Reading Time: 2 minutes More ships carrying grain were diverted from the Suez Canal to routes around the Cape of Good Hope this week as attacks on shipping in the Red Sea continued, analysts said on Friday.
More grain ships divert from Red Sea as attacks continue
Millions of tons of grain cargo have avoided the area since December, analysts say
ADM CFO placed on leave, shares tumble on probe into nutrition unit,
The global grains merchant cut its 2023 profit forecast, delayed Q4 results on investigation into flagged transactions
Reading Time: 2 minutes Shares of Archer-Daniels-Midland ADM.N slid 16 per cent in early morning trade on Monday after CFO Vikram Luthar was placed on administrative leave as the company investigates certain accounting practices at its Nutrition segment.
Viterra seeking expansion in Americas, Australia, sources say
Reading Time: 2 minutes London | Reuters — Swiss miner and trader Glencore and its partners are looking at options to expand their agricultural joint venture Viterra, including targeted bolt-on acquisitions in the Americas and Australia, two sources close to the matter said. The firm, formerly known as Glencore Agriculture, made the headlines in 2017 for a failed takeover […] Read more
The Andersons to pay debt, invest in core units after rail business sale
Renewable fuels, specialty foods investments considered
Reading Time: 2 minutes Chicago | Reuters — U.S. grain handler The Andersons plans to use US$550 million from the sale of its rail leasing business to pay down debt and invest in sustainable farming and low carbon initiatives in its core grain and fertilizer units, CEO Pat Bowe told Reuters on Tuesday. Maumee, Ohio-based Andersons sold its rail […] Read more
Glencore’s head barley trader leaves post
Reading Time: < 1 minute Paris | Reuters –– Glencore Agriculture removed head barley trader Mathieu Kleine from his post last week, market sources familiar with the matter said. The grain merchant, which is part owned by diversified commodity group Glencore, dismissed Kleine due to disappointing results, two of the sources said. It was not clear if Kleine was still […] Read more
Major grain traders face one-two punch from U.S. floods, trade war
Reading Time: 3 minutes Chicago | Reuters — Severe U.S. weather likely dented earnings for large grain companies including Archer Daniels Midland and Bunge for a second straight quarter, adding to headwinds from a still-unresolved U.S.-China trade war, analysts and economists said. ADM and Bunge, as well as peers Cargill and Louis Dreyfus, known as the ABCD quartet of […] Read more
Bunge names acting chief as new CEO
Reading Time: < 1 minute Reuters — Global grains trader Bunge on Thursday named Gregory Heckman as its chief executive officer, three months after he took the helm in an interim capacity. Heckman, a founding partner of private investment firm Flatwater Partners and the former chief executive of grains trader Gavilon Group, was appointed acting CEO in January after long-serving […] Read more
Beef, eggs, feed fatten Cargill’s profits
Reading Time: 2 minutes Chicago | Reuters — Strong global demand for beef and animal feed fattened grain trader Cargill’s profits in fiscal year 2018, which were also boosted by trade tensions and South American weather woes, the company said on Thursday. For the full year, adjusted operating earnings reached $3.2 billion, up six per cent from fiscal 2017 […] Read more
ADM reported making takeover approach to Bunge
Reading Time: 3 minutes Reuters — Top U.S. grains merchant Archer Daniels Midland has proposed a takeover of Bunge Ltd., the Wall Street Journal reported on Friday, a move that could set up a battle for Bunge with London-based rival Glencore. Large grain traders which make money by buying, selling, storing, shipping and trading crops have struggled in recent […] Read more
Strong beef demand lifts Cargill profit for quarter
Reading Time: 2 minutes Chicago | Reuters — Global commodities trader Cargill reported a 14 per cent rise in quarterly profit on Wednesday as strong beef demand and ample supplies of cattle lifted earnings for its animal nutrition and protein segment for a fifth straight quarter. The gains in protein offset a weaker year-on-year result for Cargill’s origination and […] Read more
A message from April Stewart, Country Guide's Associate Editor
