Chicago | Reuters –– U.S. agricultural trader Bunge reported on Wednesday a sharply lower first-quarter profit and cut its full-year earnings forecast as slow crop sales by farmers in South America squeezed margins in its core agribusiness unit, sending shares tumbling. White Plains, N.Y.-based Bunge said net income available to shareholders plunged 82 per cent […] Read more
Bunge profit dives as grain glut hits margins
Cargill to exit U.S. cattle feeding business
Chicago | Reuters — Cargill said on Wednesday it will exit the business of feeding cattle to direct capital toward other investments, the latest transformation for the global commodity trader. Minnesota-based Cargill struck a deal to sell its last two feed yards to ethanol producer Green Plains for US$36.7 million, after selling other feedyards to […] Read more
Bird flu redirects trade flow of U.S. chicken, eggs, grains
Chicago | Reuters –– Global outbreaks of bird flu in poultry have altered the flow of U.S. chicken meat, eggs and grain around the world, adding to challenges faced by domestic exporters and giving a leg up to Brazil, which has so far escaped the disease. Different strains of avian flu have been detected across […] Read more
Cargill’s Q3 profit up on ingredient, protein demand
Chicago | Reuters — Global commodities trader Cargill reported a higher quarterly profit on Wednesday as strong earnings from its food ingredients and protein units more than offset lagging results from South American grain trading and processing. The privately held company has been streamlining its operations to focus on higher-margin businesses such as food ingredients […] Read more
Macquarie to buy Cargill’s global oil business
Houston | Reuters — Australian bank Macquarie Group is planning on buying Cargill’s global oil business, according to people familiar with the matter, marking the second energy business the global commodities trader has shed this year. Terms of the deal have been agreed upon, but the integration could take several weeks or longer, one of […] Read more
Ontario backs feed processing at Cargill beef plant
Ontario’s provincial government plans to put up over half a million dollars for Cargill to process byproducts from its Guelph beef plant for feed. Provincial Agriculture Minister Jeff Leal on Wednesday announced a $582,000 investment toward Cargill’s installation of a “value-added” processing system converting raw byproduct into a “protein-rich animal feed ingredient.” The “leading-edge technological […] Read more
Cargill profit jumps on meat demand, big U.S. crops
Reuters — Global commodities trader Cargill on Tuesday reported a sharply higher adjusted quarterly profit led by strong results from its beef and turkey businesses and robust demand for North American grain and oilseed crops. The privately held company said adjusted operating earnings jumped nearly 80 per cent in the second quarter ended Nov. 30 […] Read more
Investors press meat producers to cut water pollution
Reuters — Forty-five large investors collectively managing C$1.6 trillion in assets are pressing some of the nation’s largest meat producers to set policies for reducing water pollution in their feeding, slaughtering and processing operations. The investors, who are members of sustainability non-profit advocate Ceres and the Interfaith Center on Corporate Responsibility (ICCR), sent letters to […] Read more
Cargill to exit Canadian egg processing
U.S. agrifood giant Cargill is set to step out of the Canadian egg processing business and sell its Toronto-area plant to another processor in the same line of work. The company announced Thursday it plans to sell its egg processing plant at Etobicoke to Global Egg Corp., which also operates out of Etobicoke, for an […] Read more
Cargill profit jumps on beef demand, grain margins
Reuters — Global commodities trader Cargill reported a sharply higher quarterly net profit on Tuesday, helped by rising beef demand and stronger grain trading and processing margins. The privately held company’s net income rose 66 per cent to $852 million in the first quarter ended Aug. 31 from $512 million a year earlier (all figures […] Read more
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