month low in June on expectations that demand for U.S. wheat will increase. Get the full story »
Archer Daniels Midland Co., a major corn and soybean processor and ethanol maker, said Tuesday its fourth-quarter net income surged even as sales slipped. The company said the profit boost came mainly from higher volumes and margins. Ethanol profits increased in the United States, as increased demand for soybean products in South America and Europe offset declines in North America.
Wheat harvesting in northern France. (Reuters)
U.S. wheat prices rose for the fifth straight trading session on Monday, soaring to a 22-month high as the worst drought in 130 years in key exporter Russia fueled concerns about supply. Get the full story »
Exporters, livestock feeders and ethanol makers are going through the U.S. corn stockpile faster than farmers can grow the crops, the government said on Friday. Despite record crops in two of the past three years and another record within reach this year, the Agriculture Department estimated the corn carryover will shrink to the lowest level since 2006/07. Get the full story »
U.S. biotech giant Monsanto Co. agreed Thursday to pay a $2.5 million fine for misbranding its cotton-seed products, the largest civil penalty ever enforced under a federal act that controls the sale and use of pesticides.
According to the Environmental Protection Agency, Monsanto distributed cotton-seed products that contained a genetically engineered pesticide banned from 10 counties in Texas for fear pests would become resistant to it.
Monsanto was required to label the products with an explanation of the ban. Get the full story »
U.S. agricultural processor Archer Daniels Midland Co on Thursday said it will invest $100 million in a Chinese bank and open an office in Beijing as part of its goal to boost sales in China.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” ADM Chief Executive Patricia Woertz said in a statement. Get the full story »
In this photo taken April 16, 2010, central Illinois farmer Gary Niemeyer fills his planters with DEKALB seed corn on his farm in Auburn, Ill. DEKALB is one of Monsanto's leading North American brands. (AP Photo/Seth Perlman)
Monsanto Co., the world’s biggest seed maker, said Wednesday its fiscal third-quarter net income dropped 45 percent as customers continue to shun its Roundup weedkiller in favor of cheaper generic versions. As Roundup sales have flagged, Monsanto last year said it was accelerating its long-term strategy to shift the majority of its business from chemicals and herbicides to genetically altered seeds. But the transition has been rougher than expected as declines in Roundup have been surprisingly steep amid growing generic competition from China, and farmers have been slow to buy up the company’s pricier GMO seed varieties.
Multiple U.S. regulators are examining the role of derivative markets run by CME Group (CME) in fostering volatility in dairy prices, Assistant Atty. Gen. Christine Varney said Friday.
Dairy farmers have long blamed the derivatives markets for distorting prices and are becoming increasingly vocal about the effect of big retailers on competition in the sector. Get the full story »
From the Des Moines Register | In addition to a 27-year prison sentence, U.S. District Judge Linda Reade will order Agriprocessors Inc. founder Sholom Rubashkin to pay $18.5 million to First Bank Business Capital, the plant’s largest lender; $8.3 million to MB Financial Bank, another lender; and $3,800 to Waverly Sales Inc. in a sweeping financial fraud to defraud banks
Illinois is getting another Fortune 500 company, and the Fortune 500 is getting another woman chief executive.
Dutch paintmaker Akzo Nobel NV said Monday it has agreed to sell its National Starch unit to Westchester-based Corn Products International for about $1.3 billion. National Starch had 2009 revenue of $1.2 billion, 2,250 employees and operates plants in eight countries. Corn Products had annual revenues of $3.67 billion in 2009.
“The acquisition of National Starch represents an exceptional opportunity for Corn Products International and a significant step forward toward achieving our strategic goals,” said CEO Ilene Gordon.
Get the full story »
Associated Press | John Deere Capital aims to raise about C$150 million from an issue of medium-term notes, maturing June 2014, according to a person familiar with the offering.
Associated Press | Archers Daniels Midland Co. said Tuesday it is poised for growth through acquisitions and expansion of existing business and it is likely to resume its stock buyback program.
Company officials discussed the company’s growth strategy with investors at the Deutsche Bank 7th Annual Global Consumer Conference in Paris.
Get the full story: ADM reviews growth strategy with investors.
Associated Press | CF Industries Holdings, Inc. said Monday that it has elected the chief operating officer of AptarGroup Inc., as an independent member of its board of directors.
