Agribusiness Cargill Inc. on Wednesday said its CEO will step down on Dec. 1 in the latest management shuffle among the world’s top agricultural trading houses. Gregory Page, 62, will be replaced by David MacLennan, Cargill’s president and chief operating officer, as part of the company’s ongoing succession plans, the company said. MacLennan told Reuters […] Read more
Cargill picks new CEO
Cargill doubles annual earnings after strong quarter
U.S. agribusiness giant Cargill on Wednesday reported a sixfold rise in fourth-quarter net earnings and nearly doubled full-year earnings, citing strength in its core grain-based and financial services. Minneapolis-based Cargill, one of the world’s largest privately held corporations and a top commodities trader, reported $483 million in earnings for the fourth quarter ended May 31, […] Read more
Dry area expands in western U.S. Corn Belt – Drought Monitor
Abnormally dry areas expanded in the U.S. western Corn Belt, including the top crop state of Iowa, over the past week to put much of the corn crop at risk, according to a weekly drought report. The U.S. Drought Monitor, issued by state and federal climate experts, said dry conditions in the U.S. Midwest for […] Read more
U.S. farmers warned to steer clear of loans
Reading Time: < 1 minute Reuters / U.S. grain farmers are being warned not to fall into the trap of borrowing against inflated land values. A new report by the Kansas City Federal Reserve says farm incomes “could fall dramatically in 2014,” and that might tempt farmers to borrow against their land. The report cautions “the stage is set for […] Read more
U.S. forecasters wary of drought after missing 2012 surprise
Reading Time: 3 minutes The U.S. drought of 2012, the worst since the dust bowl years of the 1930s, sent world food prices to record highs. The long, dry summer cost the government a record $16 billion in crop insurance payments. The Mississippi River shrank in the heat, and barge traffic slowed to a trickle. And U.S. weather forecasters […] Read more
U.S. farm banks’ business is booming
Reading Time: < 1 minute U.S. agricultural banks boosted farm lending by about 14 per cent in 2012 to $81.8 billion, reflecting a strong farm economy despite drought-related stress in the livestock and dairy sectors, the American Bankers Association said on March 19. “The agricultural sector continues to outperform the broader national economy and, as a result, farm banks posted […] Read more
U.S. country grain elevators favour longer CME hours
Reading Time: 2 minutes Reuters / The CME Group, the largest U.S. futures market operator, is tinkering with its trading hours to try and please two factions in its oldest constituency: the grain industry. Industry officials said CME is looking for a way to strike a balance between international grain companies that want shorter hours and small, rural grain […] Read more
Cargill to shut Tex. beef plant as U.S. herd shrinks
Agrifood giant Cargill, one of the United States’ largest beef processors, said Thursday it will close its Plainview, Tex. beef plant on Feb. 1 in reaction to the smallest U.S. cattle supply in more than 60 years. "The U.S. cattle herd is at its lowest level since 1952. Increased feed costs resulting from the prolonged […] Read more
U.S. farm law expires next week
Expiration of U.S. farm law on Oct. 1, shutting off dairy supports and putting 2013 crop subsidies in limbo, will cause pain for some farmers and frustration for many but programs like food stamps and crop insurance will roll on, analysts said. U.S. government funding is assured through March 2013 for many programs based on […] Read more
Cargill posts worst quarter since 1991
Cargill Inc. said Thursday its quarterly earnings fell 82 per cent in the giant U.S. agribusiness firm’s worst quarter in more than 20 years, hurt by volatile commodity markets and weak margins in key areas such as beef and oilseeds. Full-year results were also seen as disappointing, as both sales and profits from the company’s […] Read more
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