Glencore’s Prairie grain handling arm Viterra plans to boost its throughput capacity in east-central Saskatchewan with a new elevator at Wadena. Wadena, served by both Canadian National and Canadian Pacific Railways (CN, CP), already has a smaller Viterra elevator on each line. The two former Saskatchewan Wheat Pool elevators have capacity for 5,020 and 4,000 […] Read more
Viterra plans new elevator in eastern Saskatchewan
Saskatchewan farmers to launch ag retail chain
A Saskatchewan family farm and seed retailing operation is set to become the home base for a new chain of crop input and seed retail stores. Brad Hanmer, who farms and operates Hanmer Seeds at Govan, Sask., about 100 km north of Regina, on Wednesday announced the launch of SynergyAG, which plans to open four […] Read more
Canadian canola exporters book sales to China
Winnipeg | Reuters — Canadian exporters are making small sales of canola to China under Beijing’s stricter terms, an industry group and three sources said, possibly undermining Ottawa’s hardline negotiating stance with the world’s top market for the oilseed. The dispute over the new shipping standard, which industry groups in the world’s biggest canola exporter […] Read more
Viterra books lower first-half revenues for Glencore
“Average” crops and lower prices on the Prairies in the first half of 2016 led to results “substantially below” those in the year-earlier period for Viterra’s Canadian operations. Viterra’s owner, Swiss commodity mining/marketing firm Glencore, on Wednesday reported a nine per cent drop in revenues across its global agricultural products business, from $10.74 billion in […] Read more
B.C. pension funds to get piece of Glencore ag unit
The investment firm for British Columbia’s public-sector pension funds is set to buy just under 10 per cent of the agricultural arm of commodities firm Glencore. Swiss-based Glencore announced Thursday it has a “definitive” deal to sell 9.99 per cent of its “Glencore Agri” business for US$624.9 million cash to the B.C. Investment Management Corp. […] Read more
Glencore in talks to sell further stake in ag unit
London | Reuters — Commodity trader and miner Glencore is in talks to sell a further 9.9 per cent stake in its agricultural unit, negotiating with bidders that missed out on the 40 per cent sold to the Canada Pension Plan Investment Board (CPPIB), two sources with knowledge of the matter said. Glencore, whose ag […] Read more
China may pay more for canola if standard changes
Winnipeg | Reuters –– Richardson International, one of Canada’s two largest grain handlers, may raise the price of canola shipments to China to reflect Beijing’s costly higher standard, its CEO said Thursday. The Chinese Embassy in Ottawa said in March that China had delayed to Sept. 1 its new standard for no more than one per […] Read more
Glencore sells 40 per cent of agribusiness to CPP
London | Reuters –– Commodity miner and trader Glencore has agreed to sell 40 per cent of its agricultural unit to Canada’s state pension fund for US$2.5 billion, the company’s latest step to cut debt and soothe investor concerns about the impact of weak commodity prices. The sale values the agricultural unit as a whole […] Read more
CPP reported in talks for stake in Glencore agribusiness
Reuters — Commodity trading and mining firm Glencore is in advanced talks to sell a stake in its agricultural business to the Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal reported, citing people familiar with the matter. The CPPIB would take a stake of up to 40 per cent, valuing the business at […] Read more
Glencore to cut more debt as 2015 profit falls
London | Reuters — Glencore stepped up its debt reduction plan on Tuesday by promising to offload more assets to shore up its finances to cope with a commodities rout that wiped around a third off its 2015 profit. The Swiss mining and trading house, whose agricultural arm includes Canadian grain handling giant Viterra, aims […] Read more
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