A $201 million deal for Bunge Ltd to take control of Canadian grain handler CWB is set to shake up wheat sales in Manitoba and Saskatchewan but may not help the head of the agribusiness firm in his drive to boost profits.
The transaction was announced on Wednesday as Bunge Chief Executive Soren Schroder, 53, [...]
Japanese trading house Marubeni has decided to close its Australian grain business.
In a letter obtained by Fairfax Media, Marubeni Australia managing director Makoto Kajitani confirmed the company was closing its grain business in Australia. He said this was due to the company’s global grain strategy and not a result of any performance issues.
Eleven of Oregon’s major agricultural organizations on Monday urged the state’s congressional delegation to support the fast-track trade bill as well as the pending Trans-Pacific Partnership.
The push by the agricultural groups comes as the Oregon AFL-CIO is ratcheting up its campaign to to persuade Sen. Ron Wyden, D-Ore., to oppose a fast-track trade bill.
Privately held agricultural commodities trader Louis Dreyfus Commodities has no plans for an initial public offering (IPO), according to its largest stakeholder. Instead, Margarita Louis Dreyfus, whose family lends its name to the company, intends to increase her stake to 80% after the trading house posted a modest uptick in corporate fortunes.
Net profit for [...]
Louis Dreyfus Commodities revealed it was working on a “renewed strategy” to align it to “tomorrow’s sources of growth” in agricultural commodities as the trading giant unveiled a stabilisation in profits, after the heavy fall of 2013.
Louis Dreyfus Commodities – which with Archer Daniels Midland, Bunge and Cargill is one of the “ABCD” of [...]
The U.S. Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against Marubeni America Corp., a dealer and merchant of agricultural commodities and the largest overseas subsidiary of the Japanese company Marubeni Corporation, for failing to comply with its obligation to submit accurate monthly reports regarding the composition of Marubeni’s fixed-price cash [...]
The Western Canadian province of Saskatchewan expects to post a slim budget surplus in the 2015-16 fiscal year, helped by changes in how it taxes potash mining companies, the government said on Wednesday.
The province is home to mines owned by Potash Corporation of Saskatchewan, Mosaic Co and Agrium Inc . Germany’s K+S AG and [...]
The number of U.S. grain elevators, mills and feedlots that will buy a type of biotech corn banned by China has more than doubled since July, indicating growing domestic acceptance for a product seen as a potential risk to international trade.
The announcement, coming just before the start of the planting season, is aimed at [...]
In a Journal of Commerce article called ”Debate erupts over damage to ag exports from the West Coast labor standoff”:
There is no question that exports are being hurt due to port delays stemming from the months-long, acrimonious and still-unresolved negotiations between West Coast dockworkers and management. The media have been filled since late [...]
The JOC reports that the recent energy boom has meant grain handlers are facing stiff competition for rail service with the crude oil sector.
Excerpts from the Journal of Commerce:
Steenhoek could think of a few factors contributing to improved rail service.
In the first place, he said, 2014 saw a longer harvest, giving [...]
Japanese trading house Marubeni Corp halved its annual profit forecast on Monday after plunging oil, copper and coal prices weighed on its resource assets and it booked an impairment charge for its grains unit Gavilon.
Like international oil majors and mining companies, Japan’s trading companies have been caught flat-footed by the rout in commodities, with [...]
The Daily News reports that the reopened terminal will boost employment to 120 during the grain-handling season, about double the current staffing. Temco handled about 2.75 million tons of grain exports in 2013 before closing for renovations in January of this year.
A $50 million expansion of the Temco grain terminal is nearing completion at [...]
Agricultural trading giant Louis Dreyfus Commodities BV said it has appointed former Viterra CEO Mayo Schmidt as chief executive officer, ending a year-and-a-half-long search.
The choice of Mr. Schmidt, an outsider who spent most of his career in the U.S. and Canada, signifies a change for the closely held family company, which has traditionally promoted [...]
In the U.S., shippers of grain, coal and other commodities have told regulators of poor service from BNSF, owned by Warren Buffett’s Berkshire Hathaway Inc. The U.S. Surface Transportation Board in June ordered railroads to report plans for resolving the backlogs.
Seattle and Tacoma are being stymied in their push to [...]
Louis Dreyfus fire, Yorkton, Saskatchewan
A canola-crushing plant owned by the Canadian unit of global grain trader Louis Dreyfus Corp will be offline indefinitely after an explosion and fire on Friday, the company said.
Firefighters are investigating the cause of the blast at the Yorkton, Saskatchewan, plant, and an assessment of the structural condition of [...]